Schaeffers Research·4d ago
Options Traders Load Up on This Struggling Data Center StockUsually, the stocks that see the most options volume week-to-week are the familiar faces.
IREN's balance sheet has expanded from $1.2B in 2024Q4 to $20.6B in 2027Q1, funded largely by leverage and capital raises rather than retained earnings, which suggests the growth story is being bought with dilution and debt.
Price trend, volume and key moving averages
Start with the evidence for owning the stock and the risks that can break the thesis.
Revenue is dominated by non-interest income, which reached $177.0M in 2027Q1, but net income of -$263.0M and an EPS of -$0.66 show that margins remain deeply negative despite the revenue scale.
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 11/13/2026, 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) |
|---|---|---|
Q4 2026Latest Nov 5, 2026 | -$0.62+14.4% vs -$0.72 | $228M-0.1% vs $228M |
Q3 2026 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 |
Usually, the stocks that see the most options volume week-to-week are the familiar faces.
IREN Limited delivered a blowout Q1 '27 report, with AI cloud revenues up 182% Q/Q and adjusted EBITDA margins soaring to 29%. Fears of neocloud profitability are overblown; IREN's ramping data center capacity and surging GPU lease prices are driving a robust ARR outlook. Shares trade at a steep 64%+ discount to historical P/S, despite guidance for $4B ARR by January 2027 and potential for $5B in FY 2027.
IREN's $4B ARR target slips to early 2027 despite a growing $20.3B backlog. Rising losses, mounting costs and a $6B funding gap complicate its AI cloud expansion plans.
Friday's big rally in IREN (NASDAQ:IREN) is partly fading as fresh worries about lending to AI data center builders spread through the former crypto miners. IREN stock is at $20.60, down 5% as the session gets underway.
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 |
|---|---|---|---|---|---|---|---|
| $19.48 | $6.95B | -5.75 | 32.2% | -236.17% | -37.31% | — | |
| $17.83 | $6.74B | -4.71 | 66.36% | -215.82% | -59.47% | — | |
| $7.20 | $2.75B | -0.80 | 33.47% | -453.74% | -108.46% | — | |
| $6.84 | $1.76B | -1.84 | 102.21% | -146.9% | -75.24% | 0.49% | |
| $7.15 | $2.92B | -2.90 | 25.29% | — | -155.51% | — | |
| $61.98 | $6.98B | -19.20 | 54.64% | -427.29% | -24.5% | — |
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)
Nov 5, 2026·SEC
Aug 27, 2026·SEC
Aug 13, 2026·SEC
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IREN Limited (IREN) stock FAQ — growth, dividends, profitability & financials explained
IREN Limited (IREN) revenue fell by 14.4% over the trailing twelve months, compared with the twelve months before.
No. IREN Limited (IREN) reported a net loss of $1.35B over the trailing twelve months.
IREN Limited (IREN) had a return on equity (ROE) of -37.3% over the trailing twelve months. A negative ROE means the company lost money over the period.
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 236.8%. This is higher than peers, suggesting room for cost optimization.
