IREN: ARR Could Grow 6.8x To $3.4B By Year-End 2026 [Seeking Alpha]
Iris Energy Limited (IREN)
Company Research
Source: Seeking Alpha
The moat of IREN is its power contracts. 140K GPUs by 2026 will use only 16% of 2.91GW secured power, including 2.75GW of West Texas grid connections. The AI cloud segment is still in its early stage. Q1 FY26 revenue of this segment was only 3% of the consolidated revenue of the company. Liquidity rose to $1.8B after $1B zero-coupon converts and an extra $200M GPU financing. The company raised $618.4M from its ATM program, which is now depleted. At ~43x next year's earnings and with a milestone-based Microsoft contract, any execution slip at the Texas sites could hit the $3.4B ARR outlook. I remain cautiously optimistic and see recent weakness as largely beta-driven. J Studios/DigitalVision via Getty Images In my last coverage , I rated IREN Limited ( IREN ) as a cautious buy going into Q1 FY26 earnings, citing dilution risks after the $9.7B Microsoft deal. Well, results came in, and they confirmed my initial fear. The This article was written by Analyst's Disclosure:
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IREN
News
- IREN Limited (IREN): A Bull Case Theory [Yahoo! Finance]Yahoo! Finance
- Why The Market Just Nuked IREN: This Selloff Makes No Sense [Seeking Alpha]Seeking Alpha
- IREN Announces Pricing of Ordinary Shares Offering to Fund the Repurchase of Convertible NotesGlobeNewswire
- IREN Prices $2 Billion Convertible Notes OfferingGlobeNewswire
- Iren: A Major AI Infrastructure Growth Winner [Seeking Alpha]Seeking Alpha
IREN
Sec Filings
- 12/4/25 - Form 424B5
- 12/3/25 - Form 8-K
- 12/3/25 - Form FWP
- IREN's page on the SEC website