Management's framing — and the forward contracts that reframe the business.
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✦ The bottom line
Anyone can read the revenue line. The story — what IREN is building toward, and how — comes from the recent contract announcements and the latest 10-Q. Seven threads.
↓ the brief below
✦ Seven threads from the Q3 FY26 update and recent announcements
1
Annual run rate targeted at $4.4B.
With a new Blackwell deployment at Childress, Texas, management targets $4.4B of annualized run-rate revenue once commissioned (early 2027).
2
Microsoft is the anchor.
The Microsoft AI-cloud contract is expected to deliver about $1.9 billion of average annual revenue — by far the biggest single piece of the ARR.
3
A second hyperscaler-style deal.
A separate 5-year, $3.4 billion managed-services AI cloud contract adds another ~$0.7B of average annual revenue.
4
Buying Dell Blackwell.
IREN signed a $1.6 billion purchase agreement with Dell for air-cooled Nvidia Blackwell systems, including GPUs, servers, storage, networking, and integration.
5
Funded by a $3 billion convertible raise.
IREN closed a $3.0 billion convertible-notes offering (1% coupon, due 2033) to fund the AI build — cheap interest today, possible share dilution later.
6
The business is already cash-positive.
Nine-month operating cash flow was $289 million on revenue of $570 million (+82% YoY) — the bitcoin engine is funding part of the pivot.
7
Bitcoin's role is shrinking.
As AI-cloud revenue ramps, mining moves from the main story to a contributor — useful while it lasts, but no longer the bet.
Source · 8-K / 10-Q · Q3 FY26 10-Q + May 14 and May 26 press releases · Q3 FY26 · Filed May 26, 2026
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Read the whole story
Seven threads — a real AI-cloud pivot, signed contracts, a $3B raise, and a bitcoin engine in the background.