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Red Flags Detected

  • Auditor Change (new) — KPMG replaced Raymond Chabot Grant Thornton as auditor for FY26; no disagreements or reportable events disclosed.
  • Asset Impairment (new) — FY26 recorded $632M impairment on mining hardware and other long-lived assets, a material charge absent in FY25.
NASDAQ: IREN IREN Ltd 10-K

IREN pivots to AI Cloud Services: $9.7B Microsoft deal, GPU financing, net loss -$702.6M

Filed August 27, 2026 · Period ending June 30, 2026 · Compared to 10-K Aug 28, 2025 · ~2 min read

Key Changes

  • high

    Signed $9.7B five-year Microsoft GPU services contract (Horizon 1-4 at Childress); Horizon 1 delivered Aug 2026, Horizons 2-4 targeted Q4 2026 with grace periods into early 2027. Total AI Cloud Services contracts now ~$16B (Microsoft, NVIDIA, Prometheus, Perplexity, Together AI, frontier lab).

    MD&A: Microsoft Agreement / Horizon contract verify on EDGAR →
  • high

    Arranged $3.6B senior secured GPU financing (May 2026) for Microsoft contract hardware; $938M funded by June 30, 2026. Issued $6.3B convertible notes during FY26, bringing total debt to $7.6B. Capital commitments surged from $369M to $13.8B.

    MD&A: GPU Financing / convertible notes / commitments verify on EDGAR →
  • high

    Workforce expanded to 685 employees plus ~580 Mirantis personnel. Operating AI Cloud Services capacity reached 40MW (up from ~10-15MW equivalent at June 30, 2025).

    Business: Mirantis / Nostrum acquisitions verify on EDGAR →

2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.

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View original filing on SEC.gov View full financials on EDGAR ↗

Figures/quotes linked to EDGAR · Narrative written by AI · Aug 28, 2026 · How we verify