IREN Limited ($IREN) Stock Hub 2026: FY26 Revenue of $707.0M, a $702.6M Net Loss and $4bn of Contracted ARR

01 The FY26 print: what the August 27 results settled

IREN is incorporated in Australia, listed on the Nasdaq Global Select Market, reports in U.S. dollars and files U.S. domestic forms. It files Forms 10-K, 10-Q and 8-K rather than 20-F and 6-K, which means quarterly financial statements and current reports on the same schedule as a U.S. domestic issuer. Its fiscal year ends on June 30, so this release covers the fourth quarter as well as the audited full year.

The three questions that were open before the release. The first was whether AI Cloud revenue kept doubling: it reached $70.5 million in the June quarter against $33.6 million in March, so it did, for a fourth consecutive quarter. The second was whether impairments continued after $140.4 million in the March quarter: they did not just continue, they tripled, to $450.4 million in the June quarter and $638.8 million across the year. The third was how much of the annual recurring revenue number would be described as contracted rather than expected. The company now states $4 billion of contracted ARR for 2026 capacity and $1 billion of ARR operating as of August 26, 2026, and it defines ARR explicitly as an operating metric that is not GAAP revenue and from which recognized revenue may be materially lower.

What was announced alongside the numbers. A new multi-year AI Cloud contract with what the company calls a leading frontier AI lab, unnamed in the release. Other recent signings including Cohere, Prometheus, Perplexity, Figure AI, Fal AI and Higgsfield AI. Renewals and expansions with existing customers. Capacity for 2026 described as largely sold out, with late-stage discussions on a significant portion of 2027 capacity. And $2.8 billion of new GPU financings, of which $2.4 billion is led by Blue Owl and Pacific Investment Management Company LLC, as adviser to certain investors, at a 9.0% fixed rate for the Mackenzie air-cooled expansion, funding 90% of the associated GPU capital expenditure.

Pricing is the part that moved most quietly. Recent three-year contracts are described at more than $20 million of revenue per MW of IT load, which the company estimates as roughly a two-year payback, with active discussions at about $25 million per MW. Customer prepayments on recent contracts represent 45% to 55% of the GPU capital expenditure. Prepayments are a funding source and a delivery obligation at the same time, which is why they sit on the balance sheet as deferred revenue rather than in revenue.

On the company’s own cadence, the first quarter of fiscal 2027 would be reported in early November 2026: the fiscal 2026 quarters were released on Thursday, November 6, 2025, Thursday, February 5, 2026 and Thursday, May 7, 2026, each with a 5:00 p.m. Eastern call, and the scheduling notice has arrived roughly two weeks ahead each time. No date for the next report has been announced. The two places to watch are IREN’s news release archive and its events and presentations page, along with the EDGAR 8-K feed for CIK 0001878848.

One practical note on the fiscal calendar: because the year ends on June 30, the fourth quarter of fiscal 2026 covers April, May and June 2026. That is exactly the window in which the $3.0 billion convertible offering settled, the $3.65 billion GPU financing closed, the Nostrum Group acquisition completed and the Sweetwater 1 substation was energized. The June 30 balance sheet is the first one that shows the full scale of the build, and it does: total assets went from $2,940.3 million to $15,790.0 million in twelve months.

02 Executive summary

FY26 AI Cloud revenue up about eightfold
FY26 mining revenue up 19% year over year
Cash and restricted cash $7,619.5M at June 30, 2026
Debt $7,593.0M at June 30, 2026
Short interest 30.61% of float

IREN is in the middle of one of the most complete business transformations in the listed compute sector. Two years ago it was a Bitcoin miner with a large portfolio of grid-connected land and power. The fiscal 2026 accounts are the first full year in which the handover is legible end to end. AI Cloud Services revenue went from $16.4 million to $128.8 million, roughly eightfold. Bitcoin mining revenue still grew, from $484.6 million to $578.2 million, because the fleet ran at a higher average hashrate for most of the year even as sites began converting. Total revenue rose 41% to $707.0 million. And the company reported a net loss of $702.6 million against net income of $86.9 million a year earlier.

The loss is mostly an accounting consequence of the strategy. Impairments of $638.8 million, against $7.2 million in FY25, come from retiring mining hardware before the end of its accounting life as sites are converted to AI Cloud. Depreciation and amortization more than doubled to $417.7 million as the new build was capitalized. Selling, general and administrative expenses went from $136.5 million to $449.1 million, of which stock-based compensation is $205.0 million. Below the operating line, an unrealized gain of $558.5 million on financial instruments offsets a large part of the damage, which is why the operating loss of $1,046.7 million becomes a pre-tax loss of $708.7 million. Adjusted EBITDA, which strips all of that out, stayed positive at $245.7 million, though the margin fell from 54% to 35%.

The contracted future is very large and the recognized present is still small. IREN states $4 billion of contracted ARR for 2026 capacity, of which $1 billion was operating as of August 26, 2026, against $128.8 million of AI Cloud revenue actually recognized in the year just closed. That gap is not a contradiction: most announced capacity has not yet been delivered, commissioned and accepted, and ARR as the company defines it annualizes contracted GPU-hour pricing rather than measuring GAAP revenue. But it is the gap that has to close, and it closes on a construction and commissioning schedule. Horizon 1, the first of four 50MW IT-load liquid-cooled deployments for Microsoft at Childress, was delivered in August 2026; Horizon 2 is in commissioning and Horizons 3 and 4 are in late-stage construction targeting delivery in the fourth quarter of 2026.

The balance sheet has been rebuilt to fund that schedule, and it is now a large one on both sides. Total assets reached $15,790.0 million from $2,940.3 million a year earlier. Cash and restricted cash stood at $7,619.5 million at June 30, 2026, of which $5,895.6 million is unrestricted. Against that sits $7,593.0 million of debt, $1,842.6 million of deferred revenue that represents customer prepayments still to be earned, and $1,825.4 million of accounts payable and accrued expenses. Stockholders’ equity is $4,185.6 million. During the year IREN raised $4,742.8 million from share issuance and $6,299.6 million from convertible notes, and paid $1,623.5 million to induce conversion of earlier notes and $448.9 million for capped call transactions. It spent $4,440.7 million on property, plant, equipment, computer hardware and intangibles.

The cost of that funding shows up in the share count. Ordinary shares outstanding were 394,058,648 at August 14, 2026, per the cover of the FY26 Form 10-K, plus two B Class shares. A year earlier the company had 258.1 million shares. Options, restricted share units, the shares underlying four series of convertible notes and the share purchase right granted to NVIDIA sit on top of that. Anyone underwriting this equity is underwriting that denominator as much as the megawatts.

03 Market Data And Peer Comparison

Price and performance figures below are based on the completed session of Friday, August 28, 2026, the first full session traded on the fiscal 2026 accounts, which were released after the bell on August 27. Each performance line states the closing price it is measured from, and every variation is calculated on Finviz end-of-day closes so it can be checked against any market data provider. Float, ownership, short interest and the consensus target are from Finviz, pulled on August 28, 2026. Company financial figures come from SEC filings and company releases, each carrying its own reference date.

Peer comparison: neoclouds and converted miners, at the August 28, 2026 close

These are the companies that sell the same thing IREN sells: grid-connected data centre capacity rented as AI compute, or Bitcoin mining capacity being converted into it. Two of them, CoreWeave and Nebius, were built as AI clouds; the rest came out of mining, as IREN did. Market capitalisation, short float and performance are Finviz fields pulled on August 28, 2026; the $IREN market capitalisation is calculated on the 394.06M shares reported in the FY26 Form 10-K, which is why it differs from the aggregator figure. August 28 was a heavy down session across the whole group, so the one-day moves are not specific to IREN even though its own was the largest.

The one-year gain of +53.86% against a year-to-date figure of -6.14% locates the re-rating in the second half of 2025, when the Microsoft contract was signed, and shows that none of it has survived into 2026. The quarter tells the same story more sharply: down 44.21% from the May 29 close, a drawdown that happened while the contracted ARR figure was being raised. That is the market applying its own discount to an operating metric, and it is the reason the beta sits at 4.29 and the average true range at $3.70, roughly 10.4% of the share price in a single session.

Short interest at 30.61% of float with a short ratio of about two days is high in absolute terms and thin in cover time. It means a crowded short position that could be closed quickly, in either direction, on a piece of news. The results released after this session are exactly that kind of news, and the price reaction is not yet in these figures.

On analyst coverage the honest position is a narrow one. The consensus target above is a Finviz aggregate of third-party estimates, and the Finviz recommendation average stands at 1.67 on a scale where 1 is the most positive. Individual houses, ratings and note dates were not verified for this update, so no coverage table is presented. A consensus figure without named notes behind it is a market-data point, not research, and it is neither a company figure nor a Merlintrader forecast.

04 Verified developments through August 28, 2026

August 28, 2026 — Blue Owl details the Mackenzie GPU financing, and the market trades the FY26 accounts

Blue Owl Capital announced that funds it manages led a $2.4 billion compute equipment financing for IREN, made up of a $1.2 billion senior secured term loan and $1.2 billion of senior secured notes. The proceeds fund IREN’s purchase of air-cooled NVIDIA Accelerated Computing Infrastructure, including NVIDIA Blackwell Ultra GPUs, for the Mackenzie data centre campus in British Columbia, and the facility is structured to fund equipment purchases in tranches over a defined draw period, so capital is drawn alongside the delivery and commissioning of hardware. This is not additional money on top of the results release: it is the same $2.4 billion IREN disclosed on August 27 within $2.8 billion of new GPU financings, led by Blue Owl and Pacific Investment Management Company LLC as adviser to certain investors, at a 9.0% fixed rate, funding 90% of the associated GPU capital expenditure. The lender’s announcement adds the two-part structure and the equipment being bought; the coupon and the capex coverage come from IREN’s own release, and neither document discloses maturities, covenants or amortisation. In balance-sheet terms this is senior secured debt against equipment: it is not a customer contract, not backlog and not revenue already earned. In the same session the shares closed at $35.45, down 12.53%, on 88.80 million shares against a sixty-session average near 44.91 million. Sources: Blue Owl press release of August 28, 2026, and the IREN FY26 results release of August 27, 2026.

August 27, 2026 — FY26 results, Form 10-K and a new frontier-lab contract

IREN reported revenue of $707.0 million for the year ended June 30, 2026 against $501.0 million in fiscal 2025, a net loss of $702.6 million against net income of $86.9 million, and adjusted EBITDA of $245.7 million against $269.7 million. The release states $4 billion of contracted ARR for 2026 capacity with $1 billion operating as of August 26, 2026, a new multi-year AI Cloud contract with an unnamed leading frontier AI lab, and recent signings with Cohere, Prometheus, Perplexity, Figure AI, Fal AI and Higgsfield AI. It also discloses $2.8 billion of new GPU financings, including $2.4 billion led by Blue Owl and Pacific Investment Management Company LLC, as adviser to certain investors, at a 9.0% fixed rate for the Mackenzie air-cooled expansion. Recent three-year contracts are described at more than $20 million of revenue per MW of IT load, with active discussions at about $25 million per MW and customer prepayments at 45% to 55% of GPU capital expenditure. Source: press release furnished as Exhibit 99.1 to the Form 8-K of August 27, 2026, and the Annual Report on Form 10-K filed the same day.

August 18, 2026 — a Form D puts a number on the Mirantis consideration

The filing reports 464,866,211 dollars of equity, entirely placed, issued to 183 accredited investors with a first sale dated August 3. It is not a cash raise: those shares were the upfront consideration for the acquisition, which is why the amount shows up in the share count rather than in the cash balance. The FY26 Form 10-K puts the aggregate Mirantis consideration at approximately $544 million, payable through 12.6 million ordinary shares plus other consideration.

August 13, 2026 — Horizon 1 delivered to and accepted by Microsoft

IREN announced that it achieved NVIDIA Exemplar Cloud status on NVIDIA GB300 NVL72, awarded after NVIDIA tested the deployment at Horizon 1. Horizon 1 is the first of four 50MW IT-load direct-to-chip liquid-cooled AI Cloud deployments scheduled for delivery to Microsoft at Childress during 2026 under the five-year, US$9.7 billion cloud services contract announced in November 2025. Source: Form 8-K of August 13, 2026, Item 7.01, with the release as Exhibit 99.1.

August 12, 2026 — AI infrastructure read-through, not an IREN company release

IREN shares joined a broader advance in AI infrastructure stocks after CoreWeave raised its full-year revenue, adjusted operating profit and capital-spending forecasts and Super Micro Computer projected fiscal 2027 revenue above Wall Street expectations. Reuters described IREN among the related gainers. This is a sector demand read-through, not a change to IREN’s contracts, guidance or reported financials, and it does not by itself resolve the company-specific execution risks around GPU delivery, data-center acceptance and funding.

August 4, 2026 — Mirantis acquisition completed

IREN announced the closing of the Mirantis acquisition, which the registration statement filed the same day confirms closed on August 3, 2026. Consideration was approximately 12.6 million ordinary shares, fixed at signing, plus cash, restricted stock units and other consideration of approximately $40 million as of closing. Mirantis is a cloud infrastructure software company, an inaugural partner of the NVIDIA AI Cloud Ready Initiative, with more than 1,500 enterprise customers and the open-source k0rdent AI platform. IREN filed a prospectus supplement the same day registering up to 11,981,668 of those shares for resale by the former Mirantis holders.

July 20, 2026 — $2.8bn of new contracts, ARR target raised to over $4bn

IREN raised its end-of-2026 AI Cloud annualized run-rate revenue target from $3.7 billion to more than $4 billion, of which approximately 85% is now under contract, after signing multi-year cloud services contracts worth $2.8 billion in total contract value with AI developers. The named customer list is Microsoft, NVIDIA, Perplexity, Figure AI, Together AI, Fluidstack, Fireworks AI, Fal AI, Hume AI and one unnamed developer. Recent contracts include customer prepayments equal to about 45% of the associated GPU capital expenditure. The weighted average contract term across the portfolio is approximately four years. Cash and cash equivalents were approximately $7.6 billion at June 30, 2026, including $1.7 billion of restricted cash tied to the Microsoft GPU financing.

July 1, 2026 — Co-CEO equity grants

The board approved a grant of 9,099,328 restricted stock units to each of William Roberts and Daniel Roberts, the co-chief executive officers, granted on or about July 1, 2026 under the 2025 Omnibus Incentive Plan. The awards vest in equal annual installments over four years and each vested tranche carries a further two-year holding period, extending to fiscal 2033 for the final tranche. Neither co-CEO will receive another equity grant until fiscal 2031.

June 29, 2026 — Added to the Russell 1000

IREN was added to the Russell 1000 Index effective after the close on June 26, 2026 in the FTSE Russell reconstitution. It had been added to the MSCI USA Index effective after the close on February 27, 2026.

June 15, 2026 — Nostrum Group acquisition completed

IREN completed the acquisition of Ingenostrum, S.L., trading as Nostrum Group, a grid-connected data center developer based in Spain. The deal marks the company’s entry into Europe and adds approximately 490MW of power capacity in Spain plus a further development pipeline. Consideration was roughly 65% cash and 35% shares, with 837,424 ordinary shares issued on June 12, 2026.

June 3, 2026 — 800MW campus announced in South Australia

IREN signed a transmission connection agreement supporting a planned 800MW data center campus at Bundey, South Australia, about 78 miles northeast of Adelaide. The agreement secures four 330kV feeder exits at the utility substation, expected to support up to 800MW without network upgrades. Energization is targeted from 2028, subject to regulatory approvals and conditions.

June 1, 2026 — $3.65bn investment-grade GPU financing closed

The facility comprises a $2.10 billion U.S. private placement at a fixed rate equivalent to SOFR plus 2.13% and a $1.55 billion delayed draw term loan at SOFR plus 2.25%, for a blended cost of debt of 6.00%. It carries Fitch and DBRS ratings of A and A(low). It is secured against the GPUs and the contracted Microsoft cash flows. Together with the $1.94 billion customer prepayment it funds $5.59 billion of the $5.81 billion of GPU capital expenditure for the Microsoft contract, approximately 96%, at an average financing cost of 3.31%. The underlying agreements, dated May 29, 2026, sit at subsidiary IE US Hardware 3 LLC and require a debt service coverage ratio of at least 1.05 to 1.00.

May 26, 2026 — $1.6bn Dell purchase agreement, ARR target lifted to $4.4bn

Subsidiary IE US Hardware 4 Inc. agreed to buy air-cooled Blackwell systems from Dell Marketing L.P. for approximately $1.6 billion, payable in installments within 30 days of each tranche shipping, to be deployed within existing data centers at Childress to service the $3.4 billion managed services contract. Commissioning is targeted for early 2027. On commissioning, IREN said the contract would lift its stated ARR from $3.7 billion to $4.4 billion.

May 14, 2026 — $3.0bn convertible notes issued

IREN issued $3.0 billion of 1.00% convertible senior notes due December 1, 2033, including the full $400 million upsize option. Net proceeds were approximately $2.96 billion, of which $201.3 million funded capped call transactions. The initial conversion price is approximately $73.07 per share, a 32.5% premium to the May 11 close of $55.15, and the capped call cap price is $110.30.

May 7, 2026 — Third quarter results, the NVIDIA contract and the 5GW partnership

Revenue of $144.8 million, a net loss of $247.8 million and adjusted EBITDA of $59.5 million. Alongside the results IREN announced a five-year, $3.4 billion AI cloud contract with NVIDIA for air-cooled Blackwell GPUs inside 60MW of existing Childress capacity, targeting a ramp from early 2027, plus a strategic partnership to support deployment of NVIDIA-aligned infrastructure across the 5GW pipeline. As part of that partnership IREN issued NVIDIA a five-year right to purchase up to 30 million ordinary shares at $70 per share, an investment of up to $2.1 billion if fully exercised and subject to conditions including regulatory approval.

May 1, 2026 — Sweetwater 1 energized

The 1.4GW Sweetwater 1 site in Texas had its high-voltage substation connected to the ERCOT grid, on the schedule set out at the first-quarter results.

March 4, 2026 — GPU fleet expanded toward 150,000 units

IREN entered purchase agreements for more than 50,000 NVIDIA B300 GPUs, taking the total fleet installed or on order to 150,000. The same day it filed a prospectus supplement for up to $6.0 billion of at-the-market equity, replacing the $1.0 billion program that had been fully used.

November 2 and 3, 2025 — the Microsoft contract

Subsidiary IE US Hardware 3 Inc. signed a Partner Statement of Work with Microsoft for dedicated GPU infrastructure capacity in tranches at the Horizon facilities in Childress, Texas, over a five-year average term. Total contract value is approximately $9.7 billion through 2031, with 20% of each tranche’s value paid before delivery and credited against fees after the 24th month. The capacity comprises NVIDIA GB300 GPUs across Horizon 1 to Horizon 4, a combined IT load of approximately 200MW. A matching $5.8 billion Dell purchase agreement was signed the same day.

05 The four quarters that explain the handover

Fiscal 2026 ran from July 1, 2025 to June 30, 2026. All four quarters are now reported, and read together they describe a business swapping one revenue engine for another while the total shrinks in the middle and then steadies. The year closed at $707.0 million of revenue, 41% above fiscal 2025, with the whole of that growth and more coming from the first half.

Revenue by segment, fiscal 2026 quarters (US$ millions)

Source: IREN quarterly results releases furnished on Form 8-K for the quarters ended September 30, 2025, December 31, 2025 and March 31, 2026, and the FY26 results release and Form 10-K of August 27, 2026 for the June quarter and the full year. Quarterly segment figures sum to $0.1 million less than the audited annual figures on each revenue line, a rounding difference. Bars are scaled to the largest value, first-quarter Bitcoin mining revenue of $233.0 million.

The net income line is the least informative row in that table and the one most often quoted out of context. The $384.6 million profit in the September quarter was driven by a $665.0 million unrealized gain on financial instruments, principally prepaid forwards and capped calls attached to the convertible notes. The December quarter reversed part of it with a $107.4 million unrealized loss and added a one-off $111.8 million debt conversion inducement expense, and the March quarter carried a further $23.7 million unrealized loss. Over the first nine months, unrealized gains on financial instruments were a positive $533.9 million, which is why a company with a $426.3 million operating loss reported a net loss of only $18.6 million for the period. The June quarter then added a $24.6 million unrealized gain, bringing the year to $558.5 million, and took a $102.1 million charge on the fair value of assets held for sale. Strip all of it out and the year is an operating loss of $1,046.7 million on $707.0 million of revenue.

Adjusted EBITDA is the cleaner line and it kept falling all year: $91.7 million, then $75.3 million, then $59.5 million, then $19.2 million, for $245.7 million across fiscal 2026 against $269.7 million in fiscal 2025. The quarterly margin held at 41% through December and March and then dropped to 14% in June, and the company attributes that step to higher employee-related costs and broader platform investment running ahead of the AI Cloud revenue ramp. Unit margins over direct cost of revenue stayed wide in the June quarter: 63.9% on Bitcoin mining and 87.0% on AI Cloud Services. The problem is not the margin of the new business, it is that there is not yet enough of it to carry a cost base that has been built for 2027.

Impairments are the accounting footprint of a physical conversion: machines pulled out of racks before the machines that replace them start billing. The March quarter carried $140.4 million, described in the Form 10-Q as relating to Bitcoin miners and certain IT and electrical equipment at Childress and in British Columbia. The June quarter carried $450.4 million, and the year $638.8 million against $7.2 million in fiscal 2025. The company attributes the charge primarily to the decommissioning of Bitcoin mining hardware as sites are converted to support AI Cloud growth. Assets held for sale stood at $72.5 million at June 30, 2026, and a further $110.6 million was charged during the year against the fair value of that pool. None of it is cash, and all of it is the cost of the decision to convert rather than to run the fleet to the end of its life.

06 What IREN actually owns: the megawatt map

The asset that makes IREN interesting is not the GPU fleet, which anyone with capital can buy. It is grid-connected land and power, which takes years to secure. The Form 10-Q for the March 2026 quarter states the position precisely: seven data center sites with executed grid connection agreements, letters of agreement or equivalents, representing 4,510MW of total power capacity.

Secured power capacity by site (megawatts)

Sources: Form 10-Q for the quarter ended March 31, 2026 for the seven grid-connected sites totaling 4,510MW, and the June 15, 2026 press release confirming approximately 490MW in Spain added with the Nostrum Group acquisition. Together these total 5,000MW, the “5GW secured power” figure the company now quotes. The planned 800MW campus at Bundey, South Australia is covered by a transmission connection agreement signed on June 3, 2026 and is not included above.

Three of the seven sites are in Texas, one is in Oklahoma and three are in British Columbia. The Canadian sites are small and old: Canal Flats at 30MW was the original mining site, Mackenzie is 80MW and Prince George is 50MW. Together they are 160MW, or 3.5% of the North American total, and they are the sites being converted from ASIC miners to GPUs. Everything of scale is in Texas and Oklahoma, and almost all of it is still under construction or in development.

Childress is the operating heart of the platform. It is a 750MW site that already hosts Bitcoin mining capacity and is being converted. Horizon 1 through Horizon 4 are the four liquid-cooled facilities being built there for Microsoft, a combined IT load of approximately 200MW, with Tier 3-equivalent concurrent maintainability, 100MW superclusters and rack densities of 130 to 200kW. Horizons 5 and 6 add a further 150MW of direct-to-chip liquid cooling. The NVIDIA contract is being deployed within 60MW of existing air-cooled Childress capacity rather than in new build, which is why its ramp is targeted for early 2027 rather than 2028.

Sweetwater 1 is the largest single build. Its substation was energized on May 1, 2026, on the April 2026 schedule the company had set six months earlier. Sweetwater 2 targets substation energization in late 2027. The Oklahoma campus, announced in February 2026, sits on 2,000 acres with completed grid studies and power scheduled to ramp from 2028.

The delivery plan was restated on August 27, 2026, and the unit of measure changed with it. Where the company previously guided to 480MW gross of AI Cloud capacity in 2026 and 1,210MW in build for 2027, the FY26 release targets cumulative delivery of approximately 0.3GW of IT load in 2026 and 0.8GW of IT load in 2027, across a data centre pipeline it describes as more than 5GW. IT load is the measure that bills; gross capacity includes cooling and electrical overhead, so the two sets of figures are not directly comparable and the change is a change of yardstick rather than a restatement. What holds either way is the timing point: capacity delivered in December 2026 does not produce twelve months of 2026 revenue.

The August 27 release also added new liquid-cooled deployments planned at Mackenzie, Canal Flats and Prince George during 2027, to use power headroom at sites that already exist, and development progressing at Sweetwater in Texas, Kiowa in Oklahoma, Bundey in Australia and Badajoz in Spain. Horizon 2 is in commissioning and Horizons 3 and 4 are in late-stage construction, targeting delivery in the fourth quarter of 2026.

07 The AI Cloud contracts, and the ARR ladder

IREN reports an operating metric it calls annualized run-rate revenue. Its own definition, published in the July 20, 2026 release, is GPU-hour pricing for commissioned GPUs as of December 31, 2026 multiplied by 8,760 hours, plus annualized storage and ancillary revenue. The company states plainly that it is not a GAAP measure, is not derived from revenue and does not reflect GAAP recognition and measurement. It is a capacity-times-price calculation performed on a future date.

The target has been raised four times in nine months, and each step is traceable to a specific contract.

The two anchor contracts are worth separating. The Microsoft agreement, signed November 2, 2025 by subsidiary IE US Hardware 3 Inc., has a total contract value of approximately $9.7 billion through 2031 over a five-year average term, uses NVIDIA GB300 GPUs across Horizon 1 to 4, carries a 20% prepayment on each tranche credited back against fees after the 24th month, and includes service level commitments, delay credits and a right for Microsoft to terminate, subject to cure, if delivery dates are missed. The NVIDIA agreement announced May 7, 2026 is a five-year, $3.4 billion managed services contract for air-cooled Blackwell GPUs inside 60MW at Childress, with an expected $0.7 billion of average annual revenue.

The July 20 update added three details that matter more than the headline. Contracts signed since June 1, 2026 include customer prepayments equal to approximately 45% of the associated GPU capital expenditure, which materially reduces the net funding requirement for those deployments. The weighted average contract term across the portfolio is approximately four years, so this is not spot GPU rental. And the customer list has broadened from one hyperscaler to ten named counterparties across bare metal and managed services, which reduces single-customer concentration even if Microsoft remains by far the largest.

The arithmetic on the FY26 numbers runs like this. AI Cloud Services produced $70.5 million of GAAP revenue in the June 2026 quarter, an annualized rate of about $282 million, and $128.8 million across the whole year. Against that the company states $4 billion of contracted ARR for 2026 capacity, roughly fourteen times the June-quarter run rate and thirty-one times the year, with $1 billion of it described as operating as of August 26, 2026. The gap has halved in one quarter and it is still the entire investment question. The company is not claiming those revenues today, and its own footnotes say revenue is expected to ramp only upon and subject to commissioning, testing and customer acceptance in the months following each data center’s delivery, and that recognised revenue may be materially lower than ARR.

08 The Bitcoin mining business is being dismantled on purpose

IREN still mines Bitcoin, and mining still produced 82% of fiscal 2026 revenue. But the fleet is shrinking fast: mining was 97% of the September 2025 quarter and 49% of the June 2026 quarter, the first quarter in which AI Cloud revenue overtook it. Installed mining capacity was approximately 23.2 EH/s at June 30, 2026, representing roughly 380MW of data centre capacity, and the company states it expects to substantially complete the transition by December 31, 2026.

Average operating hashrate (EH/s)

Sources: Form 10-Q for the quarter ended March 31, 2026 and the FY26 Form 10-K of August 27, 2026. Average operating hashrate for the full year was 36.5 EH/s against 25.7 EH/s in fiscal 2025, while installed capacity had fallen to about 23.2 EH/s by June 30, 2026. An annual average above the closing installed figure is the arithmetic signature of a fleet being taken offline through the year, and average operating hashrate is a different measure from installed capacity.

Across the full year production and price both worked in favour of the segment, which is why annual mining revenue grew even as the quarterly line collapsed. IREN mined 6,075 Bitcoin in fiscal 2026 against 5,499 in fiscal 2025, and the 10-K attributes $57.7 million of the revenue increase to the additional coins and $35.9 million to a higher average Bitcoin price, which together account for the full $93.6 million increase. Implied revenue per Bitcoin works out at roughly $95,200 for fiscal 2026 against roughly $88,100 for fiscal 2025. The quarterly picture is the opposite: $111.2 million in March and $66.7 million in June, because capacity is being physically removed.

The structural pressure is well understood and the company names it in its own risk language: the periodic halving of Bitcoin block rewards reduces the Bitcoin earned relative to hashrate capacity over time, and global hashrate growth raises difficulty continuously. In the current post-halving reward era, a miner has to add hashrate simply to stand still, and every exahash added consumes megawatts that could instead be sold to an AI customer at a far higher revenue per megawatt. That is the calculation IREN has resolved in favor of the AI customer, and the impairments and held-for-sale classifications are the cost of resolving it.

The segment still contributes real cash. In the June quarter, direct mining cost of revenue was $24.1 million against $66.7 million of revenue, a 63.9% margin before depreciation; across the year it was $202.8 million against $578.2 million, or 64.9%. Mining is still funding part of the AI build, and that is the practical reason the wind-down is being paced rather than switched off. The June quarter is the first in which the displacement is visible at full scale, and it cost $450.4 million of impairments to get there.

One reporting change matters for anyone tracking the mining numbers month to month: IREN no longer publishes the monthly operational updates it issued through 2025, in which hashrate, Bitcoin mined and mining revenue were disclosed every month. No monthly update appears among the company’s 2026 releases. Hashrate and production figures are now disclosed only in the quarterly filings, which means the operating data arrives four times a year instead of twelve.

09 Financial position at June 30, 2026

The audited June 30, 2026 balance sheet looks nothing like the June 30, 2025 starting point. Total assets went up more than fivefold in twelve months, and both sides of the sheet grew together.

Three lines deserve to be read together. Cash and restricted cash of $7,619.5 million, debt of $7,593.0 million, and commitments of $13,810.0 million against $368.8 million a year earlier. The cash covers the debt almost exactly and covers about 55% of the commitments. On top of the cash sits $1,842.6 million of deferred revenue, which is customer money already received for service not yet delivered: it funds the build and it is an obligation to deliver, not a cushion. The company describes itself as well capitalised with existing cash plus committed GPU financing and prepayments of $14 billion, a figure that mixes balance-sheet cash with facilities and customer money and is not a GAAP measure.

Cash flow for the full year shows the shape of the build. Operating activities generated $2,100.4 million, but $1,841.7 million of that is the increase in deferred revenue, so the operating cash figure is mostly customer prepayments rather than earnings. Investing activities consumed $4,723.0 million, of which $2,998.0 million went to property, plant and equipment, $1,335.1 million to computer hardware and $107.6 million to intangibles. Financing activities raised $9,680.1 million net. The largest components are $4,742.8 million from share issuance, $6,299.6 million from convertible notes and $938.0 million from a financing facility, against $1,623.5 million paid to induce conversion of earlier notes, $448.9 million for capped call transactions and $165.5 million of borrowing costs; smaller items, among them offering costs and debt and lease repayments, account for the remaining difference. Cash and restricted cash rose by $7,057.5 million over the year.

What the June-quarter numbers showed

• AI Cloud revenue kept compounding. The sequence is $7.3 million, $17.3 million, $33.6 million, $70.5 million. The fourth print came in above the $50 million that would have confirmed the ramp, and above mining revenue for the first time.
• Mining revenue fell to $66.7 million from $111.2 million, and installed mining capacity was down to about 23.2 EH/s at June 30 against roughly 38 EH/s at March 31. Average operating hashrate for the year was 36.5 EH/s, so the fleet spent most of fiscal 2026 well above where it ended.
• The impairment was $450.4 million in the quarter and $638.8 million for the year, against $140.4 million in March. It is consistent with the plan rather than a surprise, and it is the main reason the year shows a $702.6 million net loss.
• Depreciation was $112.1 million in the quarter and $417.7 million for the year, against $181.1 million in fiscal 2025. It eased slightly against March as assets moved to held for sale, and it will resume rising as the 2026 deliveries are commissioned. It remains the reason GAAP profitability lags adjusted EBITDA by a widening margin.
• Deferred revenue went from $120.4 million to $1,842.6 million, an increase of $1,722.2 million inside the quarter. Recent contracts carry prepayments at 45% to 55% of the associated GPU capital expenditure, and this is where that money sits until the service is delivered.
• Remaining performance obligations went from $710.3 million to $5.1 billion. That is the single cleanest measure of delivery and acceptance in the whole file, and it moved by a factor of seven in one quarter.

10 Funded orders versus contract ceilings: the RPO test

This is the most important accounting detail in the entire IREN story, and it sits in one sentence of the annual report. As of June 30, 2026 the group had $5.1 billion of unsatisfied remaining performance obligations: $0.9 billion expected to be recognised in the twelve months to June 30, 2027, $1.3 billion between months 13 and 24, and the balance between months 25 and 60. Three months earlier the same line read $710.3 million. Separately, the 10-K states $11.4 billion as the aggregate contracted value of lease arrangements accounted for under ASC 842, which together with the ASC 606 obligations gives approximately $16.6 billion of contracted value at June 30, 2026.

Now compare that with the announced contract values. Microsoft alone is approximately $9.7 billion. NVIDIA is $3.4 billion. The July developer contracts add $2.8 billion. Against roughly $15.9 billion of announced total contract value, the contracted value now visible in the accounts is about $16.6 billion once lease arrangements are included, and $5.1 billion of it sits in ASC 606 remaining performance obligations. The reason the two frameworks both appear is that some of these deployments are treated as leases rather than as services. IREN includes amounts in unsatisfied RPO only for tranches that have been delivered and accepted; at March 31, 2026 there had been none under the Microsoft agreement, and the jump to June 30 is what acceptance looks like when it starts.

That is not a red flag in itself. It is the normal treatment for a phased infrastructure contract, and it is the same reason a defense contractor’s announced ceiling value differs from its funded backlog. But it changes how the announcements should be read. A $9.7 billion headline is a contractual ceiling conditional on IREN building four data centers, taking delivery of GB300 systems, passing an acceptance process and meeting service levels, with delay credits and a termination right in the counterparty’s hands if delivery dates are missed. The $5.1 billion of remaining performance obligations at June 30, 2026 is what has cleared those hurdles, against $710.3 million three months earlier.

The practical consequence is that RPO, not the press releases, is the tracking metric, and it has now moved by billions rather than modestly. What that does not settle is timing: only $0.9 billion of the $5.1 billion is expected to be recognised in the twelve months to June 30, 2027, so the near-term revenue line will still look small against the announced totals. The next number to watch on this line is the September quarter, when the Horizon 2 to 4 deliveries targeted for the fourth quarter of 2026 begin to clear acceptance.

11 Capital structure, financings and the dilution arithmetic

IREN has funded the build from five distinct pools of capital in twelve months: convertible notes, at-the-market equity, a registered direct placement, asset-level GPU financing and customer prepayments. Each has a different dilution consequence.

Convertible notes outstanding by series (US$ millions of principal)

Sources: Form 10-Q for the quarter ended March 31, 2026 for the five series outstanding at that date, and the Form 8-K dated May 14, 2026 for the $3.0 billion of 1.00% notes due December 1, 2033. Total principal outstanding is approximately $6,745.7 million. Initial conversion prices are $13.64, $16.81, $85.63, $51.40, $51.40 and $73.07 respectively.

The convertible stack tells a story about how quickly IREN’s cost of capital improved and then repriced. The December 2024 notes converted at $16.81 and the June 2025 notes at $13.64. By October 2025 IREN was issuing zero-coupon paper at an $85.63 conversion price. In December 2025 it issued $2.3 billion across two series at $51.40, and in May 2026 it issued $3.0 billion at $73.07 with a 1.00% coupon and a capped call cap of $110.30. The company has also spent real cash to limit the dilution: $252.3 million on capped calls in the nine months to March 2026 and a further $201.3 million in May 2026.

It also actively cleaned up the cheap old paper. On December 2, 2025 IREN repurchased a portion of the 2029 and 2030 notes for approximately $1,632.4 million in cash, accounted for as an induced conversion, producing a $111.8 million inducement expense and a $981.0 million charge to additional paid-in capital. It funded that repurchase with a registered direct placement of 39,699,102 shares at $41.12 on December 8, 2025, which raised $1,632.4 million. In other words, the company converted low-strike dilution into shares issued at a much higher price. That is a defensible trade, and it is also why additional paid-in capital sits at negative $1,728.4 million.

The at-the-market program is the quieter channel, and it is the one that moved most since the last update. The original $1.0 billion facility was fully used: 66,707,732 shares for approximately $1,000.0 million, an average of about $14.99 a share. A replacement prospectus supplement for up to $6.0 billion was filed on March 4, 2026, and the FY26 Form 10-K states that as of August 14, 2026 IREN had issued 47,165,838 shares under it for approximately $2.5 billion of gross proceeds, an average of roughly $53 a share. That leaves on the order of $3.5 billion of unused capacity, still the single largest open-ended dilution channel in the structure, and it has been used at prices well above the convertible strikes that preceded it.

The fifth pool is the one that grew this month, and it is the only one that does not dilute. Asset-level GPU financing now runs on two tracks with visibly different pricing. The Microsoft contract is funded by $3.6 billion of investment-grade GPU financing at 6.0% which, together with prepayments, covers 96% of the associated GPU capital expenditure. The non-investment-grade customer deployments are funded by $2.8 billion of new GPU financings, of which the $2.4 billion Blue Owl and PIMCO facility carries a 9.0% fixed rate and covers 90% of the associated capital expenditure. Blue Owl’s own announcement of August 28, 2026 splits that facility into a $1.2 billion senior secured term loan and $1.2 billion of senior secured notes, drawn in tranches against equipment deliveries at Mackenzie. The three hundred basis points between the two tracks is the price of the customer, not of the hardware: the same GPUs cost more to finance when the counterparty on the lease is an AI developer rather than a hyperscaler. Neither release discloses maturity dates, amortisation schedules or covenants, so the refinancing profile of this debt cannot be assessed from what is public today.

Ordinary shares outstanding and potential dilution (millions)

Sources: the FY26 Form 10-K of August 27, 2026, whose cover states 394,058,648 ordinary shares and two B Class shares outstanding at August 14, 2026, and the prospectus supplement filed August 4, 2026, which states 357,378,674 ordinary shares outstanding at April 30, 2026 and lists the exclusions: 4,987,244 shares under options at a weighted average exercise price of $72.71, 38,645,505 shares under restricted share units including the July 1, 2026 co-CEO grants, up to 165,640,942 shares issuable on conversion of existing convertible notes, 837,424 shares issued for Nostrum Group on June 12, 2026, 12,632,234 shares issued for Mirantis on August 3, 2026, and up to 30,000,000 shares issuable to NVIDIA at $70. Adding all of them to the April 30 count gives 610,122,023 shares. Any at-the-market issuance after April 30, 2026 is additional.

The gap between the 370.8 million shares issued on that April 30 basis, once Nostrum and Mirantis are added, and 610.1 million fully diluted is 239.3 million shares, or 64% of that base. Measured against the 394.06 million ordinary shares actually outstanding at August 14, 2026, which already include the at-the-market issuance of the summer, the same ceiling leaves 216.1 million shares of further potential dilution, or 55%. Most of it is contingent on the share price. The convertible notes only dilute above conversion prices of $51.40, $73.07 and $85.63, and the capped calls blunt the effect up to their cap prices. The NVIDIA right only gets exercised above $70. At the August 28 close of $35.45, none of those thresholds is in the money, and the distance to all of them widened on the results. The dilution is therefore best understood as a price-dependent overhang: it materializes exactly in the scenarios where the equity has performed, which is a different and more tolerable risk than dilution that arrives when the stock is falling. The at-the-market program is the exception, and it works the other way round.

The asset-level financing is the least dilutive pool and the most interesting structurally. The $3.65 billion facility closed on June 1, 2026, which the FY26 results release rounds to $3.6 billion, sits at IE US Hardware 3 LLC, is secured against the GPUs and the Microsoft cash flows, and carries Fitch and DBRS ratings of A and A(low), which IREN describes as the highest publicly rated GPU financing announced to date and the first GPU financing in the U.S. private placement market. Blended cost of debt is 6.00%. Combined with the $1.94 billion customer prepayment, it funds approximately 96% of the $5.81 billion of GPU capital expenditure for the Microsoft contract at an average financing cost of 3.31%. The parent guarantees are limited: performance of the manager under a managed services agreement, and any shortfall attributable to a tranche Microsoft does not accept or terminates, to the extent not recovered by remarketing the GPUs.

That last clause is the honest summary of the risk transfer. The lenders are protected by a security package and a 1.05 to 1.00 debt service coverage covenant. IREN retains the residual value risk on hardware whose useful economic life in a fast-moving accelerator cycle is genuinely uncertain. For readers who want the underlying mechanics of these funding structures, the Merlintrader guide to dilution, ATMs and PIPEs covers how each instrument affects existing holders.

12 Management, governance and the compensation question

IREN is run by co-chief executive officers Daniel Roberts and William Roberts, the co-founders, with the registered office in Sydney and operating offices in Childress, Texas and New York. Anthony Lewis, previously chief capital officer from July 1, 2025, was appointed chief financial officer on September 8, 2025, having been co-treasurer of Macquarie Group and before that head of capital and co-head of transactions and structure in Macquarie’s group treasury. John Gross was appointed chief innovation officer on February 17, 2026, a newly created role leading engineering, with a background in high-density data center engineering and liquid cooling.

Governance deserves scrutiny on one specific item. On June 30, 2026 the board approved, on the recommendation of the compensation committee and with unanimous approval of the independent directors, a grant of 9,099,328 restricted share units to each co-CEO, granted on or about July 1, 2026. That is 18,198,656 units in total, worth approximately $723 million at the August 3 close, or about 4.9% of the 370.8 million shares now issued.

The structure carries several mitigants that should be stated alongside the size. The units vest in four equal annual installments subject to continued employment, and each vested tranche is then locked for a further two years, extending to fiscal 2033 for the last tranche. Neither co-CEO will receive another equity grant until fiscal 2031, so this is a six-year forward allocation rather than an annual award. The committee disclosed that it considered alternative grant sizes and performance-based and hybrid structures before choosing this one, and used an independent compensation consultant.

Set against that, the awards are time-based rather than performance-based, which means they vest on the calendar regardless of whether the ARR targets are met, and they were sized when the share price was materially higher than it is today. Shareholders will get a formal say at the annual general meeting. It is a legitimate item for anyone weighing governance quality, and it should be weighed against the fact that insider ownership already stands at 13.73%, which aligns the founders with the outcome in a way that a hired manager’s package would not.

13 Ownership, Short Interest And Retail Sentiment

Finviz reported institutional ownership of 63.40% and insider ownership of 13.73% on August 28, 2026, against a float of 307.86 million shares. Index inclusion has broadened the institutional base mechanically: MSCI USA effective after the close on February 27, 2026, and the Russell 1000 effective after the close on June 26, 2026. Index membership brings passive buyers who do not trade on the ARR debate at all, which tends to raise the floor of persistent demand and to make the remaining free float more sensitive to active flows.

Short interest is the number that changes the character of the stock. At 30.61% of the float, roughly 94 million shares are short, against average daily volume near 45 million shares over the last sixty sessions, which Finviz expresses as a short ratio of 2.10 days. That is a little over two days to cover on volume alone. A short base of that size in a stock with this much event flow produces violent two-way sessions: the July 29 close of $29.31 and the August 3 close of $39.75 are 36% apart across three trading days, with no filing between them that changes the fundamentals by anything like that magnitude.

The short thesis is not hard to reconstruct from the filings themselves. It rests on the gap between announced contract values and recognised revenue, on $13.8 billion of commitments at June 30, 2026, on the residual value risk of a large accelerator fleet, on customer concentration in Microsoft, and on a share count that grew by more than half in twelve months. The FY26 accounts narrowed part of that gap: remaining performance obligations went from $710.3 million to $5.1 billion in a single quarter. The long thesis rests on 5GW of secured power that competitors cannot replicate quickly, contracts with the two most creditworthy counterparties in the industry, investment-grade asset financing at 6.00%, prepayments covering 45% of GPU capex on the newest deals, and a delivery record that has so far hit its own published dates.

On retail sentiment, Stocktwits showed a bullish reading of 91.24% against 8.76% bearish on August 27, 2026, on messages carrying a sentiment tag, with a composite score of 78 out of 100 that the platform labels extremely bullish. Both readings were taken on results day, before the release. The two figures measure different things, the first the balance of tagged messages and the second the site’s own signal, and they can point in different directions: two sessions earlier the tagged balance was similarly one-sided while the composite sat at 48. That is crowd opinion from non-professional participants, not analysis, and it is reported here only as a description of positioning. The Finviz consensus sell-side target of $80.67 against the $35.45 close, both read on August 28, 2026, is likewise an aggregation of third-party views, not a Merlintrader estimate.

The block below is a snapshot of the Stocktwits flow, with its date. These are opinions of retail traders and non-professional investors, not analyst research, and they measure attention and how one-sided positioning has become rather than anything about the business.

14 Catalysts to monitor

15 The two cases, stated as fairly as possible

The constructive case

IREN controls 5GW of secured power, which is the genuinely scarce input in AI infrastructure, and it owns and operates the data centers rather than leasing them. It has signed contracts with Microsoft and NVIDIA, has broadened its customer base to hyperscalers, enterprises, AI developers and frontier labs, and on August 27, 2026 stated $4 billion of ARR as contracted for 2026 capacity rather than targeted, with $1 billion already operating and 2026 capacity described as largely sold out. Remaining performance obligations rose from $710.3 million to $5.1 billion in the June quarter, which is acceptance showing up in the accounts rather than in a press release, and recent three-year contracts are priced above $20 million of revenue per MW of IT load with discussions at about $25 million. It has funded the largest single deployment at an all-in cost of 3.31% including prepayments, with an A rated asset-level structure that keeps the debt off the parent’s balance sheet in all but limited respects. Newer contracts carry prepayments equal to about 45% of GPU capex, which shortens the cash cycle materially. And it has delivered on its own published dates, including the Sweetwater 1 energization. AI Cloud revenue overtook mining revenue inside the June quarter, a year earlier than the segment mix alone would have suggested. If Horizons 2 to 4 are accepted on schedule, the revenue line re-rates in a single quarter rather than gradually.

The skeptical case

Most of the announced value still has not been earned. RPO of $5.1 billion against roughly $15.9 billion of announced contract value is the measure of what remains to be built, delivered and accepted, and only $0.9 billion of that RPO is expected to be recognised in the twelve months to June 30, 2027. Commitments stand at $13.8 billion against $368.8 million a year earlier. Fiscal 2026 revenue is still 82% Bitcoin mining, a segment being shut down by design, and total revenue fell in three consecutive quarters. Adjusted EBITDA fell in all four, from $91.7 million to $19.2 million, and the annual margin went from 54% to 35%. The year carried $638.8 million of impairments and $417.7 million of depreciation, and depreciation will keep rising as capacity commissions. Operating cash flow of $2,100.4 million is mostly the $1,841.7 million increase in deferred revenue, which is customer money that has to be worked off in service. Roughly $3.5 billion of at-the-market capacity remains open after $2.5 billion was used by August 14, 2026, and the residual value of a large accelerator fleet in a fast-moving hardware cycle is an unhedged exposure the company retains.

16 Scenario framework

These are analytical frameworks for organizing what the next few prints could look like. They are not forecasts, targets or recommendations.

17 Merlintrader bottom line

IREN is now two companies inside one set of accounts. One of them mines Bitcoin, is profitable at the direct-cost line, and is being deliberately shut down site by site. The other builds and operates AI data centres, has signed roughly $15.9 billion of announced contracts, and recognised $128.8 million of revenue from them in fiscal 2026. Inside the June quarter the second one overtook the first for the first time, $70.5 million against $66.7 million. The share price is a running estimate of how completely that substitution finishes, and how much equity gets issued along the way.

The hierarchy of evidence is unusually clear here, and the August 27 release is a good place to apply it. Recognized revenue, adjusted EBITDA, cash, impairments and share count are facts on a filed statement. Remaining performance obligations are the contracted subset that has actually been delivered and accepted. Announced total contract value is a ceiling conditional on construction, delivery, acceptance and service levels. Annualized run-rate revenue is a company-defined operating metric calculated on a future date using internal assumptions about GPU models, utilization and pricing, and the company says so in its own footnotes. Those four categories are not interchangeable, and most of the disagreement about this stock comes from treating them as if they were.

The June 30, 2026 balance sheet is the first one that shows the full build: $15,790.0 million of total assets, $7,619.5 million of cash and restricted cash, $7,593.0 million of debt, $1,842.6 million of customer prepayments sitting in deferred revenue and $13,810.0 million of commitments. The reconciliation between the $4 billion of contracted ARR and the $128.8 million of AI Cloud revenue actually recognised is still open, and it is now measurable rather than rhetorical: $5.1 billion of that value has cleared delivery and acceptance, $0.9 billion of it is expected to be recognised in the next twelve months, and the rest depends on Horizons 2 to 4 and on what follows them. The next report, expected in November 2026, is where that becomes visible again.

Related Research On Merlintrader

• IREN Ltd (Nasdaq: $IREN): from Bitcoin miner to AI cloud infrastructure contender — the longer narrative deep dive on the transition.
• Energy, Critical Minerals & Rare Earths Stock Hubs — the full index for energy and AI infrastructure companies followed by Merlintrader.
• The AI valuation reset of 2026 — context for how the market has been repricing compute infrastructure.
• Top small and mid-cap AI stocks — where IREN sits among its listed peers.
• Dilution, ATMs and PIPEs: how equity funding actually works — background for the capital-structure section above.
• Weekly Market Pulse — the week ahead across catalysts and earnings.