IREN
Iris Energy Limited
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Iris Energy Limited.
Coverage
Nebius and IREN: How Two AI Infrastructure Highfliers Fell 40–60% From Their Highs
Six months after we called Nebius a hypergrowth capex machine, both Nebius and IREN have fallen sharply from their 2026 peaks — hit by the same Meta cloud-competition shock and a hawkish, geopolitically rattled macro tape. We compare the drawdowns and the rumored contracts each is chasing next.
IREN Joins the MSCI USA Index. A Year Ago It Was a Bitcoin Miner.
IREN gets added to the MSCI USA Index effective Feb 27, capping a 206% rally and a complete pivot from Bitcoin mining to AI infrastructure with a $9.7B Microsoft contract.
Contrarian View: This Selloff Makes No Sense
Bullish take: $2.3B AI ARR already contracted (mostly Microsoft), power secured, GPU capex 95% funded at low rates. Execution timing is the main variable.
IREN Reports Q2 FY26 Results with Major AI Funding Secured
$184.7M revenue, $155.4M net loss (transition costs), but secured $3.6B GPU financing for Microsoft deal. On track for 140k GPUs and $3.4B ARR by end-2026.
Is a Beautiful Future Already Funded?
$3.6B credit facility tied to Microsoft deal fully funds GPU transition. Strong cash ($2.8B) and funding (>$9.2B YTD) support ambitious plans.
Seeking Alpha: Don't Buy This Heavy Dip
Downgrades to Sell after Q2 miss. AI revenue up 137% QoQ but still small; highlights high execution risk to scale AI ~68x for targets.
Earnings release dates
Company History
Listed on NASDAQ as Bitcoin mining company with renewable energy focus
Started diversifying into HPC/AI colocation, laying groundwork for 2025-2026 pivot
Raised billions at low cost to fund GPUs, reduced dilution fears
Game-changer deal sparked massive optimism, rebranding to 'Neocloud', analyst upgrades
Stock surged ~285% on AI pivot announcements and Bitcoin recovery
Oklahoma 1.6GW campus expansion, narrative evolves to 'power play' for AI/HPC
Anxiety over potential dilution and execution risk ahead of Q2 report
Revenue down QoQ, big net loss; stock plunged then rebounded on $3.6B financing news
