IREN FY26: AI cloud passes mining in Q4; $4B contracted ARR for 2026 capacity
FY26 (ye Jun 30) revenue $707.0M vs $501.0M. AI cloud $128.8M vs $16.4M; bitcoin mining $578.2M vs $484.6M. Net loss $(702.6)M including $638.8M impairments, mostly retired mining hardware. Q4 AI cloud $70.5M exceeded mining $66.7M for the first time. Operating AI ARR $1B as of Aug 26 after Microsoft accepted Horizon 1 at Childress. 2026 capacity largely sold at $4B contracted ARR. Horizons 2–4 still target Q4 2026. GPU financing split: $3.6B investment-grade at 6.0% for the Microsoft contract, plus $2.8B for non-IG customers including $2.4B led by Blue Owl and PIMCO at 9.0%. New multi-year contract with an unnamed leading frontier AI lab, value undisclosed.
Why it matters
First of the miner-to-neocloud cohort to show AI cloud overtaking mining in a reported quarter and to convert a hyperscaler hall into invoiceable ARR.
Companies
- IREN
- Microsoft
- Nvidia
Risks
- Horizons 2–4 not in service.
- Frontier-lab contract unnamed and unsized.
- Later Sweetwater MW remains inside ERCOT’s audit if it still needs interconnection.