Overview
- IREN reported fiscal Q4 results on Aug. 27 showing $137.2 million of revenue and a $684 million GAAP loss that management said was driven mostly by non‑cash impairments from retired Bitcoin mining hardware.
- The company says AI Cloud revenue more than doubled sequentially to $70.5 million and that delivery of Horizon 1 to Microsoft unlocked about $1 billion of operating ARR.
- Management told investors its 2026 AI capacity is largely sold out with roughly $4 billion of contracted annualized recurring revenue, but that ARR becomes GAAP revenue only after capacity is commissioned and accepted by customers.
- IREN guided fiscal 2027 capital expenditures of $25 billion to $30 billion and is using customer prepayments, large GPU financing packages, and convertible notes to fund the build, creating risks tied to financing, timing, dilution, and on‑site commissioning.
- The pivot rests on scarce high‑density power and data‑center sites that give pricing power to IREN and its customers, which could speed AI deployments if the company executes the multi‑phase build on schedule and secures repeat customer acceptance.