At a glance
- IREN reported US$707.0 million of revenue for the year to 30 June 2026, up from US$501.0 million.
- Contracts covering the capacity IREN plans to deliver in 2026 would be worth about US$4 billion a year once running, on the company's figures.
- Daniel Roberts, who co-founded IREN and runs it as co-chief executive, said power, land and data centres take years to permit, finance and build.
- Cash and restricted cash stood at US$7.6 billion on 30 June 2026, before a further US$2.8 billion of equipment funding closed after the year end.
- Bundey, the South Australian campus of up to 800MW announced on 3 June 2026, is listed as in development, with power targeted from 2028.
What IREN reported
IREN reported its results for the year to 30 June 2026 on 27 August 2026, United States time. Revenue reached US$707.0 million, up from US$501.0 million the year before. The AI cloud business went from US$16.4 million to US$128.8 million, and in the June quarter it made up about 51 per cent of everything the company earned.
IREN is Sydney-headquartered and Nasdaq-listed, it rents out computing power from AI data centres, and it is building an 800MW campus at Bundey in South Australia.
The company recorded a net loss of US$702.6 million. Most of it is US$638.8 million of write-downs, with no cash attached, mainly on bitcoin mining machines taken out of service. Management told the results call it expects mining to be effectively shut down by the end of December 2026.
Contracts worth about US$4 billion a year are signed against capacity IREN plans to deliver in 2026, and co-founder and co-chief executive Daniel Roberts told investors that power, land and data centres take years.
US$4 billion of contracts against the 2026 capacity
On IREN's figures, contracts covering the capacity it plans to deliver in 2026 would be worth about US$4 billion a year once that capacity is running.
IREN said it ended the June quarter earning at a rate of roughly US$500 million a year, and put that rate at about US$1 billion as at 26 August 2026. Between those two dates, Microsoft accepted the first of four 50MW liquid-cooled deployments at Childress in Texas. The four are named Horizon 1 to Horizon 4. IREN announced the first as delivered and accepted on 13 August 2026. Horizon 2 is being brought into service, Horizons 3 and 4 are in late construction, and all three are targeted for delivery in the December 2026 quarter.
Microsoft appears in the results alongside AI developers including Cohere, Perplexity and Figure AI, plus one customer IREN has not identified.
| Target year | Total site power | Power reaching the servers |
|---|---|---|
| 2026 | 0.5GW | 0.3GW |
| 2027 | 1.2GW | 0.8GW |
These are IREN's delivery targets, not capacity built. Total site power is what the whole site draws; the second column is the share that reaches the computers. Source: IREN FY26 results presentation, 27 August 2026.
What IREN's management told the results call
Roberts wrote in the release: "We started IREN with a simple observation: the digital world can scale almost instantly, but the physical world cannot."
On the results call he was more specific, saying power, land and data centres take years to permit, finance and build, and that new grid capacity is the scarcest input in the industry. Chief commercial officer Kent Draper told the same call that the driver in the industry is getting computers running.
Operators building data centres in Australia, and the neocloud providers in Australia renting capacity out of them, face the same sequence: a connection agreement, planning approval, transmission works and a building. The cost of joining the Australian grid queue runs from about A$20.5 million to A$86.8 million on the Victorian figures. The Australian Energy Market Operator, which runs the national electricity market, counted 9GW of proposed data centre load across 17 projects in its connection process at the end of June 2026.
US$6.5 billion of equipment funding in three months
IREN held US$7.6 billion in cash at 30 June 2026, including money it is not free to spend. It closed US$3.65 billion of borrowing against the Microsoft contract on 1 June 2026, at an average cost of 6.00 per cent. Fitch rated the deal A and DBRS rated it A(low). It has since raised a further US$2.8 billion for other deployments, including US$2.4 billion at a fixed 9.0 per cent, led by Blue Owl and PIMCO for its air-cooled expansion at Mackenzie in British Columbia.
Customers now pay 45 to 55 per cent of the cost of the chips up front, on IREN's figures. The company disclosed a single figure of 45 per cent on 20 July 2026.
IREN targets power at Bundey from 2028
The FY26 release lists Bundey among the sites where development is progressing, alongside Sweetwater in Texas, Kiowa in Oklahoma and Badajoz in Spain.
The 3 June 2026 agreement covers up to 800MW, with power targeted to flow from 2028. It secures four 330kV connection points at the utility's substation, which IREN expects to carry that load without upgrades to the wider network. The site sits about 125km northeast of Adelaide, and South Australia's data centre strategy uses the campus as its worked example of a large customer whose demand pays for new clean power.
Summary
A year ago the AI business was earning US$16.4 million. It earned US$128.8 million in the year just reported, and by the June quarter it was bringing in more than half of the company's money. Replacing a revenue base inside twelve months is hard, and IREN has largely done it.
Most of the US$702.6 million loss is a write-down on mining machines with no cash attached, and IREN finished the year holding US$7.6 billion. So the company is in better shape than the loss makes it look.
Microsoft accepted one 50MW deployment and the earning rate doubled. Three more are due in the December quarter, which is a lot to deliver in three months.
IREN's capital plan for FY27 runs between US$25 billion and US$30 billion, against US$707 million of revenue for the year just closed. That plan assumes the funding market stays roughly where it has been for the past twelve months.
Bundey's 2028 date fits the build queue. IREN has 0.3GW to deliver in 2026 and 0.8GW in 2027, all of it in North America, and it groups Bundey with Sweetwater 2, Kiowa and Badajoz as the sites that come after those.
What to watch
Horizons 2, 3 and 4 at Childress are all targeted for delivery in the December 2026 quarter. IREN's 2027 target of 0.8GW reaching the servers is roughly two and a half times its 2026 target of 0.3GW. Management has said it expects mining to be effectively shut down by the end of December 2026. On Bundey, IREN has yet to disclose a construction start, a first-stage size or a customer.