IREN News
R40 coverage and dated third-party headlines for Iris Energy Limited (IREN).
R40 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.
February 2026
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.
IREN Adds 1.6GW Oklahoma Data Center Campus
New site boosts total secured power to >4.5GW, supporting massive AI expansion amid strong demand for HPC infrastructure.
December 2025
IREN Closes $2.3B Convertible Notes Offering
Completed financing to fund GPU purchases and AI buildout, part of broader $9B+ funding secured for the transition.