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- 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.
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 Financials
SEC XBRL| Metric | PriorJun 30, 2025 | CurrentJun 30, 2026 | Δ |
|---|---|---|---|
| Revenue | $501.0M | $707.0M | ▲ +41.1% |
| Net income (to common) | $86.9M | -$702.6M | ▼ n/m |
| Diluted EPS | $0.39 | -$2.22 | ▼ n/m |
| Operating income | $17.3M | -$1.05B | ▼ n/m |
| Cash & equivalents | $564.5M | $5.90B | ▲ +944.3% |
| Long-term debt (noncurrent) | $962.8M | $7.42B | ▲ +671.1% |
| Total assets | $2.94B | $15.8B | ▲ +437.0% |
As reported in XBRL by the filer · 10-K vs 10-K. Income figures cover the fiscal year; cash & assets are period-end balances. n/m = not meaningful (sign change; a % would mislead). about this table · verify on EDGAR →
Key Number Changes
Prior filing · verify on EDGAR →
Our HPC and AI services include AI Cloud Services, launched in 2024, that generates revenue by providing access to cloud-based GPU computing to customers for AI training and interference workloads. We leverage NVIDIA GPUs to serve customers across training and inference workloads. As of June 30, 2025, we had approximately 1.9k NVIDIA H100 and H200 GPUs operating in our data centers.
Current filing · verify on EDGAR →
Our AI Cloud Services revenue for the years ended June 30, 2026 and 2025 was $128.8 million and $16.4 million, respectively, an increase of $112.4 million. The increase was primarily due to an increase in AI Cloud Services customers and contracts, as a result of continued capacity expansion.
Prior filing · verify on EDGAR → · paraphrased
Our Bitcoin mining revenue for the years ended June 30, 2025 and 2024, was $484.6 million and $187.2 million, respectively, an increase of $297.4 million. This revenue was generated from the mining and sale of 5,499 and 2,447 Bitcoin during the years ended June 30, 2025 and 2024, respectively.
Current filing · verify on EDGAR →
Our Bitcoin mining revenue for the years ended June 30, 2026 and 2025, was $578.2 million and $484.6 million, respectively, an increase of $93.6 million. This revenue was generated from the mining and sale of 6,075 and 5,499 Bitcoin during the years ended June 30, 2026 and 2025, respectively. The increase in revenue is primarily driven by higher average Bitcoin price, which increased revenue by $35.9 million, and an increase in total Bitcoin mined, which increased revenue by $57.7 million during the year ended June 30, 2026. The increase in Bitcoin mined reflected the growth in our average operating hashrate, which was partially offset by the increase in the implied global hashrate. Our average operating hashrate increased to 36.5 EH/s for the year ended June 30, 2026 as compared to 25.7 EH/s for the year ended June 30, 2025.
Prior filing · verify on EDGAR →
We generated net income of $86.9 million for the year ended June 30, 2025 compared to net loss of $28.9 million for the year ended June 30, 2024.
Current filing · verify on EDGAR →
We generated net income (loss) of $(702.6) million for the year ended June 30, 2026 compared to net income (loss) of $86.9 million for the year ended June 30, 2025.
Prior filing · verify on EDGAR →
We generated EBITDA of $278.2 million and $19.3 million for the years ended June 30, 2025 and 2024, ... respectively. We generated Adjusted EBITDA of $269.7 million and $54.4 million for the years ended June 30, 2025 and 2024, respectively.
Current filing · verify on EDGAR →
We generated Adjusted EBITDA of $245.7 million and $269.7 million for the years ended June 30, 2026 and 2025, respectively.
Prior filing · verify on EDGAR →
Our cash and cash equivalents were $564.5 million as of June 30, 2025.
Current filing · verify on EDGAR →
Our cash and cash equivalents were $5,895.6 million and restricted cash was $1,723.9 million as of June 30, 2026.
Prior filing · verify on EDGAR →
As of June 30, 2025, the Group had commitments of $368.8 million, as compared to $194.6 million as of June 30, 2024. The increase in total commitments was primarily due to an increase in commitments related to our expansion into HPC and AI services and includes committed capital expenditure on computer hardware and infrastructure related to site development at Horizon 1 at the Childress site and the Sweetwater 1 data center site.
Current filing · verify on EDGAR →
As of June 30, 2026, the Group had commitments of $13,810.0 million, as compared to $368.8 million as of June 30, 2025. These commitments include committed capital expenditure on AI hardware and infrastructure related to site development. The increase in total commitments was primarily due to an increase in commitments related to our expansion into AI Cloud Services and includes committed capital expenditure on computer hardware and infrastructure related to site development of Horizons 1-4 at the Childress site, the Sweetwater 1 and Sweetwater 2 sites and the transition of the Childress and British Columbia data centers to AI Cloud.
Prior filing · verify on EDGAR →
Our net cash from operating activities was $245.9 million for the year ended June 30, 2025, compared to net cash from operating activities of $52.2 million for the year ended June 30, 2024.
Current filing · verify on EDGAR →
Our net cash from operating activities was $2,100.4 million for the year ended June 30, 2026, compared to net cash from operating activities of $245.9 million for the year ended June 30, 2025, an increase of $1,854.5 million.
Prior filing · verify on EDGAR → · paraphrased
Our net cash used in investing activities was $1,380.5 million for the year ended June 30, 2025, compared to net cash used in investing activities of $498.5 million for the year ended June 30, 2024. For the year ended June 30, 2025, the increase in cash outflows of $882.0 million was attributable to an increase in payments for computer hardware prepayments, payments for property, plant and equipment net of mining hardware prepayments, payments consisting of prepayments and deposits, and proceeds from disposal of property, plant and equipment.
Current filing · verify on EDGAR →
Our net cash used in investing activities was $4,723.0 million for the year ended June 30, 2026, compared to net cash used in investing activities of $1,380.5 million for the year ended June 30, 2025, an increase of $3,342.5 million. For the year ended June 30, 2026, the increase in cash outflows of $3,342.5 million was primarily attributable to an increase in payments for computer hardware, payments for property, plant and equipment, net of computer hardware, payments for intangible assets for connection rights and land purchase options and payments for the acquisition of subsidiaries during the year ended June 30, 2026. ... The payments for computer hardware of $1,335.1 million primarily relates to AI hardware. The payment for property, plant and equipment net of computer hardware of $2,998.0 million primarily relates to the continuing expansion of our data center capacity at Childress, including Horizons 1-4, and at the Sweetwater 1 and Sweetwater 2 sites as well as the transition of the British Columbia data centers to AI Cloud.
Prior filing · verify on EDGAR →
Net cash from financing activities was $1,294.7 million for the year ended June 30, 2025, compared to net cash from financing activities of $782.6 million for the year ended June 30, 2024. For the year ended June 30, 2025, our cash inflows comprised primarily of $601.8 million in net proceeds from the issuance of 69,074,101 shares under the Sales Agreement pursuant to our at-the-market program and $701.2 million in net proceeds from the issuance of the convertible notes.
Current filing · verify on EDGAR →
Net cash from financing activities was $9,680.1 million for the year ended June 30, 2026, compared to net cash from financing activities of $1,294.7 million for the year ended June 30, 2025, an increase of $8,385.3 million. For the year ended June 30, 2026, our cash inflows comprised primarily of $7,237.6 million in proceeds from the issuance of convertible senior notes and debt financing facilities, $4,742.8 million from the issuance of Ordinary shares of which $1,631.5 million related to a registered direct offering, $38.8 million in proceeds from the unwind of certain capped call transactions and $6.6 million in proceeds from the exercise of options. These cash inflows were partially offset by offerings costs related to the at-the-market program of $50.4 million, payments made for entering into the Capped Call Transactions of $448.9 million, the aggregate induced conversion of the convertible notes of $1,623.5 million, payments for borrowing transaction costs of $165.5 million and repayment of finance lease liabilities and debt of $58.1 million.
Key Changes
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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).
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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.
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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 → -
high
Recorded $632M impairment on Bitcoin mining hardware and $111M fair-value decrease on assets held for sale as company transitions mining capacity to AI Cloud Services; aims to substantially complete transition by Dec 31, 2026. Mining capacity down to 23.2 EH/s (380MW) from 50 EH/s (810MW).
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high
Net loss $703M (vs. $87M profit FY25) driven by $639M impairment, $112M debt conversion inducement, and $111M fair-value decrease on assets held for sale, partially offset by $559M unrealized gain on Capped Call Transactions. Revenue +41% to $707M; Adjusted EBITDA fell 9% to $246M as margin compressed from 54% to 35%.
Summary
IREN executed a strategic pivot from Bitcoin mining to AI Cloud Services during FY26, anchored by a $9.7 billion five-year Microsoft GPU services contract and approximately $16 billion in total AI Cloud Services contracts.
The company arranged $3.6 billion in senior secured GPU financing and issued $6.3 billion in convertible notes to fund the buildout, bringing total debt to $7.6 billion and capital commitments to $13.8 billion (up 37x from $369 million).
Operating AI Cloud Services capacity reached 40MW by June 30, 2026, while Bitcoin mining capacity fell to 23.2 EH/s (380MW) from 50 EH/s (810MW) as the company aims to substantially complete the mining transition by December 31, 2026. The pivot came at a cost: IREN reported a $703 million net loss for FY26, driven by a $632 million impairment on Bitcoin mining hardware, a $111 million fair-value decrease on assets held for sale, and a $112 million debt conversion inducement expense. Revenue grew 41% to $707 million, but Adjusted EBITDA fell 9% to $246 million as the margin compressed from 54% to 35%, reflecting the costs of scaling the AI Cloud Services business. Cash and restricted cash totaled $7.6 billion at June 30, 2026, up from $565 million, providing liquidity for the buildout. Execution risk is material: the Microsoft contract's Horizons 2-4 tranches are targeted for Q4 2026 delivery with grace periods extending into early 2027, and revenue begins only upon customer acceptance. Delays may trigger delay credits, and failure to meet service levels may result in reduced payments or termination rights. The company faces GPU procurement risk (tariffs, supply chain disruptions, technology obsolescence), customer concentration risk (loss of Microsoft or NVIDIA could materially affect revenue and debt service), and regulatory headwinds in Texas (ERCOT Batch Zero delays), Oklahoma (ratepayer protection tariffs, water restrictions), and other jurisdictions. Watch for Horizons 2-4 delivery milestones, customer diversification progress, and the company's ability to convert its $13.8 billion in commitments into operating capacity on schedule.
Section-by-Section Diff
Business
IREN repositioned from Bitcoin miner to vertically integrated AI Cloud Services platform; acquired Mirantis; expanded GPU fleet; transitioned data center capacity toward AI.
Previous filing · verify on EDGAR →
We are a leading owner and operator of next-generation data centers powered by 100% renewable energy (whether from clean or renewable energy sources or through the purchase of renewable energy certificates (“RECs”)). Our data centers are purpose-built for power dense computing applications and today support a combination of GPUs for HPC and AI services and ASICs for Bitcoin mining.
Current filing · verify on EDGAR →
IREN is a vertically integrated AI Cloud Services platform, delivering data centers, compute and software for AI training and inference. We own and operate all three layers of the AI Cloud Services stack: the data center layer, the compute layer and the software layer.
The company fundamentally repositioned its business description from a data center operator supporting both Bitcoin mining and AI services to a vertically integrated AI Cloud Services platform. The new description emphasizes ownership of three distinct layers (data center, compute, software) and positions AI Cloud Services as the primary business, with Bitcoin mining relegated to a transitional activity being decommissioned by December 31, 2026.
Added in current filing · verify on EDGAR →
On August 4, 2026, we completed the acquisition of Mirantis, a provider of cloud software and services with a track record of serving more than 1,500 enterprise customers globally. Mirantis is an inaugural partner of the NVIDIA AI Cloud Ready Initiative and has integrated its k0rdent AI platform with NVIDIA DSX OS software components. k0rdent AI is a software infrastructure platform built on open-source technology, designed to manage and optimize AI infrastructure at scale across distributed environments.
The company acquired Mirantis in August 2026, adding approximately 580 personnel and a software layer (k0rdent AI platform) to its AI Cloud Services stack. This acquisition enables managed services, GPU provisioning, workload orchestration, and enterprise support capabilities that were not present in the baseline period. The acquisition strengthens deployment capability, operational visibility, and customer support.
Added in current filing · verify on EDGAR →
During fiscal year 2026, we entered into a strategic partnership with NVIDIA to support the deployment over time of up to 5GW of NVIDIA DSX-aligned AI infrastructure across our global data center pipeline. Through this partnership, we intend to collaborate with NVIDIA on the deployment of NVIDIA accelerated compute in DSX AI factories, combining NVIDIA’s AI systems and architecture with our capabilities across data centers, compute and software.
The company entered into a strategic partnership with NVIDIA during fiscal 2026 to deploy up to 5GW of NVIDIA DSX-aligned AI infrastructure. The partnership includes NVIDIA's right to invest up to $2.1 billion in Ordinary shares, subject to delivery of up to 600,000 GPUs and certain regulatory conditions. This partnership provides product access, engineering coordination, and procurement support for new compute generations.
Added in current filing · verify on EDGAR →
As of June 30, 2026, our GPUs installed and on order included AMD MI350X and NVIDIA H100, H200, B200, B300, GB300 and VR200 systems. Our multi-generation compute portfolio enables us to match infrastructure to different customer workload, performance and cost requirements.
The company significantly expanded its GPU portfolio from approximately 1.9k NVIDIA H100 and H200 GPUs as of June 30, 2025 to a multi-generation fleet including AMD MI350X and NVIDIA H100, H200, B200, B300, GB300 and VR200 systems as of June 30, 2026. The baseline filing disclosed procurement of approximately 5.5k B200, 2.3k B300, and 1.2k GB300 GPUs subsequent to June 30, 2025, bringing the total fleet to approximately 10.9k GPUs; the current filing reflects further expansion beyond that level.
Added in current filing · verify on EDGAR →
We are an NVIDIA Cloud Partner and secured NVIDIA Preferred Partner status during fiscal year 2026. We have also achieved NVIDIA Exemplar Cloud status for our NVIDIA HGX B300 and GB300 NVL72 platforms, with the GB300 NVL72 designation awarded following NVIDIA’s testing of our NVIDIA GB300 NVL72 deployments at our Horizon 1 data center in Childress in August 2026.
The company achieved NVIDIA Exemplar Cloud status for its B300 and GB300 NVL72 platforms during fiscal 2026, following NVIDIA's testing at the Childress Horizon 1 data center. Exemplar Cloud providers have collaborated with NVIDIA to optimize infrastructure to ensure customer workloads are performant, secure, and reliable based on real-world workload and total cost of ownership metrics. This designation validates the company's infrastructure quality and may support customer acquisition.
Added in current filing · verify on EDGAR →
We also have Bitcoin mining operations. During the year ended June 30, 2026, we commenced decommissioning Bitcoin mining hardware and reallocating power and data center capacity toward AI Cloud Services, and aim to substantially complete the transition by December 31, 2026.
The company commenced decommissioning Bitcoin mining hardware during fiscal 2026 and is reallocating power and data center capacity toward AI Cloud Services, with the transition targeted for substantial completion by December 31, 2026. As of June 30, 2026, installed Bitcoin mining capacity was approximately 23.2 EH/s representing approximately 380MW of data center capacity, down from approximately 50 EH/s and 810MW as of June 30, 2025. This represents a strategic shift away from Bitcoin mining toward AI Cloud Services.
Added in current filing · verify on EDGAR →
As of June 30, 2026, our operating AI Cloud Services capacity represented approximately 40MW.
The company disclosed operating AI Cloud Services capacity of approximately 40MW as of June 30, 2026. The baseline filing did not quantify AI Cloud Services capacity in MW terms, though it disclosed approximately 1.9k NVIDIA H100 and H200 GPUs deployed at Prince George. The 40MW figure represents the power capacity dedicated to AI Cloud Services operations, distinct from the approximately 380MW still allocated to Bitcoin mining as of the same date.
Added in current filing · verify on EDGAR →
As of June 30, 2026, we had executed grid connection agreements, letters of agreement or equivalents representing approximately 5GW of total power capacity in the United States, Canada, Spain and Australia, and a further multi-GW development pipeline.
The company disclosed approximately 5GW of total power capacity under executed grid connection agreements or equivalents as of June 30, 2026, plus a further multi-GW development pipeline. The baseline filing disclosed specific projects totaling approximately 2.91GW (Childress 750MW, Sweetwater 1 1,400MW, Sweetwater 2 600MW, Mackenzie 80MW, Prince George 50MW, Canal Flats 30MW). The current filing adds Kiowa, Oklahoma (1,600MW), Bundey, South Australia (800MW), and Badajoz, Spain (300MW), bringing the disclosed total to approximately 5.61GW.
Added in current filing · verify on EDGAR → · paraphrased
We target AI Cloud Services customers across several segments, each with different capacity, service and support requirements: Hyperscalers. Large technology companies that require significant, dedicated compute capacity, often on a bare metal basis. Enterprises. Organizations deploying AI into products and business processes that may require managed services, enterprise support and flexible capacity. AI developers and frontier labs. Companies developing and operating foundation models and AI applications that require scalable compute and may use either bare metal or managed services. Channel partners. AI cloud providers, platforms and other intermediaries that resell IREN capacity through white-label or integrated services.
The company introduced a detailed customer segmentation framework for AI Cloud Services, identifying four target segments: hyperscalers, enterprises, AI developers/frontier labs, and channel partners. Each segment has different capacity, service, and support requirements. The baseline filing did not describe customer segmentation or go-to-market strategy for AI Cloud Services. This framework reflects the company's evolution from a Bitcoin mining operator to a diversified AI Cloud Services provider serving multiple customer types.
Added in current filing · verify on EDGAR →
In June 2025, Texas enacted Senate Bill 6 (“SB 6”), which introduces significant new requirements for large-load electricity customers, including data centers within the ERCOT region. SB 6 applies to customers with loads exceeding 75MW at a single site and requires such customers to contribute to transmission interconnection costs, disclose duplicative interconnection requests, and maintain backup generation or load curtailment capability during grid emergencies. Facilities interconnecting after December 31, 2025 must install remote-disconnect equipment to enable ERCOT-directed load shedding during grid stress events.
Texas enacted Senate Bill 6 in June 2025, imposing new requirements on large-load electricity customers (exceeding 75MW) in the ERCOT region, including data centers. Requirements include contributions to transmission interconnection costs, disclosure of duplicative interconnection requests, backup generation or load curtailment capability during grid emergencies, and remote-disconnect equipment for facilities interconnecting after December 31, 2025. These requirements may increase costs and operational obligations for the company's Texas projects (Childress, Sweetwater 1, Sweetwater 2).
Added in current filing · verify on EDGAR →
On August 3, 2026, Governor Greg Abbott of Texas issued a directive to the Public Utility Commission of Texas and ERCOT to conduct a comprehensive verification and audit of all data centers advancing through ERCOT’s interconnection process before any additional data centers are approved to move forward. ... According to ERCOT, this process is expected to take several months. ... Due to recent changes in ERCOT’s Batch Zero procedures, there may be delays in the energization of, or changes to the energization levels at, projects in Texas, including the Company's new and existing projects.
Governor Abbott issued a directive on August 3, 2026 requiring ERCOT to conduct comprehensive verification and audit of all data centers in the interconnection process before approving additional projects. ERCOT's Batch Zero process, which was to classify large loads by August 7, 2026, has been delayed by several months to develop a verification process and collect community impact information. The company explicitly warns that these changes may delay energization or change energization levels at its Texas projects, including Childress, Sweetwater 1, and Sweetwater 2.
Added in current filing · verify on EDGAR →
Oklahoma’s Data Center Customer Ratepayer Protection Act of 2026 (the “OK Ratepayer Protection Act”), effective July 1, 2026, protects existing residential, commercial and industrial customers from paying unjust rates resulting directly from electric service to large-scale energy users, including new data centers, new cryptocurrency mining operations and new AI computing facilities, that contract to add 75MW or greater electric load per facility or in aggregate behind a single point of interconnection to an electric supplier’s load after the effective date (each, a “large load customer”).
Oklahoma enacted the Data Center Customer Ratepayer Protection Act of 2026, effective July 1, 2026, establishing a separate rate class for large load customers (75MW or greater) including data centers, cryptocurrency mining, and AI computing facilities. The Act requires separate tariffs, credit requirements, cost reimbursement measures, and minimum 10-year service terms for large load customers. The utility serving the company's Kiowa project has submitted a proposed rate subject to review by an administrative law judge and Oklahoma Corporation Commission vote. This framework may affect the economics of the company's 1,600MW Kiowa project.
Added in current filing · verify on EDGAR →
Additionally, Oklahoma’s SB 259, which is slated to become effective on November 1, 2026, prohibits data centers from using groundwater in open-air evaporative cooling systems or other cooling technology that consumes groundwater through evaporation or discharge without recirculation. Further, to receive a groundwater permit, a data center must demonstrate that it will use low-consumptive cooling technology.
Oklahoma's SB 259, effective November 1, 2026, prohibits data centers from using groundwater in open-air evaporative cooling systems or other cooling technology that consumes groundwater through evaporation or discharge without recirculation. Data centers must demonstrate use of low-consumptive cooling technology to receive a groundwater permit. This requirement may affect cooling system design and costs for the company's 1,600MW Kiowa project in Oklahoma.
Added in current filing · verify on EDGAR →
British Columbia recently introduced legislative amendments that intend to restrict the electrical capacity available for new data center projects. As of February 1, 2026, the allocation of new electrical capacity for data center purposes in British Columbia is subject to aggregate limits that are allocated under a competitive process administered by BC Hydro.
British Columbia introduced legislative amendments restricting electrical capacity available for new data center projects, effective February 1, 2026. New electrical capacity for data centers is subject to aggregate limits allocated through a competitive process administered by BC Hydro. This may affect the company's ability to expand its British Columbia operations (Canal Flats 30MW, Prince George 50MW, Mackenzie 80MW) beyond existing capacity or secure additional capacity for new projects in the province.
Added in current filing · verify on EDGAR →
In August 2025, the Spanish Ministry for Ecological Transition and Demographic Challenge submitted a Draft Royal Decree regulating the energy efficiency and sustainability of data centers for public consultation and hearing process. ... Royal Decree-Law 7/2026, of 20 March 2026, in its first additional provision, anticipates a further royal decree that will establish additional sustainability requirements for data centers connecting to the Spanish transmission and distribution networks, with non-compliance expressly identified as a ground for loss of grid access and connection permits or penalties.
Spain is developing sustainability requirements for data centers through a Draft Royal Decree (August 2025) and Royal Decree-Law 7/2026 (March 2026). Requirements under consideration include annual reporting of environmental and socio-economic indicators for data centers above 1MW, obligations to reuse residual heat unless cost-benefit analysis demonstrates infeasibility, reporting on best practices for data centers above 1MW IT power demand, and evidence of top 15% sustainability performance for data centers above 100MW. Non-compliance may result in loss of grid access and connection permits or penalties. These requirements may affect the company's 300MW Badajoz, Spain project.
Added in current filing · verify on EDGAR →
We are subject to an evolving regulatory landscape for data centers and AI-related infrastructure in Australia. ... the Energy and Climate Change Ministerial Council (“ECMC”) has asked the Australian Energy Market Commission (“AEMC”) to provide targeted advice on regulatory pathways to require data centers to fully offset their demand by investing in renewable generation and firming, and by providing demand flexibility. ... The ECMC has separately flagged its intention to require data centers to fully offset their electricity demand by investing in renewable energy generation and demonstrating firmed capacity.
Australia is considering regulatory measures for data centers, including requirements for data centers to fully offset electricity demand by investing in renewable generation and firming, and providing demand flexibility. The Australian Government Minister for Climate Change and Energy has requested amendments to the National Electricity Rules so that data center operators would pay for network costs they cause or accelerate. Each Australian state and territory is separately considering data center regulation. If implemented, these measures could increase network, connection, or compliance costs for the company's 800MW Bundey, South Australia project or restrict its ability to operate or expand in Australia.
Added in current filing · verify on EDGAR →
As of June 30, 2026, we had 685 employees globally, reflecting significant workforce expansion during fiscal year 2026, including more than 60 employees added through the Nostrum Group acquisition. In addition, in August 2026 we added approximately 580 personnel through the Mirantis acquisition.
The company's workforce expanded to 685 employees as of June 30, 2026, including more than 60 employees added through the Nostrum Group acquisition during fiscal 2026. The Mirantis acquisition in August 2026 added approximately 580 personnel. The baseline filing did not disclose employee count. This workforce expansion reflects the company's transition from Bitcoin mining to AI Cloud Services and the addition of software and managed services capabilities through acquisitions.
Show 1 minor / wording change
Removed from previous filing · verify on EDGAR →
Bitcoin is a scarce digital asset that is created and transmitted through the operation of a peer-to-peer network of computers running the Bitcoin software. The Bitcoin network allows people to exchange digital tokens, called Bitcoin, which are recorded on a publicly distributed digital transaction ledger forming the Bitcoin blockchain, which contains the record of every Bitcoin transaction since the inception of Bitcoin. ... Miners earn Bitcoin by validating and verifying Bitcoin transactions, securing blocks of transactions and adding those blocks to the Bitcoin blockchain by using ASICs to solve a complex cryptographic algorithm known as Secure Hash Algorithm 256 (“SHA-256”).
The company removed extensive explanatory content about Bitcoin mining mechanics, including descriptions of the Bitcoin network, blockchain, mining process, SHA-256 algorithm, block rewards, hashrate, difficulty, mining pools, and Bitcoin mining economics. This removal reflects the company's strategic transition away from Bitcoin mining toward AI Cloud Services. The current filing retains only a brief description of Bitcoin mining operations and the decommissioning timeline, consistent with Bitcoin mining becoming a transitional rather than core business activity.
Controls
Material weakness remediated; Nostrum acquisition excluded from FY26 controls assessment; auditor changed from Raymond Chabot to KPMG.
Removed from previous filing · verify on EDGAR →
Management has concluded that the material weakness described in our 20-F/A, filed on March 20, 2025, for the year ended June 30, 2024, has been remediated as of June 30, 2025. The applicable controls have operated for a sufficient period of time and management has concluded, through testing, that the controls operated effectively.
The FY25 filing disclosed that a material weakness from the prior year had been remediated as of June 30, 2025. The FY26 filing no longer references this material weakness or its remediation, consistent with the issue being resolved and controls operating effectively for a full year.
Added in current filing · verify on EDGAR →
In accordance with guidance issued by the SEC, companies are permitted to exclude acquisitions from their assessment of internal control over financial reporting for a period not to exceed one year from the date of acquisition. Management’s assessment of the effectiveness of our internal controls over financial reporting as of June 30, 2026, did not include the internal controls of Nostrum Group, which we acquired on June 12, 2026. We have included the financial results of Nostrum Group in our Consolidated Financial Statements since the date of acquisition. Total assets of Nostrum Group represented approximately 2% of our consolidated total assets as of June 30, 2026 and less than 1% of our consolidated total revenue for the year ended June 30, 2026.
The company acquired Nostrum Group on June 12, 2026 and excluded its internal controls from the FY26 assessment under SEC guidance permitting up to one year for integration. Nostrum represents approximately 2% of total assets and less than 1% of revenue, indicating a relatively small acquisition.
Previous filing · verify on EDGAR →
The effectiveness of our internal control over financial reporting as of June 30, 2025, has been audited by Raymond Chabot Grant Thornton LLP, an independent registered public accounting firm, as stated in their report which appears in Item 8 of this Annual Report on Form 10-K.
Current filing · verify on EDGAR →
The effectiveness of our internal control over financial reporting as of June 30, 2026, has been audited by KPMG LLP, an independent registered public accounting firm, as stated in their report which appears in Item 8 of this Annual Report.
The company changed its independent registered public accounting firm from Raymond Chabot Grant Thornton LLP to KPMG LLP for the FY26 audit. The filing does not disclose the circumstances of the change or whether there were any disagreements or reportable events.
Previous filing · verify on EDGAR →
Except for the changes implemented as part of our remediation plan described in our 20-F/A, there has been no change to the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the period covered by this Annual Report that has materially affected, or is reasonably likely to materially affect, internal control over financial reporting.
Current filing · verify on EDGAR →
Except for the acquisition of Nostrum Group on June 12, 2026, whose internal controls were excluded from management’s assessment as described above and which we are in the process of integrating into our internal control over financial reporting, there was no change to the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the period covered by this Annual Report that has materially affected, or is reasonably likely to materially affect, internal control over financial reporting.
The FY26 filing references the Nostrum acquisition integration as the exception to changes in internal controls, whereas the FY25 filing referenced the material weakness remediation plan. This reflects the lifecycle progression from remediation (FY25) to acquisition integration (FY26).
Show 1 minor / wording change
Previous filing · verify on EDGAR →
accumulated and communicated to our management to allow timely decisions regarding required disclosures
Current filing · verify on EDGAR →
accumulated and communicated to our management, including our Co-Chief Executive Officers and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosures
The FY26 filing expanded the description of disclosure controls to explicitly include communication to the Co-Chief Executive Officers and Chief Financial Officer, adding "including our Co-Chief Executive Officers and Chief Financial Officer, as appropriate" to the standard language.
MD&A
FY26 MD&A reflects pivot to AI Cloud Services: $9.7B Microsoft contract, $3.6B GPU financing, Mirantis acquisition, and $702.6M net loss driven by $638.8M impairment.
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We are a leading owner and operator of next-generation data centers powered by 100% renewable energy (whether from clean or renewable energy sources or through the purchase of RECs). Our data centers are purpose-built for power dense computing applications and currently support a combination of GPUs for HPC and AI services and ASICs for Bitcoin mining.
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IREN is a vertically integrated AI Cloud Services platform, delivering data centers, compute and software for AI training and inference. We own and operate all three layers of the AI Cloud Services stack. The data center layer includes the land, power, substations, buildings and cooling that form the physical foundation of our AI Cloud Services platform. The compute layer includes the GPUs, CPUs, storage, servers and networking deployed within that data center infrastructure. The software layer includes the managed services and enterprise support that enables customers to deploy, operate and manage AI workloads.
The company has reframed its business description from a renewable-energy data center operator supporting both Bitcoin mining and HPC/AI to a vertically integrated AI Cloud Services platform with a three-layer stack (data center, compute, software). The new description emphasizes AI training and inference workloads and omits the prior emphasis on 100% renewable energy as a defining characteristic. This reflects the strategic shift toward AI Cloud Services as the primary business line.
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On November 2, 2025, we entered into the Microsoft Agreement, pursuant to which we will provide Microsoft Corporation with dedicated GPU services at “Horizon” data center facilities located in Childress, Texas over a five-year average term. The GPU services will be made available to Microsoft Corporation in four tranches (“Horizon 1,” “Horizon 2,” “Horizon 3” and “Horizon 4” data center facilities) targeted for deployment during 2026 (subject to extension in certain circumstances). Horizon 1 was delivered to, and accepted by, Microsoft in August 2026. Horizon 2-4 is targeted for delivery in phases in calendar Q4 2026, with grace periods under the Microsoft Agreement for delivery extending from mid-Q4 of calendar 2026 to the beginning of Q2 of calendar 2027. The total contract value is approximately $9.7 billion through 2031, with 20% of the contract value for each tranche to be paid prior to the applicable delivery date and credited against the service fees due and payable after the 24th calendar month of the applicable GPU service term on a pro rata basis.
The company disclosed a five-year, $9.7 billion GPU services contract with Microsoft covering four tranches at the Childress Horizon facilities. Horizon 1 was delivered and accepted in August 2026; Horizons 2-4 are targeted for Q4 2026 delivery with grace periods extending into early 2027. The contract includes 20% prepayments per tranche, credited against service fees after 24 months. This is the largest disclosed customer contract and a cornerstone of the AI Cloud Services revenue model.
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In May 2026, we entered into a strategic partnership with NVIDIA intended to support the deployment over time of up to 5GW of NVIDIA DSX-aligned AI infrastructure across our global data center pipeline. Pursuant to a securities purchase agreement, we granted NVIDIA the right to invest up to $2.1 billion in Ordinary shares, subject to delivery of up to 600,000 GPUs and certain regulatory conditions.
The company entered into a strategic partnership with NVIDIA in May 2026 that contemplates up to 5GW of NVIDIA DSX-aligned AI infrastructure and grants NVIDIA the right to invest up to $2.1 billion in Ordinary shares, contingent on delivery of up to 600,000 GPUs and regulatory conditions. This partnership provides both GPU supply assurance and a substantial equity capital commitment tied to deployment milestones.
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In August 2026, we completed the acquisition of Mirantis, Inc. (“Mirantis”), a provider of cloud infrastructure software, Kubernetes-based orchestration and enterprise support services. Aggregate consideration was approximately $544 million, payable through the issuance of 12.6 million Ordinary shares plus cash and restricted stock units of approximately $40 million. Mirantis became our direct wholly owned subsidiary and expands our software and operational capabilities for deploying, managing, monitoring and supporting customer workloads.
The company acquired Mirantis in August 2026 for approximately $544 million (12.6 million shares plus $40 million cash/RSUs). Mirantis provides cloud infrastructure software, Kubernetes orchestration, and enterprise support, expanding the company's software layer capabilities for managing customer AI workloads. The acquisition closed after the fiscal year end and is not reflected in FY26 financial results.
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In June 2026, we completed the acquisition of Nostrum Group, a developer of grid-connected AI data centers based in Spain. In connection with the acquisition, we issued 837,424 Ordinary shares on June 12, 2026 to certain of the sellers thereunder plus approximately EUR 82 million of cash. The acquisition marked our entry into the European market and added several data center sites including an approximately 300MW site in Badajoz, together with an additional development pipeline, and local development, engineering, construction and operations capabilities.
The company acquired Nostrum Group in June 2026 for 837,424 shares plus approximately EUR 82 million cash, marking its entry into the European market. The acquisition added a 300MW site in Badajoz, Spain, plus additional development pipeline and local engineering/construction capabilities. This represents geographic diversification beyond the U.S. and Canada.
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In May 2026, we entered into a ... five-year cloud services contract with NVIDIA to support its internal AI and research workloads representing approximately $3.4 billion of total contract value. ... In July 2026, we entered into multi-year cloud services contracts with leading AI developers including Prometheus, Perplexity and Together AI, representing approximately $2.8 billion in aggregate total contract value. In August 2026, we entered into a multi-year cloud services contract with a leading frontier AI lab.
The company disclosed three additional sets of AI Cloud Services contracts: a five-year, $3.4 billion contract with NVIDIA (May 2026); multi-year contracts with Prometheus, Perplexity, and Together AI totaling $2.8 billion (July 2026); and a multi-year contract with an unnamed frontier AI lab (August 2026). These contracts, together with the Microsoft Agreement, represent approximately $16 billion in total contract value and demonstrate customer diversification across hyperscalers, AI developers, and frontier labs.
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In May 2026, the Company, through its indirect wholly-owned, financing subsidiary IE US Hardware 3, LLC (the “Financing SPV”), entered into an approximately $3.6 billion senior secured financing program (the “GPU Financing”) comprising two separate instruments: an approximately $1.5 billion senior secured delayed draw term loan (the “DDTL Facility”) provided by a syndicate of commercial bank lenders under a credit agreement (the “Credit Agreement”), and $2.1 billion of senior secured notes (the “USPP Senior Notes”) issued to institutional investors under a note purchase agreement (the “Note Purchase Agreement”). The two instruments share a common security package in favor of CSC Delaware Trust Company as collateral agent (“Collateral Agent”) and covenant framework established under a common terms agreement (the “Common Terms Agreement”), but are separate debt instruments held by different classes of creditors and bearing different interest rates. The proceeds of the GPU Financing are used to finance a portion of the acquisition cost of GPUs and related infrastructure deployed by the Financing SPV in support of the Microsoft Agreement.
The company arranged a $3.6 billion senior secured GPU financing in May 2026, comprising a $1.5 billion delayed-draw term loan (SOFR + 2.25%) and $2.1 billion of senior secured notes (5.96% fixed). The financing is non-recourse to the general credit of the Group except for limited parent guarantees and is used to finance GPUs and infrastructure for the Microsoft Agreement. As of June 30, 2026, $413 million of the DDTL and $525 million of the notes had been funded, with $1.1 billion and $1.6 billion, respectively, remaining available subject to conditions precedent.
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Our HPC and AI services include AI Cloud Services, launched in 2024, that generates revenue by providing access to cloud-based GPU computing to customers for AI training and interference workloads. We leverage NVIDIA GPUs to serve customers across training and inference workloads. As of June 30, 2025, we had approximately 1.9k NVIDIA H100 and H200 GPUs operating in our data centers.
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Our AI Cloud Services revenue for the years ended June 30, 2026 and 2025 was $128.8 million and $16.4 million, respectively, an increase of $112.4 million. The increase was primarily due to an increase in AI Cloud Services customers and contracts, as a result of continued capacity expansion.
AI Cloud Services revenue increased from $16.4 million in FY25 to $128.8 million in FY26, a $112.4 million or 685% increase. The growth reflects increased customer contracts and capacity expansion. As of June 30, 2026, operating AI Cloud Services capacity was approximately 40MW, up from the 1.9k GPUs (approximately 10-15MW equivalent) disclosed at June 30, 2025.
Previous filing · verify on EDGAR → · paraphrased
Our Bitcoin mining revenue for the years ended June 30, 2025 and 2024, was $484.6 million and $187.2 million, respectively, an increase of $297.4 million. This revenue was generated from the mining and sale of 5,499 and 2,447 Bitcoin during the years ended June 30, 2025 and 2024, respectively.
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Our Bitcoin mining revenue for the years ended June 30, 2026 and 2025, was $578.2 million and $484.6 million, respectively, an increase of $93.6 million. This revenue was generated from the mining and sale of 6,075 and 5,499 Bitcoin during the years ended June 30, 2026 and 2025, respectively. The increase in revenue is primarily driven by higher average Bitcoin price, which increased revenue by $35.9 million, and an increase in total Bitcoin mined, which increased revenue by $57.7 million during the year ended June 30, 2026. The increase in Bitcoin mined reflected the growth in our average operating hashrate, which was partially offset by the increase in the implied global hashrate. Our average operating hashrate increased to 36.5 EH/s for the year ended June 30, 2026 as compared to 25.7 EH/s for the year ended June 30, 2025.
Bitcoin mining revenue increased from $484.6 million in FY25 to $578.2 million in FY26, driven by higher average Bitcoin price ($35.9 million contribution) and increased Bitcoin mined ($57.7 million contribution). The company mined 6,075 Bitcoin in FY26 versus 5,499 in FY25. Average operating hashrate increased from 25.7 EH/s to 36.5 EH/s. The company continues to transition Bitcoin mining capacity to AI Cloud Services and aims to substantially complete this transition by December 31, 2026.
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We generated net income of $86.9 million for the year ended June 30, 2025 compared to net loss of $28.9 million for the year ended June 30, 2024.
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We generated net income (loss) of $(702.6) million for the year ended June 30, 2026 compared to net income (loss) of $86.9 million for the year ended June 30, 2025.
Net income swung from $86.9 million profit in FY25 to a $702.6 million loss in FY26, a $789.5 million deterioration. The loss was driven primarily by a $638.8 million impairment of assets (versus $7.2 million in FY25), $111.8 million debt conversion inducement expense, and $110.6 million increase in fair value of assets held for sale, partially offset by a $558.5 million unrealized gain on financial instruments (Capped Call Transactions).
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We generated EBITDA of $278.2 million and $19.3 million for the years ended June 30, 2025 and 2024, ... respectively. We generated Adjusted EBITDA of $269.7 million and $54.4 million for the years ended June 30, 2025 and 2024, respectively.
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We generated Adjusted EBITDA of $245.7 million and $269.7 million for the years ended June 30, 2026 and 2025, respectively.
Adjusted EBITDA decreased from $269.7 million in FY25 to $245.7 million in FY26, a decline of $24.0 million or 9%. The decline occurred despite revenue growth of $206.0 million (41%), reflecting increased operating expenses, higher depreciation, and the costs associated with scaling the AI Cloud Services business. Adjusted EBITDA margin compressed from 54% to 35%.
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Our cash and cash equivalents were $564.5 million as of June 30, 2025.
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Our cash and cash equivalents were $5,895.6 million and restricted cash was $1,723.9 million as of June 30, 2026.
Cash and cash equivalents increased from $564.5 million at June 30, 2025 to $5,895.6 million at June 30, 2026, an increase of $5,331.1 million. The company also held $1,723.9 million in restricted cash at June 30, 2026 (not disclosed in the prior year). The increase reflects $9,680.1 million in net financing cash inflows (convertible notes, GPU financing, equity issuances) partially offset by $4,723.0 million in investing outflows (GPU and data center capital expenditures) and $2,100.4 million in operating cash inflows.
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Impairment of assets for the years ended June 30, 2026 and 2025 was $638.8 million and $7.2 million, respectively.
The company recorded a $638.8 million impairment charge in FY26, up from $7.2 million in FY25. The MD&A does not provide detailed attribution of the impairment, but the magnitude and timing suggest it is related to Bitcoin mining assets being transitioned to AI Cloud Services or assets determined to be obsolete or non-strategic as the company pivots its business model. This is a non-cash charge but reflects a write-down of asset carrying values.
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Concurrently with the issuance of the 2032 Convertible Notes and the 2033 (Jun) Convertible Notes, the Group issued 39,699,102 Ordinary shares to fund the repurchase of approximately $544.3 million aggregate principal amount of outstanding 2030 Convertible Notes and 2029 Convertible Notes, for an aggregate purchase price of approximately $1,632.4 million, which includes accrued and unpaid interest of $8.9 million, and recognized a debt conversion inducement expense of $111.8 million, in separate, privately negotiated transactions with a limited number of holders of the 2030 Convertible Notes and 2029 Convertible Notes.
The company repurchased $544.3 million principal amount of its 2030 and 2029 Convertible Notes for $1,632.4 million (including accrued interest), issuing 39.7 million shares and recognizing a $111.8 million debt conversion inducement expense. The inducement expense reflects the premium paid above the carrying value of the debt to retire it early, and is excluded from Adjusted EBITDA but included in GAAP net loss.
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On December 6, 2024, we issued $440 million aggregate principal amount of 2030 Convertible Notes. ... On June 13, 2025, we issued $550 million aggregate principal amount of the 2029 Convertible Notes.
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On October 14, 2025, we issued $1 billion aggregate principal amount of the 2031 Convertible Notes. The 2031 Convertible Notes will mature on July 1, 2031, unless earlier converted or redeemed or repurchased by us, and are convertible at the option of the holder into Ordinary shares at any time and from time to time on or after April 1, 2031. On December 8, 2025, we issued $1.15 billion aggregate principal amount of the 2032 Convertible Notes and $1.15 billion aggregate principal amount of the 2033 (Jun) Convertible Notes. On May 14, 2026, we issued $3 billion aggregate principal amount of the 2033 (Dec) Convertible Notes. As of June 30, 2026, we had outstanding $6,745.7 million aggregate principal amount of convertible notes.
The company issued $6.3 billion of new convertible notes during FY26 across four tranches (2031, 2032, 2033 Jun, 2033 Dec), bringing total outstanding convertible notes to $6,745.7 million at June 30, 2026 (up from $990 million at June 30, 2025 after adjusting for the $544.3 million repurchase). The new notes mature between 2031 and 2033 and are convertible into Ordinary shares at the holder's option near maturity. The company entered into Capped Call Transactions to limit dilution. Annual interest expense on the convertible notes is approximately $59.5 million based on the stated rates.
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As of August 15, 2025, we had issued 57,542,602 Ordinary shares under the Sales Agreement at varying prices generating an aggregate of $635.1 million in gross proceeds, and we have $364.9 million remaining available for sale under our prospectus supplement relating to the Sales Agreement and related registration statement. The total number of Ordinary shares outstanding as of August 15, 2025, is 271,980,494.
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On March 4, 2026, the Company filed a new prospectus supplement superseding and replacing the previously filed prospectus supplement relating to the offer and sale of up to $6.0 billion of its Ordinary shares under the Sales Agreement. As of August 14, 2026, the Company has issued 47,165,838 Ordinary shares under the new prospectus supplement at varying prices generating an aggregate of approximately $2.5 billion in gross proceeds. The total number of Ordinary shares outstanding as of August 14, 2026, was 394,058,648.
The company filed a new $6.0 billion at-the-market prospectus supplement in March 2026 and issued 47.2 million shares generating approximately $2.5 billion in gross proceeds through August 14, 2026. Total shares outstanding increased from 272.0 million at August 15, 2025 to 394.1 million at August 14, 2026, a 45% increase. The equity issuances funded GPU purchases, data center development, and working capital for the AI Cloud Services expansion.
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As noted above, on August 23, 2025 we entered into an arrangement pursuant to which we secured $102 million in financing for the prior purchase of approximately 1.0k NVIDIA B200 GPUs and 1.2k NVIDIA B300 GPU’s. The financing is structured as a 36-month lease for 100% of the purchase price of the GPUs, with fixed monthly lease payments of $2.8 million. ... Further, on August 28, 2025 we entered into an arrangement pursuant to which we secured approximately $96 million in financing to support the acquisition of approximately 1.2k NVIDIA GB300 GPUs. The financing is structured as a 24-month lease for 100% of the purchase price of the GPUs, with fixed monthly lease payments of $4.4 million.
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During the year ended June 30, 2026, ... the Group entered into equipment leasing arrangements to finance GPU purchases. In August 2025, the Group secured approximately $102 million under a 36-month lease with monthly payments, and a purchase option at the lower of fair market value and 18% of the initial purchase price. The Group also secured approximately $96 million under a 24-month lease with fixed monthly payments, and a $1 purchase option at maturity. In November 2025, the Group further secured approximately $200 million to finance a portion of the Group’s GPU orders under a 24-month lease with fixed monthly payments, and a $1 purchase option at maturity. ... IREN Limited provided parent guarantees for the payment obligations under these arrangements.
The company entered into approximately $398 million of GPU equipment leasing arrangements during FY26 (August 2025, November 2025) to finance GPU purchases. The leases have 24-36 month terms with fixed monthly payments and purchase options at maturity. IREN Limited provided parent guarantees. As of June 30, 2026, the company had finance lease obligations of approximately $270.4 million. These leases provide off-balance-sheet-style financing for GPU acquisitions and preserve cash for other capital needs.
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As of June 30, 2025, the Group had commitments of $368.8 million, as compared to $194.6 million as of June 30, 2024. The increase in total commitments was primarily due to an increase in commitments related to our expansion into HPC and AI services and includes committed capital expenditure on computer hardware and infrastructure related to site development at Horizon 1 at the Childress site and the Sweetwater 1 data center site.
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As of June 30, 2026, the Group had commitments of $13,810.0 million, as compared to $368.8 million as of June 30, 2025. These commitments include committed capital expenditure on AI hardware and infrastructure related to site development. The increase in total commitments was primarily due to an increase in commitments related to our expansion into AI Cloud Services and includes committed capital expenditure on computer hardware and infrastructure related to site development of Horizons 1-4 at the Childress site, the Sweetwater 1 and Sweetwater 2 sites and the transition of the Childress and British Columbia data centers to AI Cloud.
Capital commitments increased from $368.8 million at June 30, 2025 to $13,810.0 million at June 30, 2026, a $13.4 billion or 37x increase. The commitments cover AI hardware (GPUs, servers, networking) and infrastructure for Horizons 1-4 at Childress, Sweetwater 1 and 2, and the transition of Childress and British Columbia data centers to AI Cloud Services. This reflects the scale of the AI Cloud Services buildout and the capital intensity of the business model.
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We have been mining Bitcoin since 2019. We typically liquidate all the Bitcoin we mine daily and therefore did not have any Bitcoin held on our balance sheet as of June 30, 2025.
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We continue to operate Bitcoin miners at certain of our data centers while we transition this data center capacity toward AI Cloud Services. We aim to substantially complete this transition by December 31, 2026. ... As of June 30, 2026, our installed Bitcoin mining capacity was approximately 23.2 EH/s, representing approximately 380MW of data center capacity.
The company now explicitly states it aims to substantially complete the transition from Bitcoin mining to AI Cloud Services by December 31, 2026. As of June 30, 2026, installed Bitcoin mining capacity was 23.2 EH/s (approximately 380MW), down from 50 EH/s (approximately 810MW) at June 30, 2025. The company does not expect to make further material investments in mining hardware. This confirms the strategic pivot away from Bitcoin mining as the core business.
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As of June 30, 2025, we had approximately 1.9k NVIDIA H100 and H200 GPUs operating in our data centers. Subsequent to June 30, 2025 we procured, through a combination of purchases and equipment leasing, approximately 5.5k NVIDIA B200 GPUs, 2.3k NVIDIA B300 GPUs and 1.2k NVIDIA GB300 GPUs to be installed at our Prince George site by the end of calendar year 2025, that will bring the total GPU fleet to approximately 10.9k NVIDIA GPUs.
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As of June 30, 2026, our operating AI Cloud Services capacity represented approximately 40MW.
The company disclosed 40MW of operating AI Cloud Services capacity at June 30, 2026, up from approximately 1.9k GPUs (roughly 10-15MW equivalent) at June 30, 2025. The FY25 MD&A disclosed plans to procure an additional 9.0k GPUs by end of calendar 2025, bringing the total fleet to 10.9k GPUs. The FY26 MD&A does not provide a GPU count at June 30, 2026, but the 40MW figure suggests substantial deployment progress. The shift from GPU count to MW capacity reflects the scale and diversity of the AI Cloud Services fleet.
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We have three data center sites in Texas, United States with executed grid connection agreements, namely Childress, Sweetwater 1 and Sweetwater 2. ... We also have three data center sites in British Columbia, Canada, namely Canal Flats, Mackenzie and Prince George.
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As of June 30, 2026, we had executed grid connection agreements, letters of agreement or equivalents representing approximately 5GW of total power capacity in the United States, Canada, Spain and Asia Pacific and data center projects in varying stages of development.
The company now discloses approximately 5GW of total power capacity under executed grid connection agreements across the United States, Canada, Spain, and Asia Pacific, up from the previously disclosed sites in Texas (Childress 750MW, Sweetwater 1 1,400MW, Sweetwater 2 600MW = 2,750MW) and British Columbia (160MW operating). The addition of Spain (Nostrum Group, 300MW+ in Badajoz) and Asia Pacific represents geographic expansion. The 5GW figure suggests additional undisclosed sites or capacity expansions at existing sites.
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Our customer contracts are concentrated, and the loss of, default by, or reduction in capacity taken by any of our largest customers could materially affect our revenue and our ability to service any indebtedness incurred to finance the related infrastructure. ... We seek to mitigate this exposure through customer credit assessment, customer prepayments and by broadening our customer base across hyperscalers, enterprises AI developers, frontier labs, and channel partners. Diversification may reduce concentration over time but may also result in shorter contract terms, smaller individual commitments and greater variability in utilization and pricing.
The company added disclosure that its customer contracts are concentrated and that loss of, default by, or reduction in capacity taken by any of its largest customers could materially affect revenue and debt service. The company seeks to mitigate this through customer credit assessment, prepayments, and diversification across hyperscalers, enterprises, AI developers, frontier labs, and channel partners. The disclosure acknowledges that diversification may result in shorter contract terms, smaller commitments, and greater variability in utilization and pricing. This is a new risk disclosure reflecting the concentrated nature of the Microsoft and NVIDIA contracts.
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Our ability to convert contracted capacity into revenue depends on delivery of capacity in accordance with contractual schedules. Each deployment requires the completion of data center construction and energization, delivery and installation of GPUs, servers, storage and networking equipment, integration and configuration of the resulting clusters, performance testing against contractual specifications, and acceptance by the customer. Revenue generally begins only upon customer acceptance, and in certain arrangements is subject to service-level credits based on uptime and other performance requirements thereafter. Delays at any stage may postpone revenue commencement and result in “delay credits”, while certain operating, financing and other costs continue to be incurred, affecting expected project returns. Failure to satisfy delivery schedules or ongoing service-level requirements may also result in significant payments under relevant customer contracts being reduced or delayed, expose us to service credits, damages or other liability, or give rise to termination rights under our customer contracts, any of which could have a material adverse impact on our business, operating results, financial condition and future prospects.
The company added detailed disclosure on the multi-step process required to convert contracted capacity into revenue: data center construction and energization, GPU delivery and installation, cluster integration and configuration, performance testing, and customer acceptance. Revenue begins only upon customer acceptance and is subject to service-level credits. Delays may result in delay credits, and failure to meet delivery schedules or service levels may result in reduced payments, service credits, damages, or termination rights. This disclosure reflects the execution risk inherent in the Microsoft and other large AI Cloud Services contracts.
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Our AI Cloud Services business requires access to successive generations of GPUs and related infrastructure. Our ability to obtain allocation of leading-edge compute on acceptable terms and timelines depends on our relationships with chipmakers and OEMs. We work closely with a diverse range of suppliers to secure access to GPUs and related infrastructure to ensure we can support our planned expansion. Tariffs, trade restrictions and supply chain disruptions may affect the availability, cost and delivery timing of GPUs, servers, networking and storage equipment and specialized electrical and cooling components. Compute hardware is subject to rapid technological change, and the introduction of new architectures may reduce the market rate for earlier generations. We estimate the useful lives of GPUs and related equipment based on expected utilization and technological developments. We manage our exposure by maintaining a multi-generation fleet, and by matching hardware generations to different customer workload and cost requirements, and by seeking contract terms and durations that support recovery of the associated capital cost over the contracted period.
The company added disclosure on GPU procurement risk, noting that access to leading-edge compute depends on relationships with chipmakers and OEMs, and that tariffs, trade restrictions, and supply chain disruptions may affect availability, cost, and delivery timing. The company also disclosed that compute hardware is subject to rapid technological change and that new architectures may reduce the market rate for earlier generations. The company manages this by maintaining a multi-generation fleet and matching hardware to customer workload and cost requirements. This disclosure reflects the capital intensity and technology obsolescence risk of the AI Cloud Services business.
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The returns we generate on AI Cloud Services depend on the price at which capacity is contracted, the proportion of installed capacity that is contracted, the capital cost of the associated infrastructure, the useful life of the associated infrastructure and the cost and structure of the financing used to fund it. Pricing for AI compute capacity is influenced by the hardware generation and configuration, contract term, prepayments, creditworthiness of the customer and prevailing supply of comparable capacity. We fund our AI Cloud deployments through a combination of asset-level and corporate-level initiatives. As we scale, we expect our diversified sources of funding will enable us to optimize the cost of capital. Our ability to raise the substantial capital needed for our AI Cloud deployments will depend on financial, economic and market conditions and other factors, over which we may have no or limited control, and such capital may not be available on acceptable terms, if at all, when we require it.
The company added disclosure on the economics of AI Cloud Services, noting that returns depend on contract pricing, utilization, capital cost, useful life, and financing cost. Pricing is influenced by hardware generation, contract term, prepayments, customer creditworthiness, and prevailing supply. The company funds deployments through asset-level and corporate-level initiatives and expects to optimize cost of capital as it scales. The disclosure acknowledges that capital may not be available on acceptable terms when required. This is a new disclosure reflecting the capital-intensive nature of the business and the importance of financing economics to returns.
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The software layer of our platform enables customers to provision, deploy, manage and monitor AI workloads. We believe these capabilities affect the range of customers and workloads our platform can serve. Our performance will depend on our ability to continue integrating these capabilities, execute our product roadmap and translate software functionality into customer adoption, increased utilization and additional revenue. Our investment in the software layer includes the acquisition of Mirantis, a provider of cloud software and services, completed on August 3, 2026. We are integrating its k0rdent AI platform into our software layer. Because the acquisition completed after June 30, 2026, it did not affect our results of operations and is not reflected in our financial statements for fiscal year 2026.
The company added disclosure on the software layer of its AI Cloud Services platform, noting that software capabilities affect the range of customers and workloads the platform can serve. Performance depends on the ability to integrate capabilities, execute the product roadmap, and translate software functionality into customer adoption and revenue. The company is integrating Mirantis' k0rdent AI platform into its software layer. This disclosure reflects the strategic importance of the software layer to the AI Cloud Services business model and the role of the Mirantis acquisition in building out this capability.
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Global economic and geopolitical conditions have been increasingly volatile due to factors such as trade restrictions, inflation, rising interest rates and supply chain disruptions. The impacts of inflation have resulted in increased operating expenses as we grow and develop our managerial, operational and financial capabilities and systems, consistent with the impacts of inflation on the general economy. If our costs, in particular labor, information system, technology, hardware and utility costs, were to become subject to significant inflationary pressures, we might not be able to effectively mitigate such higher costs. In addition, inflation may impact our ability to obtain financing for future capital expenditures at a price that is acceptable, or at all. Our inability or failure to do so could adversely affect our business, financial condition, and results of operations. The AI Cloud Services industry is characterized by volatility and significant demand for equipment, including GPUs, servers, networking and storage equipment and specialized electrical and cooling components. Tariffs and trade restrictions also affect our procurement of such equipment, which we source from a limited number of suppliers and, in certain cases, from a limited number of manufacturing locations. Supply chain delays, manufacturing constraints and logistics disruption ... may affect our ability to meet our delivery obligations to customers and may result in significant payments under relevant customer contracts being reduced or delayed, expose us to service credits, damages or other liability, or give rise to termination rights under our customer contracts, any of which could have a material adverse impact on our business, operating results, financial condition and future prospects. Increases in the cost of this equipment, or restriction on its availability, could increase the capital cost of our deployments, delay delivery and acceptance of contracted capacity, or both. Suppliers may from time-to-time increase the price of equipment, including orders we have already placed. Our contracts with suppliers in some cases permit the pass-through of such cost increases, meaning that, notwithstanding that an order has already been made, the increased prices may nonetheless apply to us. We are not always able to pass through these increased costs to our customers, which could adversely affect our business, financial condition, and results of operations.
The company expanded its macroeconomic and supply chain risk disclosure to emphasize the AI Cloud Services industry's volatility and significant demand for equipment, and the impact of tariffs, trade restrictions, and supply chain disruptions on GPU procurement. The company sources equipment from a limited number of suppliers and manufacturing locations, and supply chain delays may affect its ability to meet delivery obligations, potentially resulting in reduced payments, service credits, damages, or termination rights. Suppliers may increase prices on orders already placed, and the company is not always able to pass through these costs to customers. This disclosure reflects the heightened supply chain and cost risk in the AI Cloud Services business.
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Our net cash from operating activities was $245.9 million for the year ended June 30, 2025, compared to net cash from operating activities of $52.2 million for the year ended June 30, 2024.
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Our net cash from operating activities was $2,100.4 million for the year ended June 30, 2026, compared to net cash from operating activities of $245.9 million for the year ended June 30, 2025, an increase of $1,854.5 million.
Operating cash flow increased from $245.9 million in FY25 to $2,100.4 million in FY26, an increase of $1,854.5 million. The increase was driven primarily by a $1,841.7 million increase in deferred revenue from AI Cloud Services contract prepayments (Microsoft and other contracts), partially offset by the $702.6 million net loss. The prepayments represent 20% upfront payments on contracted capacity and are a key source of liquidity for the AI Cloud Services buildout.
Previous filing · verify on EDGAR → · paraphrased
Our net cash used in investing activities was $1,380.5 million for the year ended June 30, 2025, compared to net cash used in investing activities of $498.5 million for the year ended June 30, 2024. For the year ended June 30, 2025, the increase in cash outflows of $882.0 million was attributable to an increase in payments for computer hardware prepayments, payments for property, plant and equipment net of mining hardware prepayments, payments consisting of prepayments and deposits, and proceeds from disposal of property, plant and equipment.
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Our net cash used in investing activities was $4,723.0 million for the year ended June 30, 2026, compared to net cash used in investing activities of $1,380.5 million for the year ended June 30, 2025, an increase of $3,342.5 million. For the year ended June 30, 2026, the increase in cash outflows of $3,342.5 million was primarily attributable to an increase in payments for computer hardware, payments for property, plant and equipment, net of computer hardware, payments for intangible assets for connection rights and land purchase options and payments for the acquisition of subsidiaries during the year ended June 30, 2026. ... The payments for computer hardware of $1,335.1 million primarily relates to AI hardware. The payment for property, plant and equipment net of computer hardware of $2,998.0 million primarily relates to the continuing expansion of our data center capacity at Childress, including Horizons 1-4, and at the Sweetwater 1 and Sweetwater 2 sites as well as the transition of the British Columbia data centers to AI Cloud.
Investing cash outflows increased from $1,380.5 million in FY25 to $4,723.0 million in FY26, an increase of $3,342.5 million. The increase was driven by $1,335.1 million in AI hardware payments (GPUs, servers, networking) and $2,998.0 million in data center infrastructure payments (Childress Horizons 1-4, Sweetwater 1 and 2, British Columbia AI Cloud transition), plus payments for intangible assets (connection rights, land options) and acquisitions (Nostrum Group). This reflects the capital intensity of the AI Cloud Services buildout.
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Net cash from financing activities was $1,294.7 million for the year ended June 30, 2025, compared to net cash from financing activities of $782.6 million for the year ended June 30, 2024. For the year ended June 30, 2025, our cash inflows comprised primarily of $601.8 million in net proceeds from the issuance of 69,074,101 shares under the Sales Agreement pursuant to our at-the-market program and $701.2 million in net proceeds from the issuance of the convertible notes.
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Net cash from financing activities was $9,680.1 million for the year ended June 30, 2026, compared to net cash from financing activities of $1,294.7 million for the year ended June 30, 2025, an increase of $8,385.3 million. For the year ended June 30, 2026, our cash inflows comprised primarily of $7,237.6 million in proceeds from the issuance of convertible senior notes and debt financing facilities, $4,742.8 million from the issuance of Ordinary shares of which $1,631.5 million related to a registered direct offering, $38.8 million in proceeds from the unwind of certain capped call transactions and $6.6 million in proceeds from the exercise of options. These cash inflows were partially offset by offerings costs related to the at-the-market program of $50.4 million, payments made for entering into the Capped Call Transactions of $448.9 million, the aggregate induced conversion of the convertible notes of $1,623.5 million, payments for borrowing transaction costs of $165.5 million and repayment of finance lease liabilities and debt of $58.1 million.
Financing cash inflows increased from $1,294.7 million in FY25 to $9,680.1 million in FY26, an increase of $8,385.3 million. The increase was driven by $7,237.6 million in proceeds from convertible notes and debt financing facilities (including the $3.6 billion GPU Financing) and $4,742.8 million from equity issuances (including $1,631.5 million from a registered direct offering and the balance from the at-the-market program). These inflows were partially offset by $1,623.5 million for the induced conversion of the 2030 and 2029 Convertible Notes, $448.9 million for Capped Call Transactions, and $165.5 million in borrowing transaction costs. The financing activity reflects the capital-intensive nature of the AI Cloud Services buildout.
Notes
FY26 notes reflect auditor change to KPMG, $632M mining-hardware impairment, $111M fair-value decrease on assets held for sale, new VIE consolidation for GPU financing SPV, and Mirantis acquisition disclosure.
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We have served as the Company’s auditor since 2025.
KPMG LLP (PCAOB 185) issued the FY26 audit opinion, replacing Raymond Chabot Grant Thornton (PCAOB 1232) who audited FY25 and FY24. The FY26 report states KPMG has served since 2025, confirming a one-year tenure. No disagreements, reportable events, or adverse opinions are disclosed in the filing, indicating a routine rotation.
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We identified the measurement of the impairment of mining hardware and fair value of assets held for sale as a critical audit matter. There was a high degree of audit effort and subjective and complex auditor judgment involved in the impairment and fair value assessment due to the complexity and significant measurement uncertainty. Specifically, the assessment involved evaluating the significant assumptions used in the estimates, including certain adjustments to quoted market values used to estimate the fair value of the mining hardware used to determine the impairment and fair value of assets held for sale.
KPMG's FY26 opinion introduces a new critical audit matter: the $632M impairment of mining hardware and the $111M fair-value decrease on assets held for sale (net book value $72.5M at June 30, 2026). The auditor highlights significant measurement uncertainty and complex judgment around fair-value adjustments to quoted market values. This CAM was absent in FY25, when Raymond Chabot Grant Thornton identified only Bitcoin mining revenue as a CAM.
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the Group recorded impairment expense of $631.7 million on long-lived assets, a substantial portion of which related to Bitcoin mining hardware
FY26 recorded $632M in impairment expense on long-lived assets, predominantly Bitcoin mining hardware. FY25 recorded only $7.2M in impairment. The FY26 charge reflects a material write-down driven by changes in market conditions or recoverability assessments for mining hardware.
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decreases in the fair value of certain mining hardware classified as assets held for sale of $110.6 million during the year ended June 30, 2026. The remaining net book value of assets held for sale at June 30, 2026, was $72.5 million.
FY26 recognized a $111M decrease in the fair value of mining hardware classified as assets held for sale, leaving a net book value of $72.5M at June 30, 2026. FY25 recorded only a $2.2M fair-value decrease on assets held for sale. The FY26 figure is materially larger and reflects significant market-value deterioration for hardware the company intends to dispose of.
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IE US Hardware 3 LLC (the "Financing SPV") is a wholly owned, limited-purpose subsidiary formed to hold and operate the GPU and related equipment supporting the Group's contract with Microsoft, financed with senior secured borrowings under the Group's GPU Financing (see Note 23. Debt). The Group has determined that the Financing SPV is a variable interest entity because its equity at risk is not sufficient to finance its activities without additional financial support from other parties, and that the Group is the primary beneficiary because it directs the activities that most significantly affect the entity's economic performance, the operation and maintenance of the GPUs and management of performance under the customer contract, and through its equity interest and operating exposure, is obligated to absorb losses and has the right to receive benefits that could be significant. Accordingly, the Group consolidates the Financing SPV.
FY26 introduces a new consolidated VIE, IE US Hardware 3 LLC, formed to hold GPU equipment supporting the Microsoft contract and financed with senior secured borrowings. The SPV's assets ($3.3B) and liabilities ($3.1B) are consolidated because the Group is the primary beneficiary. The SPV's debt is non-recourse to the Group except for limited parent guarantees. This structure was absent in FY25.
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On May 4, 2026, the Company entered into a merger agreement to acquire 100% of Mirantis, Inc. (“Mirantis”), a U.S.-based cloud software and services provider. The acquisition closed on August 3, 2026. Aggregate consideration was approximately $544 million, payable through the issuance of 12.6 million Ordinary shares plus cash and restricted stock units of approximately $40 million as of closing. Because the acquisition closed after June 30, 2026, it is a non-recognized subsequent event; accordingly, no assets acquired or liabilities assumed have been recognized in these consolidated financial statements.
FY26 discloses the Mirantis acquisition as a subsequent event. The deal closed August 3, 2026, for ~$544M (12.6M shares plus ~$40M cash/RSUs). Because it closed after the balance-sheet date, no assets or liabilities are recognized in the FY26 financials. The initial purchase-price allocation is incomplete as of the filing date. This is a material strategic acquisition absent from FY25.
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On August 25, 2026, IE Mackenzie Compute Ltd. (the “Borrower”), a British Columbia corporation and wholly owned subsidiary of IREN Limited, entered into certain financing agreements (collectively, the “August 2026 Financing Agreements”) for aggregate financing of up to $2.4 billion, comprised of (i) an approximately $1.2 billion master financing and security agreement (the “MFSA”) and (ii) an approximately $1.2 billion aggregate principal amount of the Borrower’s Notes (the “Notes”) pursuant to a note purchase agreement.
FY26 discloses a subsequent-event financing: on August 25, 2026, subsidiary IE Mackenzie Compute Ltd. entered into $2.4B of GPU-equipment financing ($1.2B MFSA + $1.2B Notes), bearing 9.0% interest and maturing 30 months after funding. This large-scale financing supports GPU servers at the Mackenzie data center and was absent from FY25.
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The Company acquired Nostrum Group during 2026, and management excluded from its assessment of the effectiveness of the Company’s internal control over financial reporting as of June 30, 2026, Nostrum Group’s internal control over financial reporting associated with total assets representing approximately 2% of consolidated total assets and total revenues representing less than 1% of consolidated total revenues included in the consolidated financial statements of the Company as of and for the year ended June 30, 2026.
FY26 discloses the acquisition of Nostrum Group during the year. Nostrum's internal controls are excluded from the ICFR assessment (2% of assets, <1% of revenues). The acquisition is also reflected in the equity rollforward: 837,424 shares issued for $47.5M. This acquisition was absent from FY25.
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Intangible assets, net 15 317,432 — Goodwill 15 36,577 —
FY26 balance sheet includes $317M of intangible assets (net) and $37M of goodwill, both absent in FY25. These balances arise from the Nostrum Group acquisition during FY26.
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Finance lease liability, current portion 22 125,340 — ... Finance lease liability, less current portion 22 118,456 —
FY26 balance sheet includes $244M of finance lease liabilities ($125M current, $118M non-current), absent in FY25. These liabilities relate to GPU equipment leases, including the VIE-consolidated GPU Financing SPV.
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Deferred revenue, less current portion 20 1,796,055 —
FY26 balance sheet includes $1.8B of non-current deferred revenue (plus $46M current), up from $0.9M in FY25. The increase reflects prepayments under the Microsoft AI Cloud Services contract, consolidated through the GPU Financing SPV.
Added in current filing · view on EDGAR → · paraphrased
Restricted cash, current portion 10 $ 1,670,252 $ — Restricted cash, less current portion 10 53,684 —
FY26 balance sheet includes $1.7B of restricted cash ($1.67B current, $54M non-current), absent in FY25. The restricted cash is held by the GPU Financing SPV and is restricted under the terms of the GPU financing agreements.
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Convertible notes payable 18 962,765 —
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Debt, current portion 23 169,370 — ... Debt, less current portion 23 7,423,574 962,765
FY26 debt totals $7.6B ($169M current, $7.4B non-current), up from $963M in FY25. The increase reflects the GPU Financing SPV's senior secured borrowings ($766M non-current, $153M current) and additional convertible notes issued during FY26. FY25 debt consisted solely of convertible notes.
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As at June 30, 2025 and 2024, the Group had commitments of $368,805,000 and 194,641,000, respectively
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As at June 30, 2026 and 2025, the Group had commitments of $13,810.0 million and $368.8 million.
FY26 commitments increased to $13.8B from $369M in FY25, a 37x increase. The FY26 commitments include committed capital expenditure on AI hardware and infrastructure related to site development, reflecting the company's large-scale GPU buildout.
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Stock-based compensation expense 42,642 23,636 14,356
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Stock-based compensation expense 205,023 42,642 23,636
FY26 stock-based compensation expense was $205M, up from $43M in FY25 and $24M in FY24. The increase reflects larger RSU grants, including 9.1M RSUs granted to each Co-CEO on July 1, 2026 (subsequent event), and the acceleration of expense recognition for modified awards.
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On July 1, 2026, following Board approval on June 30, 2026, the Company granted an award of 9,099,328 restricted share units to each of its Co-Chief Executive Officers under the Company’s 2025 Omnibus Plan. The awards will vest in equal annual installments over the four-year period following the grant date, subject to continued service through the applicable vesting date. In addition, following the applicable vesting date, each tranche of RSUs will be subject to an additional two-year post-vesting holding period requirement during which the Co-CEOs generally may not sell, transfer, or otherwise monetize the vested RSUs.
FY26 discloses a subsequent-event grant of 9.1M RSUs to each Co-CEO (18.2M total), vesting over four years with an additional two-year post-vesting holding period. The aggregate grant-date fair value will be recognized as expense over the four-year service period. No related expense was recognized in FY26.
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In April 2025, the Group received a Notice of Action (‘NOA’) from U.S. Customs and Border Protection challenging the country of origin of mining hardware imported by the Group to the U.S. between April 2024 and February 2025. The NOA asserted that the country of origin of the mining hardware is China and notified the Group of an assessment of a U.S. importation tariff of 25%. The seller has represented to the Group that the country of origin of the mining hardware was not China. Certificates of origin and/or commercial invoices and shipping documents for all mining hardware shipments assessed in the NOA have been provided to the Group to support this claim. The Group intends to contest the NOA and the associated tariff cost of approximately $100 million. While the outcome of this matter is uncertain at this time, the Group has determined it is not probable that it will result in a future cash outflow and, as such, no loss contingency was recorded as of June 30, 2025.
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In April 2025, the Group received a Notice of Action (“NOA”) from U.S. Customs and Border Protection challenging the country of origin of mining hardware imported by the Group to the U.S. between April 2024 and February 2025. The NOA asserted that the country of origin of the mining hardware is China and notified the Group of an assessment of a U.S. ... importation tariff of 25%. The seller has represented to the Group that the country of origin of the mining hardware was not China. Certificates of origin and/or commercial invoices and shipping documents for all mining hardware shipments assessed in the NOA have been provided to the Group to support this claim. The Group has contested the NOA and the associated tariff cost of approximately $100 million. While the outcome of this matter is uncertain at this time, the Group has determined it is not probable that it will result in a future cash outflow and, as such, no loss contingency was recorded as of June 30, 2026.
FY26 and FY25 both disclose the April 2025 U.S. Customs NOA challenging the country of origin of mining hardware and asserting a $100M tariff. The disclosure is substantively unchanged: the company contests the NOA, has provided supporting documentation, and has determined no loss contingency is probable. The only change is the balance-sheet date reference (June 30, 2026 vs. 2025) and verb tense ("has contested" vs. "intends to contest").
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The Canada Revenue Agency (“CRA”) asserts that 5% Goods and Services Tax (“GST”) should be applied to services exported to the Australian parent under an intercompany services agreement. The CRA’s position is based on its determination that the Australian parent has a permanent establishment in Canada, thereby requiring the Canadian subsidiaries to charge and remit GST on those services. On March 31, 2025, the Group received a Notice of Confirmation from the CRA upholding this assessment. In response, the Group filed a Notice of Appeal with the Tax Court of Canada to dispute the assessment. As at June 30, 2026, the total amount of GST under dispute related to the services supplied to the Australian parent entity is approximately $27.6 million. Based on the current status of the dispute and the strength of the Group’s legal position, the Group has concluded that it is reasonably possible, but not probable that an outflow of economic resources will be required as at June 30, 2026. Accordingly, the Group has not recorded a loss contingency as at June 30, 2026 in respect of this matter.
FY26 discloses a new Canadian GST contingency: the CRA asserts $27.6M in GST is owed on intercompany services to the Australian parent, based on a determination that the parent has a permanent establishment in Canada. The company received a Notice of Confirmation on March 31, 2025, and filed a Notice of Appeal with the Tax Court of Canada. The company has determined the outflow is reasonably possible but not probable, and has not recorded a loss contingency. This contingency was absent from FY25.
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NYDIG, who was the lender under limited recourse equipment financing loans to IE CA 3 Holdings Ltd. and IE CA 4 Holdings Ltd. (bankrupt entities for which PricewaterhouseCoopers (“PwC”) is currently acting as receiver and trustee) (“Non-Recourse SPVs”), has brought claims against the Non-Recourse SPVs and the Company. All claims except the oppression remedy, which had been dismissed by the Trial Court, were unsuccessful. In addition PwC as receiver and trustee of the Non-Recourse SPVs’ estates continued its investigation of the affairs of the Non-Recourse SPVs in Canada and Australia. On August 12, 2025, the Company entered into a settlement agreement with NYDIG, PwC, the Non-Recourse SPVs and their local representatives in Australia to terminate all current proceedings and release all claims related to the financing loans and the subsequent receivership and bankruptcies. The Company has agreed to pay a settlement amount to NYDIG of $20 million and has been recorded as a loss contingency in the Group’s consolidated financial statements as of June 30, 2025.
FY25 disclosed a subsequent-event settlement with NYDIG and PwC on August 12, 2025, for $20M, recorded as a loss contingency in the FY25 financials. FY26 does not repeat this disclosure, consistent with lifecycle removal: the settlement was a discrete event that closed in August 2025 and is no longer current news. The $20M liability would have been paid or reclassified during FY26.
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Following the adoption of ASU 2023-09, cash paid for income taxes, net of refunds, for the year ended June 30, 2026, was as follows: Year ended June 30, | (in USD thousands) 2026 | Federal jurisdictions: $ — | State / Provincial jurisdictions: — | Other foreign jurisdictions: | Foreign 2,696 | Total other foreign jurisdictions 2,696 Total income taxes paid, net of refunds received $ 2,696
FY26 adopted ASU 2023-09, which requires enhanced income-tax disclosures. The filing includes a new table showing cash paid for income taxes by jurisdiction ($2.7M foreign, $0 federal/state). This disclosure was absent in FY25 and reflects the new standard's requirements.
Risk Factors
Added Mirantis acquisition integration risks, expanded digital asset regulatory detail (CLARITY Act, Trump EOs, SEC Crypto Task Force), and updated tax/litigation disclosures.
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Our recent acquisitions, and our expansion into new jurisdictions, increase these risk and compliance expenses. Mirantis and Nostrum Group were not previously subject to the reporting, internal control and other obligations that apply to a U.S.-listed public company, and have not historically operated under our policies, processes and internal controls. Integrating these businesses, including their financial reporting systems, disclosure controls and procedures, internal control over financial reporting, and legal and regulatory compliance programs, in the case of Nostrum Group across new jurisdictions in Europe, will require significant management attention and additional expenditure, and may take longer or cost more than we anticipate. During this integration period, we may fail to identify or timely remediate deficiencies in the acquired businesses’ controls, processes or compliance arrangements, and the acquired businesses may fail to comply with applicable laws and regulations or with our internal policies. Additionally, as we expand into new jurisdictions, we are required to manage multiple new entities across jurisdictions that are new to us, demanding significant management attention. Any such failure could result in regulatory investigations, penalties or litigation, remediation costs, reputational harm, or a determination that our disclosure controls and procedures or internal control over financial reporting are not effective.
The current filing adds a new risk factor describing integration challenges from the Mirantis and Nostrum Group acquisitions, including control deficiencies, compliance failures, and the complexity of managing entities in new European jurisdictions. This is a new disclosure tied to the August 2026 Mirantis acquisition.
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We have recently implemented a new ERP system, which included multiple business areas across the organization. Any issues, problems, and errors from the implementation of the ERP system or its subsequent operation may impact our continued ability to successfully operate our business or to timely and accurately report our financial results. In addition, the implementation of our new ERP will require new procedures and certain modifications to our disclosure controls and procedures and internal control over financial reporting, and it will take time for such procedures and controls to become mature in their operation. If we are unable to adequately implement and maintain procedures and controls relating to our new ERP, our ability to produce timely and accurate financial statements or comply with applicable regulations could be impaired and impact our assessment of the effectiveness of our internal controls over financial reporting.
The current filing adds a new risk factor describing potential disruptions from a recently-implemented ERP system, including operational impacts, financial reporting delays, and control maturation challenges. This is a new operational risk not present in the baseline.
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Furthermore, changes in U.S. political leadership and economic policies have resulted in a marked shift in federal policy towards digital assets and digital asset markets. For example, on March 6, 2025, President Trump signed an Executive Order to establish a Strategic Bitcoin Reserve and a United States Digital Asset Stockpile. Pursuant to this Executive Order, the Strategic Bitcoin Reserve will be capitalized with Bitcoin owned by the Department of Treasury that was forfeited as part of criminal or civil asset forfeiture proceedings, and the Secretaries of Treasury and Commerce are authorized to develop budget-neutral strategies for acquiring additional Bitcoin, provided that those strategies impose no incremental costs on American taxpayers. Conversely, the Digital Asset Stockpile will consist of all digital assets other than Bitcoin owned by the Department of Treasury that were forfeited in criminal or civil asset forfeiture proceedings, but the U.S. Government will not acquire additional assets for the U.S. Digital Asset Stockpile beyond those obtained through such proceedings. In January 2025, President Trump issued an Executive Order that outlined the administration’s commitment to “strengthening American leadership in digital financial technology” and established an interagency working group that is tasked with “proposing a Federal regulatory framework governing the issuance and operation of digital assets” in the United States. Pursuant to this Executive Order, the working group released a report in July 2025 outlining the administration's recommendations to Congress and various agencies reflecting the administrations “pro-innovation mindset toward digital assets and blockchain technologies.” In particular, the report recommends that Congress enact legislation regarding self custody of digital assets, clarifying the applicability of Bank Secrecy Act obligations with respect to digital asset service providers, granting the CFTC authority to regulate spot markets in non-security digital assets, prohibiting the adoption of a Central Bank Digital Currency, and clarifying tax laws as relevant to digital assets. In addition, the report recommends that agencies reevaluate existing guidance on digital asset activities, use existing authorities to enable the trading of digital assets at the federal level, embrace decentralized finance, or DeFi, launch or relaunch crypto innovation efforts, and promote U.S. private sector leadership in the responsible development of cross-border payments and financial markets technologies, among others.
The current filing adds extensive new disclosure describing the Trump administration's pro-crypto policy shift, including two Executive Orders (Strategic Bitcoin Reserve in March 2025, digital financial technology framework in January 2025) and the July 2025 working group report with specific legislative and regulatory recommendations. This is a material expansion of the regulatory landscape section, reflecting a significant change in the federal policy environment for digital assets.
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In January 2025, the SEC launched a Crypto Task Force dedicated to developing a comprehensive and clear regulatory framework for digital assets led by Commissioner Hester Peirce. Subsequently, Commissioner Peirce announced a list of specific priorities to further that initiative, which included pursuing final rules related to a digital asset’s security status, a revised path to registered offerings and listings for digital asset-based investment vehicles, and clarity regarding digital asset custody, lending and staking. On July 31, 2025, Chairman Atkins announced “Project Crypto,” a commission-wide initiative to modernize securities rules for digital assets, reshore innovation in the United States, and implement the recommendations of the working group report. Chairman Atkins had directed the SEC’s policy divisions to work with the Crypto Task Force to draft “clear and simple rules of the road for crypto asset distributions, custody, and trading,” and the Commission and SEC staff have also been using interpretive, exemptive, and other authorities with respect to digital asset markets. In March 2026, the SEC issued a Commission-level interpretation clarifying how the federal securities laws apply to certain crypto assets and transactions involving crypto assets. The interpretation lists 18 crypto assets, including Bitcoin, that as of the date of the release, qualify as “digital commodities,” which are non-security crypto assets. The CFTC joined the interpretation to provide guidance that the CFTC and its staff will administer the CEA consistent with the interpretation. Even if a crypto asset is deemed to be a non-security crypto asset (such as a digital commodity), the interpretation takes the view that the non-security crypto asset may still be subject to an investment contract, even in the secondary market—and thus secondary market transactions, even in such non-security crypto assets, might be subject to the federal securities laws.
The current filing adds detailed disclosure about the SEC's January 2025 Crypto Task Force, July 2025 Project Crypto initiative, and March 2026 Commission-level interpretation defining 18 digital commodities (including Bitcoin). This is a material expansion describing the SEC's shift toward a clearer regulatory framework, including the nuance that even non-security crypto assets may be subject to securities laws in certain contexts.
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For example, the CLARITY Act was passed by the House of Representatives in July 2025, which would, if enacted, regulate digital asset markets and digital asset trading platforms in the United States.
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For example, the Digital Asset Market Clarity Act of 2025 (“CLARITY Act”) would, if enacted, regulate digital asset markets and digital asset trading platforms in the United States. The CLARITY Act was passed by the House of Representatives in July 2025, and another version of the CLARITY Act passed out of a Senate committee in May 2026, but has not yet been taken up by the full Senate.
The current filing updates the CLARITY Act's legislative status, adding that a Senate committee version passed in May 2026 but has not yet reached the full Senate. The baseline only mentioned House passage in July 2025. This is a material update on the progress of federal digital asset legislation.
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Between February 2025 and May 2025, the SEC entered into court-approved joint stipulations to dismiss each of the Binance Complaint, Coinbase Complaint and the Kraken Complaint. The SEC has terminated its investigations or enforcement actions into many other digital asset market participants as well.
The current filing adds disclosure that the SEC dismissed its enforcement actions against Binance, Coinbase, and Kraken between February and May 2025, and terminated investigations into many other digital asset participants. The baseline described these as pending enforcement actions. This is a material development reflecting the administration's shift away from aggressive enforcement.
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Similar to SEC Chairman Atkins, CFTC then-Acting Chairman Pham announced on August 1, 2025 a “crypto sprint” to begin implementing the recommendations of the working group report.
The current filing adds disclosure that the CFTC announced a 'crypto sprint' in August 2025 to implement the working group's recommendations, paralleling the SEC's Project Crypto. This is a new development showing coordinated regulatory action across agencies.
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In October 2023, California enacted the Digital Financial Assets Law (“DFAL”). As of July 1, 2026, DFAL prohibits any person or entity engaging in digital financial asset business activity or holding itself out as being engaged in digital financial asset business activity, with or on behalf of a resident of California (including businesses with a place of business in California), unless that person or entity either (i) holds a license under the DFAL, (ii) has submitted an application for such license on or before July 1, 2026 and is awaiting approval or denial of that application, or (iii) is exempt from licensure.
The current filing adds that California's DFAL became effective July 1, 2026, requiring licensure for digital financial asset business activity with California residents. The baseline mentioned DFAL's October 2023 enactment but did not specify the effective date. This is a material update reflecting the law now being in force.
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The lead plaintiffs then filed a second amended complaint on November 12, 2024. The second amended complaint, which has substantial similarities to the prior complaint, asserts claims under Section 10(b) and 20(a) of the Exchange Act and Sections 11, 12(a) (2), and 15 of the Securities Act, purportedly on behalf of a putative class of all persons and entities who purchased or otherwise acquired (a) IREN Ordinary shares pursuant and/or traceable to the Company’s IPO and/or (b) IREN securities between November 17, 2021 and November 1, 2022, both dates inclusive. It contends that certain statements made by the Company and certain of its officers and directors, including in the Company’s IPO Registration Statement and Prospectus, were allegedly false or misleading and seeks unspecified damages on behalf of the putative ... class. The Company believes these claims are without merit and intends to defend itself vigorously. On January 21, 2025, the Company served a motion to dismiss the second amended complaint in its entirety. The lead plaintiffs served their opposition to the motion to dismiss on March 24, 2025, and the Company on May 9, 2025 served its reply in further support of its motion to dismiss. The motion is fully briefed and remains pending.
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On February 18, 2026, the court granted the Company's motion to dismiss in full and dismissed the second amended complaint with prejudice. On March 13, 2026, the lead plaintiffs filed a notice of appeal to the U.S. Court of Appeals for the Third Circuit, and the appeal remains pending.
The current filing updates the securities class action status: the court dismissed the case with prejudice in February 2026, but plaintiffs appealed to the Third Circuit in March 2026. The baseline described the motion to dismiss as pending. This is a material development — dismissal with prejudice is favorable, but the appeal keeps the matter open.
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For example, as reported in the Annual Report on Form 20-F/A for the year ended June 30, 2025, management determined that the Company did not maintain an effective control environment, which lead to a material weakness in internal control over financial reporting that was subsequently remediated as of June 30, 2025.
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For example, as reported in the Annual Report on Form 20-F/A for the year ended June 30, 2024, management determined that the Company did not maintain an effective control environment, which led to a material weakness in internal control over financial reporting that was subsequently remediated as of June 30, 2025.
The current filing corrects the reference from 'Form 20-F/A for the year ended June 30, 2025' to 'Form 20-F/A for the year ended June 30, 2024' — the material weakness was reported in the FY2024 filing and remediated as of June 30, 2025. This is a clarification of the timeline, not a change in the underlying fact.
Financial Statements
Primary statements as printed on the EDGAR filing (iXBRL face). Companyfacts is used only when a statement is not on the HTML face. Not generated by the model.
Consolidated Statements of Operations and Comprehensive Income (Loss)
(in USD thousands, except share and per share data)
| Description | Years ended June 30, 2026 | Years ended June 30, 2025 | Years ended June 30, 2024 |
|---|---|---|---|
| Revenue: | |||
| AI Cloud Services Revenue | 128,795 | 16,394 | 3,105 |
| Bitcoin Mining Revenue | 578,212 | 484,629 | 184,087 |
| Total revenue | 707,007 | 501,023 | 187,192 |
| Cost of revenue (exclusive of depreciation and amortization shown below): | |||
| AI Cloud | (16,932) | (1,319) | (379) |
| Bitcoin Mining | (202,774) | (157,673) | (86,688) |
| Total cost of revenue | (219,706) | (158,992) | (87,067) |
| Operating (expenses) income: | |||
| Selling, general and administrative expenses | (449,115) | (136,458) | (70,424) |
| Depreciation and amortization | (417,729) | (181,136) | (50,470) |
| Impairment of assets | (638,805) | (7,223) | — |
| Gain (loss) on disposal of property, plant and equipment | (24,908) | 4,002 | 43 |
| Other operating expenses | (15,157) | (13,302) | (8,074) |
| Other operating income | 11,699 | 9,413 | 1,566 |
| Total operating (expenses) income | (1,534,014) | (324,704) | (127,359) |
| Operating (loss) income | (1,046,714) | 17,327 | (27,234) |
| Other (expense) income: | |||
| Finance expense | (59,251) | (11,045) | (98) |
| Interest income | 80,631 | 7,504 | 5,831 |
| Increase (decrease) in fair value of assets held for sale | (110,622) | (2,160) | — |
| Realized gain (loss) on financial instruments | (9,269) | (4,215) | 4,121 |
| Unrealized gain (loss) on financial instruments | 558,541 | 77,518 | (3,448) |
| Gain on partial extinguishment of financial liabilities | — | 9,093 | — |
| Debt conversion inducement expense | (111,799) | — | — |
| Foreign exchange gain (loss) | (10,273) | (1,339) | (4,747) |
| Other non-operating income | 72 | 817 | 108 |
| Total other (expense) income | 338,029 | 76,173 | 1,767 |
| Income (loss) before taxes | (708,683) | 93,501 | (25,467) |
| Income tax (expense) benefit | 6,062 | (6,560) | (3,453) |
| Net income (loss) | (702,621) | 86,941 | (28,920) |
| Net income (loss) per share of Ordinary shares: | |||
| Basic net income (loss) per share of Ordinary shares | (2.22) | 0.41 | (0.29) |
| Basic weighted-average shares used in computing net income (loss) per share of Ordinary shares | 316,123,145 | 214,586,767 | 99,640,920 |
| Diluted net income (loss) per share of Ordinary shares | (2.22) | 0.39 | (0.29) |
| Diluted weighted-average shares used in computing net income (loss) per share of Ordinary shares | 316,123,145 | 223,245,651 | 99,640,920 |
| Net income (loss) | (702,621) | 86,941 | (28,920) |
| Other comprehensive income (loss): | |||
| Gain (loss) on cash flow hedges, net of tax | 3,141 | — | — |
| Change in foreign currency translation adjustments, net of tax | (14,492) | 4,921 | (339) |
| Total other comprehensive income (loss), net of tax | (11,351) | 4,921 | (339) |
| Total comprehensive income (loss) | (713,972) | 91,862 | (29,259) |
Consolidated Balance Sheets
(in USD thousands, except share and per share data)
| Description | June 30, 2026 | June 30, 2025 |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | 5,895,591 | 564,526 |
| Restricted cash, current portion | 1,670,252 | — |
| Accounts receivable, net | 21,062 | 1,564 |
| Deposits and prepaid expenses | 189,140 | 45,908 |
| Derivative assets | — | 5,756 |
| Assets held for sale | 72,540 | — |
| Income taxes receivable | 1,122 | 2,581 |
| Other assets | 36,469 | 20,838 |
| Total current assets | 7,886,176 | 641,173 |
| Non-current assets | ||
| Property, plant and equipment, net | 6,753,183 | 1,930,567 |
| Intangible assets, net | 317,432 | — |
| Goodwill | 36,577 | — |
| Operating lease right-of-use asset, net | 2,720 | 1,463 |
| Restricted cash, less current portion | 53,684 | — |
| Deposits and prepaid expenses | 265,956 | 32,916 |
| Financial assets | — | 211,617 |
| Derivative assets | 415,641 | 122,100 |
| Other assets | 58,670 | 486 |
| Total non-current assets | 7,903,863 | 2,299,150 |
| Total assets | 15,790,039 | 2,940,323 |
| Liabilities and stockholders' equity | ||
| Current liabilities | ||
| Accounts payable and accrued expenses | 1,825,392 | 144,115 |
| Operating lease liability, current portion | 555 | 404 |
| Finance lease liability, current portion | 125,340 | — |
| Debt, current portion | 169,370 | — |
| Income taxes payable, current portion | — | — |
| Deferred revenue, current portion | 46,491 | 884 |
| Other liabilities, current portion | 53,952 | 3,945 |
| Total current liabilities | 2,221,100 | 149,347 |
| Non-current liabilities | ||
| Operating lease liability, less current portion | 2,231 | 1,063 |
| Finance lease liability, less current portion | 118,456 | — |
| Debt, less current portion | 7,423,574 | 962,765 |
| Deferred revenue, less current portion | 1,796,055 | — |
| Deferred tax liabilities | 30,832 | 7,971 |
| Income taxes payable, less current portion | 4,283 | 1,454 |
| Other liabilities, less current portion | 7,894 | 234 |
| Total non-current liabilities | 9,383,326 | 973,488 |
| Total liabilities | 11,604,426 | 1,122,835 |
| Commitments and contingencies (See Note 29) | ||
| Stockholders' equity | ||
| Ordinary shares, no par value; 380,193,608 and 258,103,209 shares issued and outstanding as of June 30, 2026 and June 30, 2025, respectively | 7,172,887 | 2,355,056 |
| B Class shares, no par value; 2 shares authorized; and 2 shares issued and outstanding as of June 30, 2026 and June 30, 2025 | — | — |
| Additional paid-in capital | (1,647,061) | 88,672 |
| Retained earnings (accumulated deficit) | (1,298,789) | (596,167) |
| Accumulated other comprehensive income (loss) | (41,424) | (30,073) |
| Total stockholders' equity | 4,185,613 | 1,817,488 |
| Total liabilities and stockholders' equity | 15,790,039 | 2,940,323 |
Consolidated Statements of Cash Flows
(in USD thousands)
| Description | Years ended June 30, 2026 | Years ended June 30, 2025 | Years ended June 30, 2024 |
|---|---|---|---|
| Operating activities | |||
| Net income (loss) | (702,621) | 86,941 | (28,920) |
| Adjustments to reconcile net income (loss) to net cash from (used in) operating activities: | |||
| Depreciation and amortization | 417,729 | 181,136 | 50,470 |
| Impairment of assets | 638,805 | 7,223 | — |
| Change in fair value of assets held for sale | 110,622 | 2,160 | — |
| Other non-operating income | — | — | (108) |
| Realized (gain) loss on financial asset | 8,667 | 4,215 | (4,121) |
| Unrealized (gain) loss on financial instrument | (558,541) | (77,518) | 3,448 |
| Debt conversion inducement expense | 111,799 | — | — |
| Other (income) expense | — | 11,811 | — |
| Other finance expense | — | 586 | — |
| (Gain) loss on disposal of property, plant and equipment | 24,908 | (4,002) | (43) |
| Foreign exchange loss (gain) | 9,919 | 3,821 | (3,507) |
| Gain on partial extinguishment of financial liabilities | — | (9,093) | — |
| Amortization of debt issuance costs | 9,408 | 1,400 | — |
| Stock-based compensation expense | 205,023 | 42,642 | 23,636 |
| Changes in assets and liabilities: | |||
| Accounts receivable and other receivables | (29,434) | (9,656) | (5,588) |
| Financial asset, current | — | 6,530 | — |
| Accounts payable and accrued expenses | 38,017 | 16,689 | 10,072 |
| Other assets | 494 | — | |
| Tax related receivables | — | (2,581) | — |
| Tax related liabilities | (9,136) | 4,911 | 1,357 |
| Other liabilities | 49,506 | 2,718 | 409 |
| Deferred revenue | 1,841,662 | (1,674) | 2,558 |
| Prepayments and deposits | (67,727) | (22,227) | 2,940 |
| Operating lease liabilities | 1,319 | (146) | (384) |
| Net cash from (used in) operating activities | 2,100,418 | 245,886 | 52,219 |
| Investing activities | |||
| Payments for property, plant and equipment, net of computer hardware | (2,998,006) | (573,456) | (141,855) |
| Payments for computer hardware | (1,335,081) | (799,171) | (338,054) |
| Payments for intangible assets | (107,573) | — | — |
| Payments for other prepayments and deposits | (203,439) | (19,502) | (18,600) |
| Proceeds from disposal of property, plant and equipment | 23,782 | 11,172 | 43 |
| Deposits paid for right-of-use assets | (10,184) | — | — |
| Payment for the acquisition of subsidiaries | (92,483) | — | — |
| Proceeds from release of deposits | — | 470 | — |
| Net cash from (used in) investing activities | (4,722,984) | (1,380,487) | (498,466) |
Amounts as printed on the EDGAR/iXBRL face — (in USD thousands, except share and per share data); (in USD thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 28, 2026 · How we verify