Overview

• IREN said multi-year contracts now cover about 11,000 of its planned 23,000 GPUs, representing roughly $225 million in annualized AI Cloud revenue expected to be online by the end of 2025.
• The company reiterated a target of more than $500 million in AI Cloud annualized run-rate revenue by the end of the first quarter of 2026, based on the full 23,000-GPU fleet in operation or on order.
• Post-market, shares fell about 6% after IREN launched an $875 million unsecured convertible note offering due July 2031, with an option that could lift the deal to $1 billion.
• IREN said proceeds will fund general purposes and capped call transactions intended to reduce potential dilution and offset cash payments if the notes convert at higher share prices.
• Management highlighted capacity to host over 100,000 GPUs across British Columbia and Texas supported by a 2,910 MW secured power and land portfolio, as analyst views diverge with a recent Bernstein upgrade and a prior JPMorgan downgrade.