IREN

IREN has locked in big multi-year deals with two of the largest names in tech, worth 9.7 billion dollars and 3.4 billion dollars. That pushes contracted annual recurring revenue to about 3.1 billion dollars, with management aiming for roughly 3.7 billion by the end of 2026. Every bit of its live AI capacity is already spoken for.

IREN has 5 gigawatts of secured power and builds its own sites instead of renting from others. It recently energized a 1.4 gigawatt campus in Texas and announced an 800 megawatt project in Australia. AI cloud revenue climbed 94% from a year earlier to 33.6 million dollars, the fastest growing piece of the business.

Building all this is punishingly expensive. IREN spent roughly 1.36 billion dollars on construction and chips in one quarter while bringing in only about 75 million dollars of operating cash. Net debt tripled to 1.75 billion dollars, and the company raised another 2.6 billion through convertible notes to keep going.

Funding growth means issuing more shares, and the count has nearly doubled from about 190 million in 2024 to roughly 357 million today, shrinking each owner's slice. Bitcoin mining still accounts for about 77% of revenue, so crypto slumps sting. Total revenue fell 21% from a year ago to 144.8 million dollars.