IREN has executed a dramatic strategic pivot, with non-interest income comprising 89.8% of total revenue in 2026Q4, fundamentally transforming its earnings profile away from traditional banking. This shift is supported by explosive asset growth to $15.8B and a...
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Revenue is now overwhelmingly fee-driven, with non-interest income at 89.8% of total revenue in 2026Q4, while net interest margin has collapsed to a negligible 0.1%, confirming the business model's transformation.
IREN is aggressively deploying GPUs, with plans to reach 150,000 units, including securing over 50,000 Nvidia B300 GPUs. This expansion targets a significant annualized AI cloud revenue run-rate, with projections reaching $3.7 billion by the end of 2026.
Key partnerships with major players like Microsoft, Dell, and Nvidia are crucial. A significant five-year deal with Microsoft for 77,000 GPUs is expected to generate approximately $1.94 billion in annualized revenue.
AI Cloud Services revenue has seen substantial growth, surging 6x year-over-year to $17.3 million in Q2 FY26, with high gross margins of 86%. This segment is expected to drive future growth despite being a small fraction of total sales.
Trailing total returns as of 9/26/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q3 2026Latest Aug 27, 2026 | -$1.89-243.1% vs -$0.55 | $137M+3.7% vs $132M |
Q2 2026 May 7, 2026 | -$0.74-238.8% vs -$0.22 | $145M-34.1% vs $220M |
Q1 2026 Feb 5, 2026 | -$0.52-115.1% vs -$0.24 | $185M-18.8% vs $227M |
Q4 2025 Nov 6, 2025 | $1.06+607.1% vs $0.15 | $240M-0.5% vs $241M |
IREN stock has run up significantly over the past two years as it pivots from Bitcoin mining to providing AI cloud services. Last year, it announced a five-year, $9.7 billion deal with Microsoft.
IREN just wrote off nearly half a billion dollars in Bitcoin mining hardware, and Wall Street is still trying to figure out what company emerged on the other side of that transformation.
Neocloud stocks, the specialized providers that build and run data centers packed with graphics processing units (GPUs) for artificial intelligence work, are under pressure, and IREN Limited (NASDAQ:IREN) stock is falling hardest. IREN shares are down 4% to $44.
Applied Digital is rapidly scaling high-performance computing infrastructure with its flagship campuses fully contracted to major artificial intelligence players. IREN is executing an aggressive pivot from cryptocurrency mining to high-value AI cloud services backed by multi-billion dollar hyperscale contracts.
Benchmark IREN against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for IREN Limited (IREN)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $46.15 | $16.47B | 118.33 | 161.89% | 17.74% | 5.97% | — | |
| $23.48 | $8.88B | -12.04 | 66.36% | -196.28% | -48.36% | — | |
| $12.92 | $4.93B | -3.50 | 33.47% | -429.71% | -125.83% | — | |
| $14.26 | $3.66B | 12.73 | 102.21% | -146.9% | -75.24% | — | |
| $18.10 | $7.4B | -8.42 | 25.29% | -3663.46% | -151.95% | — | |
| $101.54 | $11.43B | -47.45 | -111.31% | — | -35.34% | — |
IREN Limited (IREN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Verify the primary filings, follow material updates, and answer the remaining questions.
IREN Limited (IREN) SEC filings — annual & quarterly reports (10-K, 10-Q)
Aug 27, 2026·SEC
Aug 13, 2026·SEC
Aug 4, 2026·SEC
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IREN Limited (IREN) stock FAQ — growth, dividends, profitability & financials explained
IREN Limited (IREN) grew revenue by 161.9% over the past year. This is strong growth.
IREN Limited (IREN) reported a net loss of $573.6M for fiscal year 2025.
IREN Limited (IREN) has a return on equity (ROE) of 6.0%. This is below average, suggesting room for improvement.
IREN Limited (IREN) has a net interest margin (NIM) of -0.1%. NIM has been under pressure due to interest rate environment.
IREN Limited (IREN) has an efficiency ratio of 66.3%. This is higher than peers, suggesting room for cost optimization.
