IREN Limited

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Bitcoin trades around the clock: each day is its close at midnight UTC, but Nov 12, 2026 is its price at 4:43 pm New York, when it was read; that day's close came after this page was drawn. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Jun 2026, Bitcoin Mining was 82% and AI Cloud was 18% of revenue; Bitcoin Mining fell from 98% in the fiscal year to Jun 2024.

In the fiscal year to Jun 2026, Australia was 82% and Canada was 18% of revenue; Australia fell from 98% in the fiscal year to Jun 2024.

Quarters: IREN Limited's SEC filings, named by the month they end. Fiscal years: IREN Limited's annual reports to the SEC.

How it makes money

The company loses $99.4 for every $100 of revenue. Operating expenses exceed all of gross profit.

Circled: Jun 2025 (net 94.3%, operating 9.6%), Sep 2025 (net 160.4%, operating −31.7%). Net margin is usually about 21 points below operating margin; in those quarters something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Each margin is that line of the income statement divided by revenue. Fiscal year: IREN Limited's annual reports to the SEC; quarters: SEC filings.

Who pays for the build-out?

In the four quarters to Sep 2026, IREN spent $4.9B on capital projects (data centers and equipment), 2.0× the $2.5B its operations brought in. Interest was $56M in the latest quarter, 24.6% of revenue.

From IREN Limited's SEC filings: operating cash flow and capital spending by quarter; debt at each quarter end; interest expense by quarter, the fourth quarter being the year minus nine months.

How much work is already signed?

Customers had signed $6.3B of work IREN has not yet delivered at the end of Sep 2026: 9.1 years of revenue at the last four quarters' pace. New orders over those four quarters were about 9.9× revenue, so the backlog grew.

Backlog: remaining performance obligations in IREN Limited's SEC filings, revenue under contract not yet delivered. Book-to-bill: the quarter's revenue plus the change in backlog, over the quarter's revenue.

Customers and suppliers

In its latest annual report IREN buys from BC Hydro, PSO, NVIDIA and 8 more; sells to Microsoft, NVIDIA.

Their suppliers

ASE Technology ASXto AMD

TSMC TSMto AMD, NVIDIA

UMC UMCto AMD

Celestica CLSto Dell Technologies

Compal Electronics 2324.TWto Dell Technologies

Hon Hai Precision Industry 2317.TWto Dell Technologies, NVIDIA

Coherent COHRto NVIDIA

Micron Technology MUto NVIDIA

SK hynix SKHYto NVIDIA

Intel INTCto Super Micro Computer

A

Ablecomto Super Micro Computer

C

Compuwareto Super Micro Computer

Show 12

Suppliers

AMD AMD

Dell Technologies DELL

NVIDIA NVDA

Super Micro Computer SMCI

Antpool

BC Hydro

Bitmain

Foundry

Gigabyte

Lenovo 0992.HK

PSO

+3 more

 

IREN

Customers

Microsoft MSFT

NVIDIA NVDA

Their customers

Celsius Holdings CELHfrom Microsoft

Galaxy Digital GLXYfrom Microsoft

GameStop GMEfrom Microsoft

CoreWeave CRWVfrom NVIDIA

Dell Technologies DELLfrom NVIDIA

DigitalOcean Holdings DOCNfrom NVIDIA

Show 6

IREN's 10-Q for the quarter to Sep 2026 gives three customers' shares of its revenue: Customer A (28%), Customer B (24%) and Customer C (18%).

From IREN Limited's 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's.

Partners

NVIDIA NVDAinvested in IREN · Holds share purchase rights tied to GPU supplyRights to acquire up to 30,000,000 Ordinary shares at $70.00 per share; granted May 7, 2026, expiring May 7, 2031

Changes since the previous annual report (10-K filed Aug 28, 2025)

AMD AMDNamed for the first time, as a supplier

GigabyteNamed for the first time, as a supplier

PSONamed for the first time, as a supplier

HHunton TraneNo longer named (was a supplier)

WWekaIONo longer named (was a supplier)

AntpoolNo longer a customer, still a supplier

FoundryNo longer a customer, still a supplier

NVIDIA NVDANow also a customer and a partner

Only the companies IREN names in its 10-K filed Aug 27, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

EV/revenue of 21.5x, above the peer median of 12.4x.

EV/revenue above the peer median of 12.4x: pricier than its peers.

Its peers here are the other AI infrastructure companies on this site, a group kept by hand: Yahoo Finance's Capital Markets list is another business.

Compared on enterprise value (market cap plus debt minus cash) per $1 of revenue: for companies that reinvest what they earn or borrow to grow (software, AI data centers), P/E can mislead.

What analysts expect

The average analyst price target is $56.69, 191% above the current price; 75% of 20 analysts rate it a buy; earnings beat estimates in all of the last 3 quarters.

Buy or Strong Buy: 15 analysts (75%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $70.67 to $61.79 (−13%), while IREN went from $48.65 to $19.48 (−60%). In the past three months targets were raised once and cut 7 times. 4 upgrades and no downgrades over the year; the latest: Jones Trading moved it to Buy from Hold on Nov 7, 2026.

The day after each of these reports the stock moved −6.9% (Dec 2025, beat); −3.0% (Mar 2026, beat); −10.4% (Jun 2026, beat).

For the quarter ending Dec 2026 (IREN reports on Feb 4, 2027), analysts expect an adjusted loss of $0.71 a share, and revenue of $293M, up 58% on a year earlier. For the fiscal year ending Jun 2027, they expect an adjusted loss of $1.66 a share, and revenue of $2.4B, up 238% on the year before.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Capex of $5.0B exceeds operating cash flow of $2.5B, leaving free cash flow of −$2.5B. The gap has to be covered with cash on hand or borrowing.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings.

Financial health

Current ratio 3.6, no pressure to repay short-term debt; debt-to-equity 1.8, debt is high, which adds pressure if the economy weakens.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 1 member of Congress and 6 funds whose copy leaves IREN out (on the exchange, not in the app yet): CloudAlpha Capital Management Limited/Hong Kong, Cleo Fields, Baillie Gifford &, Norges Bank, Mirae Asset Global Investments, Swiss National Bank and 1 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 12 held IREN at the end of their latest quarter (for most, Q2 2026). Over that quarter 6 added shares, 2 cut and 4 bought new. The largest of them is Situational Awareness, 9.47M shares worth $433M at Jun 30, 2026, 19.0% fewer than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of IREN at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

No officer or director bought or sold IREN on the open market in the 12 months to Nov 12, 2026.

From the Form 4s filed with the SEC about IREN Limited (7 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 9 other transactions (grants).