IREN (IREN)
NASDAQ:IREN
Top Page
IREN
(NASDAQ:IREN)
Select Model
Select Model
Rating:50Neutral
Price Target:
$45.00
▲(8.62% Upside)
Action:ReiteratedDate:03/05/26
The score is held back primarily by mixed fundamentals (uneven TTM profitability, negative free cash flow from heavy capex, and a sharply higher debt load) and weak technical momentum (below key moving averages with negative MACD). These are partially offset by constructive earnings-call signals around contracted ARR, large-scale financing/prepayment support for expansion, and corporate actions that improve capital access despite higher dilution and execution risk.
Positive Factors
Secured grid power >4.5 GW
Long-term access to >4.5 GW of grid-connected renewable power materially reduces a key supply-side constraint for energy‑intensive compute. This durable advantage lowers delivered electricity cost risk, enables multi-year capacity scaling, and makes large-scale deployments predictable for hyperscaler customers.
Negative Factors
Rapidly rising debt load
A sharp step-up in absolute debt increases refinancing and liquidity risk if operating cash generation or contracted revenue ramps slower than planned. Large outstanding borrowings tighten financial flexibility and raise interest and covenant sensitivity over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Secured grid power >4.5 GW
Long-term access to >4.5 GW of grid-connected renewable power materially reduces a key supply-side constraint for energy‑intensive compute. This durable advantage lowers delivered electricity cost risk, enables multi-year capacity scaling, and makes large-scale deployments predictable for hyperscaler customers.
Read all positive factors
IREN (IREN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$13.74B
Dividend YieldN/A
Average Volume (3M)32.21M
Price to Earnings (P/E)―
Beta (1Y)2.72
Revenue Growth236.14%
EPS GrowthN/A
CountryUS
Employees257
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-0.52
Shares Outstanding332,280,400
10 Day Avg. Volume32,135,820
30 Day Avg. Volume32,209,421
Financial Highlights & Ratios
PEG Ratio-0.15
Price to Book (P/B)1.72
Price to Sales (P/S)6.24
P/FCF Ratio-2.77
Enterprise Value/Market Cap0.95
Enterprise Value/Revenue18.66
Enterprise Value/Gross Profit36.60
Enterprise Value/Ebitda17.38
Forecast
1Y Price Target
$79.78Price Target Upside92.57% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)0.54
Revenue Forecast (FY)$1.00B
IREN Business Overview & Revenue Model
Company Description
IREN Limited operates in the vertically integrated data center business in Australia and Canada. The company owns and operates computing hardware, as well as electrical infrastructure and data centers. It also mines Bitcoin, a scarce digital asset...
How the Company Makes Money
IREN primarily makes money by operating its own installed fleet of specialized computing machines (ASIC miners) to perform Bitcoin mining. In this model, IREN earns Bitcoin as a reward for contributing computational hashpower to the Bitcoin networ...
IREN Earnings Call Summary
Earnings Call Date:Feb 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The call emphasized material progress on the three pillars (capacity, customers, capital): large, diversified financing (including a $3.6B GPU facility), Microsoft prepayments covering ~95% of GPU CapEx, a clear ARR target ($3.4B) supported by 140,000 GPU deployment plans, >4.5GW secured power and ~$2.3B ARR already contracted. Near-term financials showed a 23% quarter-over-quarter revenue decline and several noncash charges tied to the transition from Bitcoin mining, but management presented these as transitional items while highlighting strong liquidity (~$2.8B cash) and execution momentum. Overall, positives (scale financing, secured power, customer demand, clear runway to ARR target) materially outweigh the transitional lowlights (declining mining revenue, impairments and phased revenue recognition), supporting a constructive outlook.Positive Updates
Secured Dedicated GPU Financing
Closed a $3.6 billion delayed-draw term loan for GPU financing (expected interest <6%), structured to amortize over 5 years and secured against GPUs and contracted Microsoft cash flows. Management noted the effective average cost of funding for portions of the GPUs is ~3% when factoring Microsoft prepayments.
Negative Updates
Revenue Decline Quarter-over-Quarter
Total revenue for Q2 was $184.7 million, down 23% versus the prior quarter, primarily due to lower Bitcoin mining revenue as the business transitions capacity to AI cloud and global hashrate increased.
Read all updates
Q2-2026 Updates
Positive
Negative
Secured Dedicated GPU Financing
Closed a $3.6 billion delayed-draw term loan for GPU financing (expected interest <6%), structured to amortize over 5 years and secured against GPUs and contracted Microsoft cash flows. Management noted the effective average cost of funding for portions of the GPUs is ~3% when factoring Microsoft prepayments.
Read all positive updates
Company Guidance
Management guided that IREN expects to deliver 140,000 GPUs by the end of 2026 and to reach a $3.4 billion annualized run‑rate revenue (ARR) target by year‑end 2026 (using only ~10% of its >4.5 GW secured grid‑connected power, which includes a new 1.6 GW Oklahoma site and 810 MW of existing operating, air‑cooled data centers); about $2.3 billion of ARR is already under contract (including roughly $0.4–0.5 billion at Prince George). They announced a $3.6 billion delayed‑draw GPU financing package (expected interest <6%, effectively ~3% when factoring Microsoft prepayments) that, together with Microsoft’s $1.9 billion in prepayments, covers ~95% of the ~$5.8 billion GPU CapEx supporting the $9.7 billion, five‑year Microsoft contract (management noted ~$5.5B financed of the $5.8B). The company ended Q2 with $2.8 billion cash, has secured approximately $9.2 billion year‑to‑date from customer prepayments, convertible notes (including $2.3B issued in December) and leasing, reported Q2 revenue of $184.7 million (down 23% QoQ) and called out quarter‑specific noncash items (~$219.4M unrealized losses/inducements, $31.8M mining hardware impairment and a $192.5M income tax benefit), while confirming construction and site energization timelines remain on schedule.IREN Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
49
Neutral
Cash Flow
42
Neutral
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 696.93M | 501.02M | 187.19M | 75.51M | 59.04M | 7.90M |
| Gross Profit | 355.33M | 342.03M | 100.13M | 36.09M | 51.59M | 5.68M |
| EBITDA | 748.55M | 201.69M | 31.21M | -9.83M | 8.14M | 729.00K |
| Net Income | 402.37M | 86.94M | -28.92M | -171.83M | -419.77M | -60.39M |
Balance Sheet | ||||||
| Total Assets | 7.03B | 2.94B | 1.15B | 332.07M | 392.28M | 100.95M |
| Cash, Cash Equivalents and Short-Term Investments | 3.26B | 564.53M | 411.13M | 68.89M | 75.62M | 29.27M |
| Total Debt | 3.84B | 964.23M | 1.32M | 1.45M | 108.29M | 62.93M |
| Total Liabilities | 4.52B | 1.12B | 55.35M | 26.71M | 133.10M | 138.09M |
| Stockholders Equity | 2.51B | 1.82B | 1.10B | 305.36M | 437.36M | -37.13M |
Cash Flow | ||||||
| Free Cash Flow | -259.56M | -1.13B | -427.19M | -110.02M | -272.69M | -4.13M |
| Operating Cash Flow | 564.80M | 245.89M | 52.22M | 5.73M | 21.56M | 1.31M |
| Investing Cash Flow | -2.11B | -1.38B | -498.47M | -71.47M | -318.12M | -60.69M |
| Financing Cash Flow | 4.37B | 1.29B | 782.13M | 28.56M | 372.04M | 88.04M |
IREN Technical Analysis
Negative
41.43
Price Trends
45.86
Negative
46.72
Negative
38.19
Positive
Market Momentum
-0.66
Negative
47.88
Neutral
41.08
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IREN, the sentiment is Negative. The current price of 41.43 is above the 20-day moving average (MA) of 41.29, below the 50-day MA of 45.86, and above the 200-day MA of 38.19, indicating a neutral trend. The MACD of -0.66 indicates Negative momentum. The RSI at 47.88 is Neutral, neither overbought nor oversold. The STOCH value of 41.08 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IREN.
IREN Risk Analysis
IREN disclosed 99 risk factors in its most recent earnings report. IREN reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
IREN Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
61 Neutral | $514.64M | 1.58 | 22.65% | ― | 9.52% | 496.04% | |
54 Neutral | $5.75B | -6.51 | -21.05% | ― | 103.62% | 49.48% | |
53 Neutral | $6.43B | -1.92 | -107.05% | ― | 35.41% | -38.08% | |
52 Neutral | $2.55B | -1.90 | -13.75% | ― | 102.21% | ― | |
50 Neutral | $13.74B | -20.05 | 18.65% | ― | 236.14% | ― | |
43 Neutral | $911.93M | -9,981.68 | -2.75% | ― | ― | ― |
* Financial Sector Average
IREN
IREN
37.45
30.99
479.72%
RIOT
Riot Platforms
14.01
6.24
80.24%
ABTC
American Bitcoin Corp
0.91
-0.02
-1.83%
BTBT
Bit Digital
1.44
-0.83
-36.56%
CLSK
Cleanspark
9.30
1.46
18.55%
CIFR
Cipher Mining
14.35
11.81
464.96%
IREN Corporate Events
Private Placements and FinancingRegulatory Filings and Compliance
IREN Expands At-The-Market Equity Offering Capacity
Positive
Mar 4, 2026
On March 4, 2026, IREN Limited expanded its at-the-market equity program by filing a new prospectus supplement that increases the potential offering of its ordinary shares to up to $6 billion under an amended and restated sales agreement with a br...
Business Operations and StrategyPrivate Placements and Financing
IREN Expands GPU Commitments to Accelerate AI Infrastructure
Positive
Mar 4, 2026
On March 4, 2026, IREN subsidiaries in Canada and the U.S. signed purchase agreements with Dell units for roughly $3.5 billion of NVIDIA B300 GPUs and related hardware and services, to be delivered in tranches during the second half of 2026 and pa...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.