IREN은 선도적인 프론티어 랩과 컴퓨팅 계약을 체결했으며, 연내 암호화폐 마이닝 사업을 완전히 종료할 계획입니다.

Iren, formerly Iris Energy, has secured a cloud contract with an unnamed “leading frontier lab” as part of its full-year results for FY2026. During the earnings call, co-founder and co-CEO Daniel Roberts reported that the company’s annual recurring revenue (ARR) has reached $4 billion, driven by contracts with Cohere, Prometheus, Perplexity, Figure AI, Fal.ai, and Higgsfield AI. Of that total, $1 billion is currently generating revenue and is expected to scale throughout 2027. This figure includes approximately $700 million tied to Iren’s five-year, $3.4 billion agreement with Nvidia, signed in May 2026. According to Iren’s SEC Annual Report, the Nvidia deal, alongside a $9.7 billion cloud contract with Microsoft signed in November 2025, “represent[s] a substantial majority of our contracted revenue.” The first phase of capacity under the Microsoft agreement was delivered in August 2026.

The filing also included a standard risk disclosure, noting that “the loss of, or any material reduction in committed capacity by, any significant customer, or any failure by a significant customer to accept capacity or perform its payment or other obligations, could have a material adverse effect on our results of operations and cash flows.” Iren’s remaining performance obligations stand at $16.6 billion, while the aggregate contracted value of its lease arrangements totals approximately $11.4 billion.

Publicly listed since 2021, Iren previously centered its operations on Bitcoin mining. FY2026 marks the company’s first full year prioritizing its AI cloud infrastructure, prompting plans to “effectively decommission” its legacy crypto operations by the end of December 2026. Despite this strategic pivot, Bitcoin mining continues to generate the vast majority of Iren’s revenue. Current Bitcoin mining capacity sits at roughly 380 MW, compared to 40 MW of AI cloud capacity as of late June 2026. For the full fiscal year, AI cloud revenue reached $128.8 million, up from $16.4 million in 2025, while Bitcoin mining generated $578.2 million, up from $501 million the prior year. Iren typically liquidates mined Bitcoin daily, converting proceeds into fiat to fund operating and capital expenditures. Combined, these operations bring total operating capacity to 420 MW.

Looking ahead, Iren has outlined a 5 GW development pipeline across multiple international sites: three locations in British Columbia, Canada (160 MW total); three in Texas, US (2.75 GW); one in Oklahoma, US (1.6 GW); one in Bundey, Australia (800 MW); and one in Badajoz, Spain (300 MW). The company cautioned that shifting strategy carries inherent risks, stating, “Any potential further expansion of AI cloud services or expansion into additional markets will take time to implement, and there can be no assurance that we will be successful in doing so in the near term or at all.”

Although revenue grew year-over-year across both segments, Iren reported a net loss of $702.6 million for FY2026, a sharp reversal from the $86.9 million net profit posted the previous year. The downturn was primarily driven by soaring operating expenses, which climbed to $1.534 billion from $324.7 million in 2025. The largest increases occurred in asset impairments, depreciation, and selling, general, and administrative (SG&A) costs. Asset impairments rose by $631.6 million year-over-year, reflecting costs associated with retrofitting air-cooled data centers in British Columbia and Childress, as well as developing direct-to-chip liquid cooling systems for the Childress facility. Depreciation increased by approximately $236 million, attributed to higher operating capacity at Childress and the deployment of additional GPUs. SG&A expenses grew by roughly $313 million, more than half of which was allocated to stock-based compensation.

Regarding the compensation surge, the report explained: “The increase in stock-based compensation expense was primarily related to the September 2025, October 2025 and May 2026 vesting of certain market-based RSUs and stock options and the resulting accelerated recognition of the remaining unrecognized compensation cost, the amortization of certain stock-based payment awards modified and awarded in the fourth quarter of the fiscal year 2025, and the amortization of RSUs issued to employees and directors during the year ended June 30, 2026.” In July 2026, both co-CEOs were each granted 9,099,328 additional restricted stock units. Additionally, power costs accounted for approximately 27 percent of total revenue.

On the balance sheet, Iren held $5.89 billion in cash and cash equivalents, alongside $1.7 billion in restricted cash, the majority of which is earmarked for GPU-related capital expenditures under the Microsoft contract. CFO Anthony Lewis noted that the company secured approximately $19 billion in funding this year through prepayments, GPU financing, convertible notes, and equity. Looking toward 2027, Iren forecasts capital expenditures between $25 million and $30 million, covering the remaining Microsoft capex obligations and ongoing facility retrofits. “We are targeting roughly an additional $8 billion of GPU financing and prepayments in support of GPU capex requirements, noting the healthy prepayments that we are seeing in recent contracting and the growing market for GPU financing,” Lewis added. At the time of publication, Iren shares traded at $37.68.