Overview
- Fitch Ratings on Dec. 22 reaffirmed Iren’s long-term credit rating at BBB with a stable outlook, maintaining senior debt at BBB+ and subordinated debt at BBB- after reviewing its 2025–2030 plan.
- The company projects $3.4 billion in annual recurring revenue from AI infrastructure by the end of 2026, supported by a five-year Microsoft agreement and a reported 5.52 current ratio.
- Iren reported that 97% of its first-quarter fiscal 2026 revenue came from crypto mining, leaving near-term results sensitive to Bitcoin price moves.
- Shares more than tripled earlier in 2025 before falling over 50% in under two months, with the stock closing at $39.92 on Dec. 19 as it recovered part of the decline.
- Oracle pushed back on reports suggesting data center delays, including claims about Michigan project financing, a rumor cycle that had weighed on AI-exposed names such as Iren.