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.
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 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 11/7/2026, 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 |
IREN Limited (NASDAQ: IREN - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the nineteen research firms that are covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, thirteen have issued a buy rating and one has given
Iren's AI cloud revenue nearly tripled. Price hikes are helping the data center builder progress toward profitability.
Today, Nov. 6, 2026, investors are weighing whether customer prepayments and contract wins can sustain the AI cloud momentum.
A customer just agreed to fund nearly all of IREN's chips upfront, yet cash is draining and debt is climbing fast. Why would anyone pay that much early, and what does it reveal about the $6 billion gap still unfunded?
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 |
|---|---|---|---|---|---|---|---|
| $21.64 | $7.72B | -6.39 | 32.2% | -236.17% | -37.31% | — | |
| $16.71 | $6.32B | -4.41 | 66.36% | -215.82% | -59.47% | — | |
| $6.35 | $2.42B | -0.70 | 33.47% | -453.74% | -108.46% | — | |
| $6.16 | $1.58B | -1.66 | 102.21% | -146.9% | -75.24% | 0.55% | |
| $6.55 | $2.68B | -2.66 | 25.29% | — | -155.51% | — | |
| $52.65 | $5.93B | -16.31 | 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)
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) 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.
