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IREN
(IREN ↗)
iren.com ↗
IREN started as a bitcoin miner powering data centers from renewables; it's pivoting hard into AI cloud, with multi-billion-dollar hyperscaler contracts signed. The bet: that its land, power, and GPUs can host the AI build at scale — and the cash and competition cooperate.
Updated · Q3 FY26 · May 2026
6
Chapters
~18
Min read
~$757M / yr revenue · ~260 employees · public since 2021
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Spice: Poblano (2/5)
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0 of 6
1
Growth
~4 min
From Bitcoin to Blackwell
A bitcoin miner just signed billions of dollars of AI-cloud contracts. Both halves of that sentence are real.
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2
Financial Health
~4 min
Raising and Spending Billions
To build an AI cloud, IREN is borrowing billions and spending them as fast as Dell can ship GPUs.
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3
Moat
~3 min
Land, Power, and Compute
The bottleneck of AI isn't chips — it's *places to put them*. IREN owns the places.
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4
Management
~2 min
The Roberts Brothers
Two brothers built IREN from a renewable-power bet into a hyperscaler partner.
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5
Behind the Numbers
~2 min
The Story Behind the Numbers
Today's income statement only tells part of the story. The contracts and the convertibles tell the rest.
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6
Risk
~3 min
The Pivot's Tightrope
If anything — bitcoin price, Microsoft demand, Blackwell delivery, the next raise — slips, the model strains.
↻ Next update · Sep 1
est. Sep 1, 2026 · Q4 FY26 · IREN IR ↗
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You're reading the 6 opening chapters. After that, every time IREN files a new report, the chapters get updated here.