IREN
Builds renewable-power-oriented data centers for Bitcoin mining and AI cloud workloads.
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Profile
Operates Bitcoin Mining and AI Cloud Services on vertically integrated data-center infrastructure, with AI Data Centers as a developing operating vertical. Bitcoin remains the larger reported revenue source while ASIC capacity is replaced with GPU systems, linking results to both mining economics and AI deployment.
Operates vertically integrated data-center infrastructure for Bitcoin Mining, AI Cloud Services and AI Data Centers. Grid-connected land, power access, electrical systems, buildings and compute hardware are managed as a common platform across Canada and Texas.
Reuses infrastructure capabilities developed for self-mining Bitcoin to install NVIDIA GPU systems and build high-density facilities for AI customers. The shift is operational: ASIC hardware is being retired as GPU capacity is commissioned, while Bitcoin Mining remains the larger reported revenue source.
Execution rests on securing power and land, constructing and cooling data centers, and commissioning hardware on schedule. Revenue therefore depends on Bitcoin economics during the transition, GPU delivery, grid access and customer demand; the renewable-power profile also includes purchased renewable energy certificates.
Company facts
Categories
Key statistics
Year to date −17.0% · Average volume (30d) 46.5M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 28, 2026 | Compass Point | Reiterate | Buy | $105 | $85 | |
| Aug 13, 2026 | Bernstein | Reiterate | Outperform | $96 | $100 | |
| Jul 22, 2026 | H.C. Wainwright | Reiterate | Buy | $80 | $90 | |
| Jul 6, 2026 | Freedom Broker | Upgrade | Hold | Buy | ||
| Jun 18, 2026 | Jefferies | Target | $79 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 27, 2026 | −$0.55 | −$1.89 | −243.1% | $132.3M | $137.2M | +3.7% | −12.53% |
| May 7, 2026Q3 FY26 | −$0.22 | −$0.25 | −14.5% | $219.7M | $144.8M | −34.1% | +7.65% |
| Feb 5, 2026Q2 FY26 | −$0.24 | −$0.44 | −82.0% | $227.3M | $184.7M | −18.8% | +5.13% |
| Nov 6, 2025Q1 FY26 | $0.15 | −$0.34 | −326.8% | $241.4M | $240.3M | −0.5% | −6.84% |
Financial highlights
| 12 quarters | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $116.1M | $144.8M | $187.3M | $240.3M | $184.7M | $144.8M | |
| Gross profit | $78.9M | $97.9M | $50.5M | $151.3M | $110.4M | $93.6M | |
| Operating income | $18.0M | $27.7M | $16.8M | −$60.1M | −$84.7M | −$93.3M | |
| Net income | −$21.9M | −$16.1M | $95.5M | $384.6M | −$155.4M | −$247.8M | |
| Diluted EPS | −$0.10 | −$0.07 | $0.42 | $1.08 | −$0.52 | −$1.25 | |
| Gross margin | 68.0% | 67.6% | 26.9% | 62.9% | 59.8% | 64.6% | |
| Operating margin | 15.5% | 19.1% | 9.0% | -25.0% | -45.8% | -64.5% |
Fiscal years (4-quarter sums)FY21 $5.9M · FY22 $45.9M · FY23 $74.3M · FY24 $187.2M · FY25 $501.0M
Revenue by product · FY26
Revenue by geography · FY26
Balance sheet, Mar 31, 2026Cash & short-term investments $2.21B · Total debt $3.96B · Total assets $7.26B · Shareholders' equity $2.66B
Dividends
No dividends on record.
Ownership
Shares outstanding 356.86M · Float 308.89M · 86.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Daniel John Roberts · director, officer: Co-Chief Executive Officer | 23.09M | 6.47% | Form 4 | Jul 1, 2026 |
| Bank of America Corp /DE/ | 21.03M | 5.80% | 13G | Aug 3, 2026 |
| BlackRock, Inc. | 13.32M | 3.73% | 13F | Aug 7, 2026 |
| Goldman Sachs Group Inc | 12.52M | 3.51% | 13F | Aug 14, 2026 |
| Citigroup Inc | 11.47M | 3.21% | 13F | Aug 3, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 16, 2025 | Christopher Guzowski | director | −11,958 | $36.32 |
| Sep 11, 2025 | William Gregory Roberts | director, officer: Co-Chief Executive Officer | −1,000,000 | $33.13 |
| Sep 11, 2025 | Daniel John Roberts | director, officer: Co-Chief Executive Officer | −1,000,000 | $33.13 |
| Sep 4, 2025 | William Gregory Roberts | director, officer: Co-Chief Executive Officer | −500,000 | $3.27 |
| Sep 3, 2025 | William Gregory Roberts | director, officer: Co-Chief Executive Officer | −500,000 | $3.27 |
Peers
- CoreWeave
Purpose-built AI cloud with large-scale NVIDIA GPU infrastructure
- Core Scientific
Bitcoin miner and AI/HPC data-center operator shifting to colocation
- Hut 8
AI data-center and Bitcoin peer built around power infrastructure
- TeraWulf
Overlaps in Bitcoin self-mining and power-rich AI/HPC data centers
- Cipher Digital
Bitcoin miner transitioning to hyperscale AI/HPC data-center development
- MARA
Large-scale Bitcoin miner expanding into AI/HPC infrastructure
- CleanSpark
U.S. self-mining peer building contract-backed AI data-center capacity
- Riot Platforms
Bitcoin miner adding revenue-generating hyperscale data-center leasing
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| IREN | $35.60 | +0.46% | $12.65B | — | — | 16.7 | −26.8% |
| CoreWeave | $84.03 | −0.27% | $45.95B | — | — | 6.1 | +112.3% |
| Core Scientific | $16.58 | +0.28% | $5.31B | — | 312.6 | 12.0 | +108.8% |
| Hut 8 | $79.75 | +0.41% | $8.94B | — | — | 30.8 | +81.4% |
| TeraWulf | $15.43 | +0.42% | $7.61B | — | — | 46.0 | −6.0% |
| Cipher Digital | $15.18 | +0.06% | $6.21B | — | — | 32.5 | −43.0% |
| MARA | $10.68 | +0.19% | $4.07B | — | — | 5.1 | −26.7% |
| CleanSpark | $11.65 | −0.08% | $2.99B | — | — | 4.4 | −30.5% |
| Riot Platforms | $18.96 | −0.16% | $7.18B | — | — | 10.6 | +13.9% |
| Median | — | 312.6 | 11.3 | +3.9% |