The company highlighted a sharp upward trajectory in contract unit economics:
Revenue Per Megawatt: Recent three-year customer contracts were executed at greater than $20 million in annualized revenue per critical IT megawatt (MW), yielding an estimated two-year capital payback period. Active commercial negotiations are currently taking place at approximately $25 million per MW (IT).
Customer Prepayments: Recent customer contracts included upfront cash prepayments covering 45% to 55% of the associated GPU capital expenditures.
Childress Horizon Deliveries: IREN completed the delivery of Horizon 1, the first of four 50 MW (IT) liquid-cooled deployments at its Childress, Texas site, to Microsoft, achieving NVIDIA Exemplar Cloud status on GB300 NVL72 clusters. Horizon 2 commissioning is underway, while Horizons 3 and 4 remain on track for delivery in the fourth quarter of 2026.
Non-Dilutive GPU Debt and Capital Structure
To fund its compute expansion while limiting equity dilution, IREN detailed several major financing facilities:
Microsoft Contract Facility: Closed a $3.6 billion investment-grade GPU financing at a 6.0% interest rate, which, combined with customer prepayments, funds 96% of the associated GPU capex.
Private Credit GPU Debt: Secured new $2.8 billion GPU debt facilities to back deployments for non-investment grade counterparties. This includes a $2.4 billion facility led by Blue Owl and PIMCO at a 9.0% fixed rate for the Mackenzie site expansion, funding 90% of GPU capex.
Total Available Capital: The company closed the fiscal year with $14 billion in total liquidity, consisting of existing balance sheet cash, committed GPU debt facilities, and customer prepayments.
FY26 Financials and the Cost of Transition
Total revenue for FY26 reached $707.0 million, representing a 41% increase compared to $501.0 million in FY25. AI Cloud Services revenue surged roughly eightfold to $128.8 million (up from $16.4 million in FY25), with fourth-quarter cloud revenue hitting $70.5 million. Bitcoin mining revenue for the fiscal year totaled $578.2 million, compared to $484.6 million in FY25.
IREN reported a GAAP net loss of $(702.6) million for FY26, heavily impacted by $(638.8) million in non-cash asset impairments, including $(450.4) million recognized during Q4. Management noted that these non-cash charges were primarily driven by the deliberate decommissioning and retirement of older Bitcoin mining hardware to repurpose electrical infrastructure and data center shells for AI Cloud services.
Full-year Adjusted EBITDA stood at $245.7 million (35% margin), compared to $269.7 million in FY25, reflecting upfront platform investments, expanded software integration, and corporate headcount growth.
Global Multi-Gigawatt Pipeline
IREN is currently tracking a global data center pipeline exceeding 5 gigawatts (GW) across North America, Europe, and the Asia-Pacific region. The company is targeting cumulative IT capacity delivery of approximately 0.3 GW in 2026 and 0.8 GW in 2027.
Major development milestones include:
Site Expansion: Development is actively progressing across mega-sites in Sweetwater (Texas), Kiowa (Oklahoma), Bundey (Australia), and Badajoz (Spain).
Site Optimization: New liquid-cooled expansions are planned for 2027 across existing Canadian facilities in Mackenzie, Canal Flats, and Prince George to capture available site power headroom.
M&A and Executive Scaling: The company completed the acquisitions of software platform Mirantis and European developer Nostrum, while nearly tripling its organizational headcount in FY26.
