Iris Energy Statistics 2026: IREN Revenue, Hashrate and AI Cloud Build-Out

IREN Limited, the company most readers still know as Iris Energy, closed fiscal year 2025 with record revenue of $501.0 million, up 168% versus the $187.2 million it posted in FY24. The same business now carries a $16.87 billion public-market valuation, a $9.7 billion contract with Microsoft, and a $3.4 billion managed-services contract with NVIDIA. The numbers below trace that pivot.

Key Takeaways

• IREN reported record FY25 revenue of $501.0 million, a 168% jump versus FY24’s $187.2 million baseline, with net income flipping from a $28.9 million loss to $86.9 million profit.
• Bitcoin mining capacity expanded to 50 EH/s of installed self-mining capacity by mid-2025, a 400% year-over-year increase before management paused further mining build-out.
• The company secured a contract with Microsoft valued at approximately $9.7 billion over five years in November 2025, with an approximately 20% customer prepayment funding deployment of NVIDIA GB300 GPUs at Childress, Texas.
• IREN added a $3.4 billion five-year air-cooled Blackwell GPU contract with NVIDIA on May 7, 2026, plus a 5GW strategic partnership that included rights to invest up to $2.1 billion in IREN equity.
• Grid-connected power expanded to 2,910 MW by June 30, 2025, a 35% year-over-year increase across more than 2,000 acres in the United States and Canada.
• IREN ended Q3 FY26 with unaudited preliminary $2.6 billion of cash and cash equivalents as of April 30, 2026, having tapped capital markets for $3.0 billion of convertible notes and a $3.65 billion investment-grade GPU financing facility in 2026.

Editor’s Choice

• $501.0 million record FY25 revenue, up 168% versus FY24’s $187.2 million.
• $9.7 billion Microsoft AI Cloud contract value (approximately), 5-year term, approximately 20% prepayment, NVIDIA GB300 GPUs deployed at Childress.
• $3.4 billion NVIDIA AI Cloud contract value, 5-year air-cooled Blackwell deployment within 60 MW at Childress.
• 50 EH/s installed Bitcoin mining capacity, +400% versus FY24.
• $23 all-in hash cost per terahash vs. $54 average hash price, with 15 J/TH fleet efficiency in Q3 FY25.
• $16.87 billion IREN market capitalization at $46.90 per share on June 27, 2026.

FY25 Financial Results and Revenue Trajectory

• Total FY25 revenue: $501.0 million, up 168% versus FY24’s $187.2 million.
• Net income: $86.9 million, swinging from FY24’s net loss of $28.9 million.
• Adjusted EBITDA: $269.7 million, a 395% increase versus FY24’s $54.4 million.
• Reported EBITDA: $278.2 million, a 1,344% increase versus FY24’s $19.3 million.
• Q4 FY25 alone delivered revenue of $187.3 million and net income of $176.9 million.

• IREN’s fiscal year ends June 30. The FY25 report, released August 28, 2025, marked the first full-year profit since the 2021 NASDAQ listing.
• The quarterly progression below shows the rotation from mining-led to AI-led revenue inside fiscal 2026. Numbers are in U.S. dollars in millions.
• Two patterns stand out. Q1 FY26 booked a record net income of $384.6 million that included unrealized gains primarily on prepaid forwards and capped calls tied to convertible notes; the operating business did not improve by $360 million in 90 days.
• Q3 FY26’s $(247.8) million net loss similarly absorbed $140.4 million of non-cash impairments tied to decommissioning of mining hardware and $23.7 million of unrealized losses on capped calls.
• When mining ASICs come off the racks to make room for GPUs, the carrying-value write-down hits the income statement before the GPU revenue lands.

How much revenue does Iris Energy (IREN) generate per year?

IREN reported total revenue of $501.0 million for fiscal year 2025 (ended June 30, 2025), versus $187.2 million in FY24. The first nine months of FY26 added $240.3 million in Q1 plus $184.7 million in Q2 and $144.8 million in Q3 FY26 – roughly $570 million through March 2026. Run-rate guidance pointed to $1.25 billion in approaching total annualized revenue as of August 2025, composed of more than $1 billion from Bitcoin mining and $200-250 million from AI Cloud.

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Is Iris Energy profitable?

IREN reported a record FY25 net income of $86.9 million, versus a $28.9 million net loss in FY24. The picture inside FY26 has been noisier: Q1 FY26 net income of $384.6 million was inflated by unrealized gains on prepaid forwards and capped calls, while Q3 FY26 reported a $(247.8) million net loss driven by $(140.4) million of non-cash impairments and $(23.7) million of unrealized capped-call losses. Adjusted EBITDA, a cleaner proxy for cash generation, remained positive at $59.5 million in Q3 FY26.

Bitcoin Mining Capacity and Hashrate Footprint

• Q3 FY25 average operating hashrate landed at 29.4 EH/s for the quarter ended March 31, 2025, delivering 1,514 Bitcoin mined in the quarter.
• April 2025 metrics: average operating hashrate of 36.6 EH/s, with 579 BTC mined at a per-Bitcoin electricity cost of $24,381.
• Installed capacity reached 40 EH/s on April 16, 2025, a 326% year-over-year increase in installed hashrate.
• FY25 ended at 50 EH/s installed self-mining capacity, a 400% year-over-year increase, at which point management paused further mining expansion to reallocate power toward AI data centers.

Source: IREN Limited April 2025 Monthly Update (SEC 6-K, May 6, 2025) and FY25 Full Year Results (Aug 28, 2025).

IREN’s mining build runs through Childress, Texas (and historically British Columbia).

What is IREN’s current Bitcoin mining hashrate?

IREN exited fiscal year 2025 (June 30, 2025) with 50 EH/s of installed self-mining capacity, the level at which the company paused further mining build-out. The Q3 FY26 report (covering the quarter ended March 31, 2026) noted decommissioning of mining hardware ahead of GPU installation, so installed mining capacity has been trending lower since mid-2025 as ASIC racks come out to make room for liquid-cooled GPU systems.

This is the rotation few statistics roundups capture cleanly. IREN crossed 50 EH/s, stopped, and started pulling its own ASICs offline to install higher-margin GPU compute – a deliberate balance-sheet substitution that costs short-term mining revenue but unlocks the $3.4 billion AI Cloud ARR target by the end of 2026 that management is now guiding the market toward.

Recent Developments

The eight weeks running through late June 2026 saw the company’s most consequential corporate actions since the November 2024 Iris Energy to IREN Limited name change.

• June 25, 2026: Golden State Warriors named IREN the team’s Official AI Cloud Partner in a multi-year global partnership that places the IREN badge on all Warriors jerseys starting the next season.
• June 15, 2026: Completed acquisition of Ingenostrum (Nostrum Group), a Spain-based developer of grid-connected AI data centers, marking IREN’s entry into the European market and adding 490 MW in Spain plus a multi-gigawatt development pipeline.
• June 3, 2026: Signed a transmission connection agreement to support a planned 800 MW data center campus in Bundey, South Australia.
• June 1, 2026: Closed a $3.65 billion investment-grade GPU financing facility to support delivery of the Microsoft AI Cloud contract, which IREN described as the highest publicly rated investment-grade GPU financing.
• May 26, 2026: Signed a purchase agreement with Dell Technologies for air-cooled Blackwell systems to service the $3.4 billion NVIDIA managed-services AI Cloud contract.
• May 14, 2026: Closed the offering of $3.0 billion aggregate principal of 1.00% convertible senior notes due 2033 in a qualified-institutional-buyer private placement.
• May 7, 2026: Announced the $3.4 billion NVIDIA AI Cloud contract and 5 GW strategic partnership, plus equity rights for NVIDIA to acquire up to 30 million ordinary shares at $70 per share (up to $2.1 billion if fully exercised).

AI Cloud Contracts: Microsoft, NVIDIA and the Customer Pipeline

• $9.7 billion Microsoft AI Cloud contract: 5-year term, approximately 20% customer prepayment, NVIDIA GB300 GPUs deployed at IREN’s 750 MW Childress, Texas campus.
• $3.4 billion NVIDIA AI Cloud contract: 5-year term, air-cooled Blackwell GPUs within 60 MW at Childress, announced May 7, 2026.
• $13.1 billion combined contracted AI Cloud revenue (Microsoft + NVIDIA), plus $2.1 billion of NVIDIA equity rights at a $70 strike price on up to 30 million ordinary IREN shares.
• Multi-year AI Cloud contracts with Together AI, Fluidstack, and Fireworks AI target AI Cloud ARR of more than $500 million by the end of Q1 2026.

By the numbers: Two contracts anchor the AI Cloud book. $9.7 billion Microsoft plus $3.4 billion NVIDIA equals $13.1 billion of combined contracted AI Cloud revenue across five-year terms, plus an additional $2.1 billion of NVIDIA equity rights at a $70 strike price on up to 30 million IREN ordinary shares.

• IREN’s AI Cloud book of business compounded across late 2025 and early 2026, anchored by two hyperscaler-scale contracts and several growth-customer wins. The component view sits below.
• The Microsoft contract pairs a five-year term with a total value of approximately $9.7 billion and an approximately 20% customer prepayment, granting Microsoft access to NVIDIA GB300 GPUs at IREN’s 750 MW Childress, Texas campus. IREN also signed a purchase agreement with Dell Technologies to source the GPUs and ancillary equipment for approximately $5.8 billion, including deployment services, servers, InfiniBand cabling, and software licensing.
• The same hyperscaler appetite shows up across the broader crypto exchange market data feeding institutional demand for compute capacity.
• The NVIDIA contract, struck six months later, layered a second hyperscaler-grade revenue stream onto the same Childress campus.
• The 5GW strategic partnership accompanying the $3.4 billion contract grants NVIDIA a 5-year right to purchase up to 30 million ordinary IREN shares at a $70 strike, a structure worth up to $2.1 billion if fully exercised and subject to regulatory limitations.
• That equity overhang functions as a customer-aligned warrant rather than a marketed offering.
• Together AI, Fluidstack, and Fireworks AI matter less for revenue and more for diversification. Multi-tenant AI inference is structurally lower-risk than depending on one hyperscaler customer, and the new multi-year contracts with Together AI, Fluidstack, and Fireworks AI support growth to a target AI Cloud ARR of more than $500 million by the end of Q1 2026.
• The single-customer concentration risk that haunts pure-play colocation operators looks much smaller in this customer mix.

What is IREN’s relationship with NVIDIA and Microsoft?

NVIDIA is both a supplier and a customer. IREN secured NVIDIA Preferred Partner status during fiscal 2025, and the May 2026 contract added a 5-year managed-services revenue stream plus the $2.1 billion equity rights structure described above. Microsoft is a customer under a 5-year contract worth approximately $9.7 billion, signed November 3, 2025, with an approximately 20% customer prepayment – the first hyperscaler-grade revenue line on the IREN income statement and the anchor tenant for the Horizon 1-4 liquid-cooled data centers at Childress.

Power Economics, Hash Cost, and Mining Margins

• Childress power price: 3.3 c/kWh, with fleet efficiency of 15 J/TH.
• All-in hash cost: $23 per terahash vs. average network hash price of $54 in the quarter.
• All-in cash cost per Bitcoin mined: $41,000 vs. average revenue per Bitcoin of $93,000.

Key finding: A $23 all-in hash cost against a $54 network hash price gives IREN one of the widest published mining margins among NASDAQ-listed Bitcoin miners. Childress’s 3.3 c/kWh grid pricing is the underlying lever, paired with 15 J/TH fleet efficiency that put IREN’s per-Bitcoin cash cost at roughly $41,000 against $93,000 revenue per Bitcoin in Q3 FY25.

• April 2025 hardware-profit margin in mining: 72% ($36.0 million hardware profit on $50.1 million revenue).
• April 2025 hardware-profit margin in AI Cloud: 98% on $2.0 million AI Cloud revenue.

IREN’s mining business is structured around Childress’s low Texas grid pricing. The Q3 FY25 disclosure captured the canonical unit economics.

What is IREN’s power cost per kWh at Childress?

IREN’s disclosed Childress power price for the quarter ended March 31, 2025 was 3.3 c/kWh. That figure sits in the lowest tranche of publicly reported mine cryptocurrency power costs and is the single biggest driver of the $23 all-in hash cost benchmark. For context on grid-wide patterns, CoinLaw’s electricity cost per Bitcoin data set tracks the cost surface across the global mining fleet.

Grid-Connected Power Portfolio and Site Pipeline

• Contracted grid-connected power at FY25 close: 2,910 MW, a 35% year-over-year increase.
• Operating data center capacity: 810 MW, a 212% year-over-year increase.
• Childress total site capacity: 750 MW.
• New June 2026 additions: 490 MW secured via the Nostrum acquisition in Spain plus 800 MW under the Bundey, South Australia transmission agreement.

Source: IREN Limited FY25 Full Year Results (Aug 28, 2025), Q3 FY26 Results (May 7, 2026), May-June 2026 press releases.

The infrastructure footprint spans three continents.

How much total power capacity does IREN have secured?

As of June 30, 2025, IREN had 2,910 MW of contracted grid-connected power across more than 2,000 acres in the United States and Canada. The Q3 FY26 8-K stated that 2028+ expansion will run across a 5 GW secured power portfolio, with the European Nostrum acquisition and the Bundey transmission agreement materially expanding the geographic footprint outside North America during May-June 2026.

AI Cloud Run-Rate Revenue and 140k GPU Roadmap

• Targeting $3.4 billion in AI Cloud ARR by end of CY 2026, anchored by an expansion to 140,000 GPUs.
• Refined CY26 ARR target of $3.7 billion as of Q3 FY26, composed of $1.9 billion from the Microsoft contract plus an estimated $1.8 billion from approximately 74,000 GPUs deployed across British Columbia and Childress.
• Currently $3.1 billion in ARR under contract, with operational capacity for 2026 fully contracted.
• The 140k GPU footprint represents only 16% of the company’s 3 GW grid-connected power portfolio, leaving headroom for further AI Cloud scale.
• FY25 close: AI Cloud capacity of 1.9k NVIDIA GPUs, up 132% year-over-year, with a path to 10.9k NVIDIA GPUs by December 2025.

The growth thesis sits on the AI Cloud ramp.

The “16% of secured power” framing is the most important line in the IREN equity story. If management can scale even half of the remaining power into similar ARR per MW, the run-rate revenue base compounds well beyond the headline 2026 target. The constraint is GPU supply and grid energization timing, not site availability.

What does IREN’s AI Cloud expansion plan look like?

The roadmap runs in two layers. The contracted layer covers 2026 expansion to 480 MW with Horizon 1-4 delivery and $3.1 billion of ARR under contract. The build layer covers 2027 expansion to 1,210 MW across Childress Horizons 5-6 plus the Childress air-cooled capacity plus Sweetwater 1 initial phase. The 2028+ layer adds additional Sweetwater capacity plus the Nostrum Spain footprint plus Australian projects advancing toward connection agreements.

Market Capitalization and Capital Structure

IREN trades on the NASDAQ under the ticker IREN (formerly Iris Energy Limited, renamed in November 2024). The market-data snapshot below is dated June 27, 2026.

• Market capitalization: $16.87 billion.
• Share price: $46.90 at the June 27, 2026 close, with an intraday range of $45.05 to $48.39.
• Approximate shares outstanding: Approximately 360 million, derived from market cap divided by share price.
• Cash and cash equivalents: Unaudited preliminary $2.6 billion as of April 30, 2026.
• October 14, 2025: Issued $1.0 billion of zero-coupon convertible notes.
• May 14, 2026: Closed $3.0 billion of 1.00% convertible senior notes due 2033.
• June 1, 2026: Closed a $3.65 billion investment-grade GPU financing facility, which IREN positioned as the highest publicly rated investment-grade GPU financing.

For a wider lens on data-center-anchored cloud compute economics that frame the IREN business model, the CoinLaw cloud-mining data set walks through similar unit-economic patterns at the broader industry level. Primary regulatory filings underpinning every figure here are available on the U.S. Securities and Exchange Commission’s EDGAR IREN page (CIK 0001878848).

What is IREN’s market capitalization?

IREN Limited’s market capitalization stood at $16.87 billion at the close on June 27, 2026, with the stock trading at $46.90 per share and roughly 360 million ordinary shares outstanding. The cap reflects both the published Q3 FY26 operating losses and the contracted $3.1 billion of ARR backing the AI Cloud transition. The regulatory backdrop tracked by the SEC crypto enforcement data shapes how listed miners disclose this kind of contract concentration.

Conclusion

IREN exits the first half of 2026 with three structural data points: a $9.7 billion Microsoft contract, a $3.4 billion NVIDIA contract with $2.1 billion of accompanying equity rights, and a $3.65 billion investment-grade GPU financing facility. FY25’s record $501 million revenue is the baseline, Q3 FY26’s $144.8 million quarterly print is the friction, and the $3.7 billion CY26 ARR target is the trajectory.

The next data points to watch are the Horizon 1-4 commissioning dates at Childress, Sweetwater 1 energization in April 2026, and the first full quarter of Microsoft and NVIDIA contract revenue contribution. Each will tell readers how cleanly the mining-to-AI rotation is converting secured power into recurring revenue.