Summary · why it matters
IREN Limited is accelerating its shift from Bitcoin mining to AI infrastructure, with roughly 5 GW of contracted or secured power capacity across the United States, Canada, Spain and Australia as of June 30, 2026, and an announced pipeline exceeding 5 GW led by 750 MW at Childress, 1.4 GW at Sweetwater 1, 600 MW at Sweetwater 2 and 1.6 GW at Kiowa. The company targets 0.5 GW of gross capacity and 0.3 GW of IT capacity in 2026, rising to 1.2 GW gross and 0.8 GW IT in 2027, and has already delivered Horizon 1, its first 50 MW IT deployment for Microsoft at Childress, with Horizon 2-4 targeted for fourth-quarter 2026 delivery. IREN said its 2026 capacity was largely sold out and it was in late-stage discussions for a significant portion of 2027 capacity, with contracted ARR tied to 2026 capacity at approximately $4 billion and recent three-year contracts exceeding $20 million of revenue per IT MW. On financing, IREN secured $3.6 billion of GPU financing at 6% for its Microsoft contract, expected to fund about 96% of associated GPU capex with customer prepayments, and announced another $2.8 billion of GPU financing including $2.4 billion linked to Mackenzie. Fiscal 2026 revenues were $707 million, including $128.8 million from AI Cloud Services, while AI Cloud revenues grew roughly 8X year over year. Among peers, Core Scientific has about 590 MW contracted to CoreWeave with more than $10 billion of projected revenues over the 12-year agreement, and Applied Digital had 1,410 MW of contracted critical IT load across five AI campuses as of May 31, 2026, representing about $36 billion of contracted revenues over initial 15-year lease terms, while its two crypto-hosting facilities continue operating at 286 MW combined capacity.
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