Iren Limited (IREN)
NASDAQ:IREN
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IREN
(NASDAQ:IREN)
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Rating:64Neutral
Price Target:
$73.00
▲(51.70% Upside)
Action:Reiterated
Date:05/28/26
The score reflects very strong technical momentum and a positive strategic/guidance outlook from the latest call, tempered by mixed fundamentals—especially high and rising leverage plus persistently negative free cash flow—and limited/weak valuation support due to a negative P/E and no dividend yield provided.
Positive Factors
Secured power and scale
A 5.0 GW secured power portfolio and explicit MW/GPU targets materially reduce site and supply risk for multi‑GW expansion. Long‑lead power contracts and development pipeline underpin the company’s ability to monetize capacity over years, supporting durable revenue growth as AI demand scales.
Negative Factors
Material increase in leverage
A sharp step‑up in debt materially reduces financial flexibility and raises refinancing and interest‑rate sensitivity. High leverage amplifies downside risk during execution delays or market stress, constraining optionality for opportunistic investments and increasing probability of dilution or costly financing if conditions tighten.
Read all positive and negative factors
Positive Factors
Negative Factors
Secured power and scale
A 5.0 GW secured power portfolio and explicit MW/GPU targets materially reduce site and supply risk for multi‑GW expansion. Long‑lead power contracts and development pipeline underpin the company’s ability to monetize capacity over years, supporting durable revenue growth as AI demand scales.
Read all positive factors
IREN (IREN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$22.86B
Dividend YieldN/A
Average Volume (3M)50.03M
Price to Earnings (P/E)178.9
Beta (1Y)2.96
Revenue Growth110.25%
EPS GrowthN/A
CountryUS
Employees257
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)0.04
Shares Outstanding357,378,660
10 Day Avg. Volume49,305,119
30 Day Avg. Volume50,029,787
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 Cap1.04
Enterprise Value/Revenue31.54
Enterprise Value/Gross Profit58.85
Enterprise Value/Ebitda50.07
Forecast
1Y Price Target
$74.80Price Target Upside55.44% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)-0.49
Revenue Forecast (FY)$753.70M
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:May 07, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Sep 16, 2026
Earnings Call Sentiment Positive
The call signals strong strategic progress: substantial secured power (5 GW), a transformative NVIDIA partnership with aligned capital, clear ARR targets ($3.1B contracted, $3.7B target), execution momentum on major projects, and capability-building acquisitions (Mirantis, Nostrum). These positives are partially offset by a near-term financial drag from winding down Bitcoin mining—manifested as a QoQ revenue decline (-21.6%), lower mining revenue (-33.6%), a large net loss ($247.8M) driven by noncash impairments ($140.4M), and a back‑end weighted revenue ramp that requires continued on-time project delivery and financing. Overall, management presents a confident execution narrative with tangible commercial commitments and cash resources, but the company is in a capital‑intensive transition phase with near-term earnings pressure.Positive Updates
Secured Power and Capacity Scale
Secured power increased to 5.0 GW (portfolio-level secured power). Near-term 2026 target of 480 MW of AI cloud capacity and 150k GPUs; 2027 target to scale to 1.21 GW with 730 MW under construction; multi-year build intent toward a 5 GW global platform.
Negative Updates
Quarterly Revenue Decline (Transition Impact)
Total revenue declined to $144.8M from $184.7M prior quarter, a decrease of ~21.6%, driven by decommissioning of Bitcoin mining hardware and lower Bitcoin prices during the transition to AI cloud.
Read all updates
Q3-2026 Updates
Positive
Negative
Secured Power and Capacity Scale
Secured power increased to 5.0 GW (portfolio-level secured power). Near-term 2026 target of 480 MW of AI cloud capacity and 150k GPUs; 2027 target to scale to 1.21 GW with 730 MW under construction; multi-year build intent toward a 5 GW global platform.
Read all positive updates
Company Guidance
Management guided to deliver 480 MW of AI cloud capacity in 2026 (including a 300 MW liquid‑cooled Horizon One–Four build at Childress and ~180 MW of air‑cooled conversions), install ~150,000 GPUs and reach $3.7 billion of ARR by year‑end (up from $3.1 billion ARR already under contract), while running a platform with 5.0 GW of secured power (including 490 MW in Spain from the Nostrum deal), $2.6 billion of cash at April 30, and a recently announced NVIDIA five‑year AI cloud agreement (~$3.54B) tied to 60 MW of air‑cooled Blackwell capacity (≈$700M of ARR); they said roughly 50k air‑cooled GPUs remain uncontracted for 2026, expect 95% of Microsoft GPU CapEx to be funded via prepayments/GPU financing, plan to scale to 1.21 GW in 2027 (with ~730 MW under construction) and ultimately build a 5 GW global platform, and reaffirmed disciplined, phased financing and capital‑efficiency as core to hitting these targets.IREN Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
44
Neutral
Cash Flow
41
Neutral
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 757.07M | 501.02M | 187.19M | 75.51M | 59.04M | 5.93M |
| Gross Profit | 405.67M | 342.03M | 82.12M | 21.12M | 51.59M | 4.26M |
| EBITDA | 476.85M | 285.68M | 25.10M | -122.56M | 16.14M | -32.57M |
| Net Income | 76.92M | 86.94M | -28.92M | -171.83M | -419.77M | -45.34M |
Balance Sheet | ||||||
| Total Assets | 4.98B | 2.94B | 1.15B | 332.07M | 392.28M | 100.95M |
| Cash, Cash Equivalents and Short-Term Investments | 1.52B | 564.53M | 411.13M | 68.89M | 75.62M | 29.27M |
| Total Debt | 2.72B | 964.23M | 1.32M | 1.45M | 108.29M | 62.93M |
| Total Liabilities | 3.15B | 1.12B | 55.35M | 26.71M | 133.10M | 138.09M |
| Stockholders Equity | 1.82B | 1.82B | 1.10B | 305.36M | 437.36M | -37.13M |
Cash Flow | ||||||
| Free Cash Flow | -689.54M | -1.13B | -427.19M | -110.02M | -272.69M | -4.13M |
| Operating Cash Flow | 533.31M | 245.89M | 52.22M | 5.73M | 21.56M | 1.31M |
| Investing Cash Flow | -2.64B | -1.38B | -498.47M | -71.47M | -318.12M | -60.69M |
| Financing Cash Flow | 4.42B | 1.29B | 782.13M | 28.56M | 372.04M | 88.04M |
IREN Technical Analysis
Positive
48.12
Price Trends
47.77
Positive
47.05
Positive
45.69
Positive
Market Momentum
4.02
Negative
60.43
Neutral
86.52
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IREN, the sentiment is Positive. The current price of 48.12 is below the 20-day moving average (MA) of 56.41, above the 50-day MA of 47.77, and above the 200-day MA of 45.69, indicating a bullish trend. The MACD of 4.02 indicates Negative momentum. The RSI at 60.43 is Neutral, neither overbought nor oversold. The STOCH value of 86.52 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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% | |
64 Neutral | $22.86B | 178.94 | 3.41% | ― | 110.25% | ― | |
58 Neutral | $10.49B | ― | -28.78% | ― | 42.40% | -72.16% | |
57 Neutral | $10.06B | ― | -117.65% | ― | 37.96% | -506.10% | |
52 Neutral | $4.65B | ― | -29.93% | ― | 37.68% | -117.99% | |
49 Neutral | $1.20B | -8.04 | -29.72% | ― | 1310.53% | 70.57% | |
48 Neutral | $708.86M | ― | -0.14% | ― | 13.14% | 4.89% |
* Financial Sector Average
IREN
IREN
63.54
54.81
627.84%
RIOT
Riot Platforms
27.11
18.63
219.69%
ABTC
American Bitcoin Corp
1.13
-4.22
-78.88%
BTBT
Bit Digital
2.02
-0.36
-15.13%
CLSK
Cleanspark
18.29
9.68
112.43%
CIFR
Cipher Mining
23.65
20.40
627.69%
IREN Corporate Events
Business Operations and StrategyFinancial Disclosures
IREN Expands AI Cloud Strategy With Dell GPU Deal
Positive
May 26, 2026
On May 19, 2026, IREN’s subsidiary IE US Hardware 4 Inc. entered into a roughly $1.6 billion purchase agreement with Dell Marketing L.P. for GPUs and related infrastructure, with IREN providing an unconditional guarantee of the obligations. ...
Business Operations and StrategyPrivate Placements and Financing
IREN Raises $3 Billion via Convertible Senior Notes
Positive
May 14, 2026
On May 14, 2026, IREN Limited closed a private offering of $3.0 billion in 1.00% convertible senior notes due 2033, including a fully exercised $400 million greenshoe, generating net proceeds of about $2.96 billion from qualified institutional buy...
Business Operations and StrategyPrivate Placements and Financing
IREN Upsizes Convertible Notes Offering to Fund Growth
Positive
May 12, 2026
On May 12, 2026, IREN priced an upsized $2.6 billion private offering of 1.00% convertible senior notes due 2033 to qualified institutional buyers, increasing the deal from a previously planned $2 billion. The notes carry a 32.5% conversion premiu...
Private Placements and Financing
IREN Announces $2 Billion Convertible Notes Private Offering
Neutral
May 11, 2026
On May 11, 2026, IREN Limited announced a private offering of $2 billion in senior unsecured convertible notes due December 1, 2033, to qualified institutional buyers under Rule 144A, with an option for initial purchasers to buy up to an additiona...
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.