IREN (IREN)
Builds renewable-power-oriented data centers for Bitcoin mining and AI cloud workloads.
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IREN is a power-and-data-center owner in the middle of replacing Bitcoin mining with rented computing power for artificial intelligence. Mining still paid most of the bills in the latest year, but it is being shut down as large cloud contracts come online. The future business hangs on finishing sites, installing machines, winning customer acceptance, and funding an enormous build-out before the old cash engine disappears.
Item facts: FY2026 · year ended Jun 30, 2026, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
6 in detail · 14 more below
IREN Cloud
Dedicated AI computers underpin more than $4 billion of yearly contract value after year-end; Microsoft and NVIDIA supply about two-thirds of it. Watch how quickly installed machines pass customer checks and begin billing.
Competes with GPU Compute (CoreWeave) · Crusoe Cloud (Crusoe)
In plain English
Picture a warehouse full of powerful computers that a customer can reserve as its own. IREN Cloud rents out those machines for building and running artificial-intelligence tools, either as bare hardware or with the networking, software, and support handled too.
Most customers book capacity for several years. They pay for dependable access without having to find scarce power, construct a building, or assemble the computers themselves. IREN starts earning only after the equipment arrives, works properly, and the customer signs off, so construction and delivery dates matter as much as demand.
Data Centers
IREN controls more than five gigawatts of possible power across four countries, but just 40 megawatts was running cloud computers at year-end. The value appears only as sites are funded, built, filled, and accepted.
Competes with Polaris Forge (Applied Digital) · Abilene AI campus (Crusoe)
In plain English
Before a computer can earn a dollar, it needs a powered home. IREN secures land and grid connections, then adds buildings, cooling, internet links, and the machines themselves. Think of each campus as an empty factory: an electrical hookup is useful, but it is not yet a working production line.
Customers pay through the cloud service once their computers are installed and approved; the sites do not charge a separate rent line. Mining also used the same estate. Permits, substations, construction crews, equipment, and financing determine how much of the large power pipeline becomes usable capacity.
Microsoft Horizon 1–4
This is IREN's largest named cloud contract. The first Texas hall passed Microsoft's checks after FY2026; three more were targeted for calendar year-end, making delivery dates the gate to revenue.
Competes with Microsoft GB300 deployment (Nscale) · Abilene AI campus (Crusoe)
In plain English
One customer can change the shape of the whole company. IREN is filling four buildings at Childress with specialized artificial-intelligence computers reserved for Microsoft, which pays a fifth of each stage's equipment cost in advance.
That advance payment and debt tied to the contract cover most of the computer purchase, while IREN supplies the buildings, power, cooling, and operation. Billing starts stage by stage only after Microsoft checks and accepts the finished system. It resembles a tenant prepaying part of a custom warehouse, then paying for use once each section is handed over.
NVIDIA AI Cloud Contract
Service was scheduled to start in early calendar 2027. The unusual dependency is that NVIDIA supplies the essential computers and also rents the finished system for its own artificial-intelligence work.
Competes with GPU Compute · dedicated clusters (CoreWeave) · Crusoe Cloud · managed service (Crusoe)
In plain English
Here the supplier is also the tenant. NVIDIA, maker of the main computer chips IREN installs, has agreed to rent a managed cluster at Childress for its own artificial-intelligence and research work. IREN buys the systems, houses them, connects them, and keeps them running.
NVIDIA pays for the finished computing service over five years rather than simply selling hardware to IREN. The arrangement gives IREN a large anchor customer, but it also puts hardware supply and customer demand in the same relationship. Revenue waits on delivery and acceptance of the completed machines.
AI Developer Cloud Contracts
More than ten artificial-intelligence builders broaden the customer list beyond the two giants. They prepaid about 45% of equipment cost; hardware delivery, customers' ability to pay, and renewals decide whether the group becomes durable business.
Competes with GPU Compute · reserved clusters (CoreWeave) · Crusoe Cloud · on-demand compute (Crusoe)
In plain English
Not every buyer is a giant. IREN has also signed a group of more than ten teams building artificial-intelligence products, including Perplexity, Figure AI, and Together AI. Each reserves a piece of the computer fleet for creating or running its tools.
Together, the customers prepaid nearly half of the equipment cost, helping IREN buy machines before service begins. They then pay as contracted capacity becomes ready. It works like several workshops reserving benches in a shared machine shop: the owner spreads demand across more renters, but still must deliver current equipment and keep each renter able and willing to pay.
k0rdent AI
Acquired with Mirantis after FY2026, k0rdent AI is the control layer for setting up and watching groups of cloud computers. Its standalone sales are unknown; adoption inside IREN Cloud is what matters.
Competes with OpenShift AI (Red Hat) · Rancher Prime (SUSE)
In plain English
The machines are not very useful if every one needs hand-setting. k0rdent AI is software that sets up groups of computers, applies repeatable instructions, watches their health, and manages jobs as they move across locations. It is the control panel above the hardware.
IREN acquired it with Mirantis, a cloud-software and services company that also brought engineers and business customers. IREN can bundle the software and support with its managed cloud, so customers pay for a working system rather than a room of machines. No separate sales figure shows how much the software earns yet.
IREN CloudDedicated AI computers underpin more than $4 billion of yearly contract value after year-end; Microsoft and NVIDIA supply about two-thirds of it. Watch how quickly installed machines pass customer checks and begin billing.Dedicated AI computers underpin more than $4 billion of yearly contract value after year-end; Microsoft and NVIDIA supply about two-thirds of it. Watch how quickly installed machines pass customer checks and begin billing.
In plain English
Picture a warehouse full of powerful computers that a customer can reserve as its own. IREN Cloud rents out those machines for building and running artificial-intelligence tools, either as bare hardware or with the networking, software, and support handled too.
Most customers book capacity for several years. They pay for dependable access without having to find scarce power, construct a building, or assemble the computers themselves. IREN starts earning only after the equipment arrives, works properly, and the customer signs off, so construction and delivery dates matter as much as demand.
Competes with GPU Compute (CoreWeave) · Crusoe Cloud (Crusoe)
Data CentersIREN controls more than five gigawatts of possible power across four countries, but just 40 megawatts was running cloud computers at year-end. The value appears only as sites are funded, built, filled, and accepted.IREN controls more than five gigawatts of possible power across four countries, but just 40 megawatts was running cloud computers at year-end. The value appears only as sites are funded, built, filled, and accepted.
In plain English
Before a computer can earn a dollar, it needs a powered home. IREN secures land and grid connections, then adds buildings, cooling, internet links, and the machines themselves. Think of each campus as an empty factory: an electrical hookup is useful, but it is not yet a working production line.
Customers pay through the cloud service once their computers are installed and approved; the sites do not charge a separate rent line. Mining also used the same estate. Permits, substations, construction crews, equipment, and financing determine how much of the large power pipeline becomes usable capacity.
Competes with Polaris Forge (Applied Digital) · Abilene AI campus (Crusoe)
Microsoft Horizon 1–4This is IREN's largest named cloud contract. The first Texas hall passed Microsoft's checks after FY2026; three more were targeted for calendar year-end, making delivery dates the gate to revenue.This is IREN's largest named cloud contract. The first Texas hall passed Microsoft's checks after FY2026; three more were targeted for calendar year-end, making delivery dates the gate to revenue.
In plain English
One customer can change the shape of the whole company. IREN is filling four buildings at Childress with specialized artificial-intelligence computers reserved for Microsoft, which pays a fifth of each stage's equipment cost in advance.
That advance payment and debt tied to the contract cover most of the computer purchase, while IREN supplies the buildings, power, cooling, and operation. Billing starts stage by stage only after Microsoft checks and accepts the finished system. It resembles a tenant prepaying part of a custom warehouse, then paying for use once each section is handed over.
Competes with Microsoft GB300 deployment (Nscale) · Abilene AI campus (Crusoe)
NVIDIA AI Cloud ContractService was scheduled to start in early calendar 2027. The unusual dependency is that NVIDIA supplies the essential computers and also rents the finished system for its own artificial-intelligence work.Service was scheduled to start in early calendar 2027. The unusual dependency is that NVIDIA supplies the essential computers and also rents the finished system for its own artificial-intelligence work.
In plain English
Here the supplier is also the tenant. NVIDIA, maker of the main computer chips IREN installs, has agreed to rent a managed cluster at Childress for its own artificial-intelligence and research work. IREN buys the systems, houses them, connects them, and keeps them running.
NVIDIA pays for the finished computing service over five years rather than simply selling hardware to IREN. The arrangement gives IREN a large anchor customer, but it also puts hardware supply and customer demand in the same relationship. Revenue waits on delivery and acceptance of the completed machines.
Competes with GPU Compute · dedicated clusters (CoreWeave) · Crusoe Cloud · managed service (Crusoe)
AI Developer Cloud ContractsMore than ten artificial-intelligence builders broaden the customer list beyond the two giants. They prepaid about 45% of equipment cost; hardware delivery, customers' ability to pay, and renewals decide whether the group becomes durable business.More than ten artificial-intelligence builders broaden the customer list beyond the two giants. They prepaid about 45% of equipment cost; hardware delivery, customers' ability to pay, and renewals decide whether the group becomes durable business.
In plain English
Not every buyer is a giant. IREN has also signed a group of more than ten teams building artificial-intelligence products, including Perplexity, Figure AI, and Together AI. Each reserves a piece of the computer fleet for creating or running its tools.
Together, the customers prepaid nearly half of the equipment cost, helping IREN buy machines before service begins. They then pay as contracted capacity becomes ready. It works like several workshops reserving benches in a shared machine shop: the owner spreads demand across more renters, but still must deliver current equipment and keep each renter able and willing to pay.
Competes with GPU Compute · reserved clusters (CoreWeave) · Crusoe Cloud · on-demand compute (Crusoe)
k0rdent AIAcquired with Mirantis after FY2026, k0rdent AI is the control layer for setting up and watching groups of cloud computers. Its standalone sales are unknown; adoption inside IREN Cloud is what matters.Acquired with Mirantis after FY2026, k0rdent AI is the control layer for setting up and watching groups of cloud computers. Its standalone sales are unknown; adoption inside IREN Cloud is what matters.
In plain English
The machines are not very useful if every one needs hand-setting. k0rdent AI is software that sets up groups of computers, applies repeatable instructions, watches their health, and manages jobs as they move across locations. It is the control panel above the hardware.
IREN acquired it with Mirantis, a cloud-software and services company that also brought engineers and business customers. IREN can bundle the software and support with its managed cloud, so customers pay for a working system rather than a room of machines. No separate sales figure shows how much the software earns yet.
Competes with OpenShift AI (Red Hat) · Rancher Prime (SUSE)
Named in filings, launches and programs
- MirantisBrandCloud-software and services company acquired after FY2026; it brought k0rdent AI, business customers, and about 580 employees.
- Nostrum GroupBrandSpanish data-center developer acquired near FY2026 year-end and now operating under the IREN name.
- Bare Metal GPU CloudServiceDedicated physical AI computers for customers that want to manage the software themselves.
- Managed AI CloudServiceAI computers bundled with setup, group management, and support.
- On-demand AI CloudService · AnnouncedPlanned pay-as-you-use access; no separately reported sales by the map date.
- Canal FlatsEcosystem · RampingBritish Columbia campus moving from mining toward cloud use, with about thirty megawatts of power capacity.
- Prince GeorgeEcosystem · RampingBritish Columbia campus hosting operating and contracted air-cooled AI computers.
- MackenzieEcosystem · RampingBritish Columbia campus being prepared for conversion to AI cloud service.
- ChildressEcosystem · RampingTexas campus housing Microsoft and NVIDIA programs alongside remaining mining equipment.
- Sweetwater 1Ecosystem · AnnouncedLarge Texas campus in development, still dependent on construction and the grid-connection process.
- Sweetwater 2Ecosystem · AnnouncedSecond Texas campus in the secured-power development pipeline.
- KiowaEcosystem · AnnouncedOklahoma campus with its power ramp indicated to begin in 2028.
- BundeyEcosystem · AnnouncedSouth Australian campus awaiting approvals, with power expected from 2028.
- BadajozEcosystem · AnnouncedSpanish campus obtained with Nostrum and still in development.
MirantisBrand
Cloud-software and services company acquired after FY2026; it brought k0rdent AI, business customers, and about 580 employees.
Nostrum GroupBrand
Spanish data-center developer acquired near FY2026 year-end and now operating under the IREN name.
Bare Metal GPU CloudService
Dedicated physical AI computers for customers that want to manage the software themselves.
Managed AI CloudService
AI computers bundled with setup, group management, and support.
On-demand AI CloudService · Announced
Planned pay-as-you-use access; no separately reported sales by the map date.
Canal FlatsEcosystem · Ramping
British Columbia campus moving from mining toward cloud use, with about thirty megawatts of power capacity.
Prince GeorgeEcosystem · Ramping
British Columbia campus hosting operating and contracted air-cooled AI computers.
MackenzieEcosystem · Ramping
British Columbia campus being prepared for conversion to AI cloud service.
ChildressEcosystem · Ramping
Texas campus housing Microsoft and NVIDIA programs alongside remaining mining equipment.
Sweetwater 1Ecosystem · Announced
Large Texas campus in development, still dependent on construction and the grid-connection process.
Sweetwater 2Ecosystem · Announced
Second Texas campus in the secured-power development pipeline.
KiowaEcosystem · Announced
Oklahoma campus with its power ramp indicated to begin in 2028.
BundeyEcosystem · Announced
South Australian campus awaiting approvals, with power expected from 2028.
BadajozEcosystem · Announced
Spanish campus obtained with Nostrum and still in development.