IREN Limited

For the June quarter, revenue was $137.2 million, including AI cloud revenue of $70.5 million. Revenue was down $7.6 million sequentially as mining hardware was decommissioned ahead of GPU installations, partially offset by AI cloud growth, while cost of revenue fell $6.6 million due mainly to lower electricity usage from reduced mining activity. Net loss was $684 million, including $450.4 million of noncash impairments and a $102.1 million decrease in fair value of mining hardware held for sale. On the balance sheet/funding side, management said it secured circa $19 billion over the past 12 months, including about $16 billion across customer prepayments, GPU financing and convertible notes, plus approximately $3 billion of equity. For FY '27, IREN guided CapEx of approximately $25 billion to $30 billion, with about $14 billion already in existing cash and committed GPU financing/prepayments and roughly another $8 billion targeted from additional GPU financing/prepayments; first-quarter cash SG&A is expected to rise about $40 million to $50 million sequentially. ARR exited Q4 at roughly $0.5 billion, is $1 billion today, and is expected to be more than $4 billion by the end of the December quarter, with most of the revenue effect from December capacity expected in the March quarter.

Dan Roberts framed the year as proof that AI infrastructure demand is colliding with physical supply constraints, and he repeatedly stressed that IREN’s advantage is owning the stack from power and land to data centers, GPUs and software. His tone was confident and expansive, with a lot of emphasis on platform optionality, customer diversification, and building for future generations of GPUs rather than just the next deployment. He also said the company is deliberately choosing contracts based on strategic value, economics and future software/services potential, not just headline revenue.

Anthony Lewis focused on funding capacity, saying IREN secured circa $19 billion over the past 12 months and that most of it is either in cash or undrawn, which gives the company significant room to keep building. He laid out FY '27 CapEx of approximately $25 billion to $30 billion, backed by about $14 billion of existing cash and committed GPU financing/prepayments, with another roughly $8 billion targeted from future GPU financing and prepayments and the rest to come from data center financing, operating cash flow and corporate sources. He also noted $7.6 billion of cash on the balance sheet at 30 June, including $1.7 billion restricted mainly for Microsoft GPU CapEx, and flagged a sequential increase of about $40 million to $50 million in first-quarter cash SG&A as the company invests ahead of revenue growth.

Analysts pressed on how Mirantis helps commercialization, and management said it expands the addressable market by adding orchestration, enterprise support and the ability to offer managed services and potentially on-demand compute, especially for smaller AI developers and enterprises. Questions also focused on the $25 billion to $30 billion CapEx plan and how it would be funded; management said the estimate covers 2026 deliveries and much of 2027, while financing is being supported by strong prepayments, a growing GPU finance market and the company’s unencumbered data center portfolio. Other questions centered on British Columbia’s liquid-cooling pivot, pricing consistency across geographies, and whether IREN might pursue expansion options or data center financing sooner; management said demand is driving the liquid-cooling shift, pricing is broadly consistent globally, expansion options are handled case by case, and data center financing is an active next frontier.