IREN — 2026Q3 財報

“AI Cloud Services revenue increased ~8x to $128.8m in FY26 (vs FY25 $16.4m)”

AI Cloud Services revenue grew ~8x to $128.8m in FY26 from $16.4m in FY25.

“Net income (loss) in FY26 and Q4 FY26 was impacted by non-cash impairments of $(638.8)m and $(450.4)m respectively, primarily related to the decommissioning of Bitcoin mining hardware as sites are converted to support AI Cloud growth”

Non-cash impairments of $(638.8)m for FY26 and $(450.4)m for Q4 FY26 weighed on net income. The release attributes them mainly to decommissioning Bitcoin mining hardware as sites convert to AI Cloud.

“Adjusted EBITDA decreased in Q4 FY26 reflecting increased employee related costs and broader platform investment ahead of AI Cloud Services revenue ramp”

Adjusted EBITDA fell in Q4 FY26. The release puts this down to higher employee costs and wider platform investment made ahead of the AI Cloud Services revenue ramp.

“Current: $4bn contracted ARR for 2026 capacity; $1bn ARR operating today”

Contracted annualized run-rate revenue (ARR) for 2026 capacity is $4bn, of which $1bn is operating today.

“Signed a new multi-year AI Cloud contract with a leading frontier AI lab”

IREN signed a new multi-year AI Cloud contract with a leading frontier AI lab.

“We exited Q4 at roughly $0.5 billion of ARR. It's $1 billion today following acceptance of Horizon 1 by Microsoft, and that will carry through to the end of the September quarter. And we expect more than $4 billion of ARR by the end of the December quarter, which is already under contract and includes delivery of Horizons 2 through 4.”

The CFO laid out the ARR path: roughly $0.5 billion at the Q4 exit and $1 billion today after Microsoft accepted Horizon 1. He expects more than $4 billion by the end of the December quarter, which is already under contract and includes delivery of Horizons 2 through 4.

“A significant amount of the December capacity is expected to come on late in the quarter, so we will see the reported revenue effect come through predominantly in the March quarter.”

Much of the December-quarter capacity is expected to come online late in that quarter. The reported revenue effect should therefore show up predominantly in the March quarter.

“So pricing has moved a lot, 3-year contract pricing is up about 125% since November, 5-year is up about 70%. Recent 3-year contracts are pricing in excess of $20 million per megawatt of IT load, paying back the compute investment in around 2 years, while active discussions are now at around $25 million per megawatt.”

Management said 3-year contract pricing is up about 125% since November and 5-year pricing about 70%. Recent 3-year contracts price above $20 million per megawatt of IT load, paying back the compute investment in around 2 years, and active discussions are at around $25 million per megawatt.

“For FY '27, we're guiding CapEx of approximately $25 billion to $30 billion. Included in that estimate is delivery of the contracted Microsoft capacity, the other deployments to deliver on 2026 ARR and GPU and data center CapEx for air-cooled deployments scheduled across calendar year 2027.”

FY '27 capex is guided at approximately $25 billion to $30 billion. It includes the contracted Microsoft capacity, the other deployments behind 2026 ARR, and GPU and data center spend for air-cooled deployments across calendar year 2027.

“Approximately $14 billion of existing cash and committed GPU financing and prepayments. That includes $7.6 billion of cash on the balance sheet at 30 June, of which $1.7 billion is restricted with most of that $1.7 billion set aside to fund Microsoft GPU CapEx. We're targeting roughly an additional $8 billion of GPU financing and prepayments in support of GPU CapEx requirements, noting the healthy prepayments that we are seeing in recent contracting and the growing market for GPU financing that Dan has spoken to.”

The CFO cited approximately $14 billion of existing cash plus committed GPU financing and prepayments. That includes $7.6 billion of cash at 30 June, of which $1.7 billion is restricted. He is also targeting roughly an additional $8 billion of GPU financing and prepayments.