IREN shares fell in US trade as investors weighed rising ARR against the capex required for future revenues to be achieved.
The Nasdaq-listed group said revenue from its AI Cloud Services business grew roughly eightfold to $128.8m in the year to 30 June, and that it now has $4bn of contracted annualised run-rate revenue tied to its 2026 capacity, of which around $1bn is operating today.
In addition, it said it had signed a new multi-year AI cloud contract with a leading frontier AI lab, as the company accelerates its pivot from Bitcoin mining to renting out data centre capacity for artificial intelligence.
Its capacity for 2026 is largely sold out, with a customer base that includes Cohere, Perplexity and Figure AI alongside the newly signed frontier lab.
IREN was once a bitcoin miner and reported a net loss for the year, driven by around $639m of non-cash impairments as it decommissions Bitcoin mining hardware and converts sites to support AI. Adjusted earnings also softened in the final quarter, reflecting higher staff costs and broader platform investment ahead of the ramp-up in AI revenue.
To fund the build-out, IREN has leaned heavily on financing. It secured $3.6bn of investment-grade GPU financing at 6% to support a contract with Microso and lined up a further $2.8bn for other deployments, including a $2.4bn facility led by Blue Owl and PIMCO.
The company said it was well capitalised, with cash, committed financing and prepayments totalling around $14bn.
IREN is expanding its data centre pipeline to more than 5 gigawatts across the US, Canada, Australia and Spain, and recently acquired software firms Mirantis and Nostrum to strengthen its service capabilities and expand into Europe.
“We started IREN with a simple observation: the digital world can scale almost instantly, but the physical world cannot,” said Daniel Roberts, Co-Founder and Co-CEO of IREN.
“This year, that founding thesis became tangible. Exponential AI consumption growth has fueled demand for compute capacity well beyond the available supply of infrastructure. IREN was built for this moment. Our 2026 capacity is largely sold out. This includes Horizon 1, the first of four leading-edge liquid cooled GPU deployments that we successfully delivered to Microsoft this month. We have broadened our customer base to include hyperscalers, enterprises, AI developers and frontier labs. As our platform has scaled and our market position has strengthened, we have attracted leading customers and secured stronger pricing, more attractive contract terms and improved paybacks.”