IREN Ltd
iren.comWhat Do They Do?
Mines Bitcoin for mining pools and provides AI computing and managed cloud services to hyperscalers and other AI customers.
10-K for FY2026, filed Aug 27, 2026We continue to operate Bitcoin miners at certain of our data centers while we transition this data center capacity toward AI Cloud…View ↗
IREN is a vertically integrated AI Cloud Services platform, delivering data centers, compute and software for AI training and inference.View ↗
We deliver both bare metal compute and managed cloud services to customers supporting AI training and inference workloads. Our customer…View ↗
How Do They Make Money?
Mining pools compensate IREN in Bitcoin for computing power, based on a share of block rewards and transaction fees. AI Cloud customers pay for reserved computing capacity and services under multi-year contracts, generally after delivery and acceptance; some contracts include prepayments.
10-K for FY2026, filed Aug 27, 2026services to perform hash calculations to mining pools. The Group has entered into arrangements, as amended from time to time, with mining…View ↗
In exchange for providing computing services to perform hash calculations, which represents the Company’s only performance obligation, the…View ↗
We primarily offer our AI Cloud Services under multi-year reserved capacity arrangements, which we expect to complement over time with…View ↗
Our AI Cloud Services revenue depends on our ability to contract capacity with creditworthy customers on acceptable commercial terms, and…View ↗
Certain customer contracts include significant advance prepayments. The Group assessed whether these terms create a significant financing…View ↗
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10-K for FY2026, filed Aug 27, 2026
FY2026 revenue by product or service ↗
$707M
-
10-K for FY2026, filed Aug 27, 2026
$707M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
AI Cloud
Recurring
10-K for FY2026, filed Aug 27, 2026 |
18%
FY2023: 0.0%
|
AI Cloud, FY2026
$128.8M Sources
|
Recurring |
|
Bitcoin Mining
Usage-based
10-K for FY2026, filed Aug 27, 2026 |
82%
FY2023: 100%
|
Bitcoin Mining, FY2026
$578.2M Sources
|
Usage-based |
Who Are Their Customers?
Mining pools buy computing services, while AI Cloud customers include hyperscalers and other AI organizations. IREN engages customers directly and sells through channel partners that resell capacity.
10-K for FY2026, filed Aug 27, 2026services to perform hash calculations to mining pools. The Group has entered into arrangements, as amended from time to time, with mining…View ↗
Hyperscalers. Large technology companies that require significant, dedicated compute capacity, often on a bare metal basis. Enterprises.…View ↗
We have made, and expect to continue making, significant investments in our sales and marketing capabilities to expand our customer base…View ↗
Do Revenues Turn Into Profits?
No. It lost $702.6M in FY2026.
10-K for FY2026, filed Aug 27, 2026
−$1BView ↗
10-K for FY2026, filed Aug 27, 2026
−$702.6MView ↗
10-K for FY2026, filed Aug 27, 2026
−$897.6MView ↗
How Are They Changing?
From mining toward AI cloud
The older report described Bitcoin mining as its operating revenue source and AI computing as a possible expansion; the latest describes AI Cloud Services as a platform and says capacity is moving from mining to AI.
20-F for FY2023, filed Sep 13, 2023 10-K for FY2026, filed Aug 27, 2026
Who Do They Compete With?
Competes with Amazon Web Services, Google Cloud, Microsoft Azure, Oracle Cloud, CoreWeave, Nebius, Crusoe, Lambda, Nscale, and SpaceX
10-K for FY2026, filed Aug 27, 2026The AI Cloud Services market is highly competitive and rapidly evolving. As a global AI Cloud Services provider, we compete with…View ↗
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