I
IREN
GPU cloudMiner pivotNASDAQ:IRENIREN is a GPU cloud that began as a bitcoin miner based in Sydney, Australia, founded in 2018. It is publicly listed (NASDAQ:IREN).
Capacity, contracted300 MWas disclosed
Capacity, operating—not disclosed
Market cap$9.09Bmarket cap, 9 Nov 2026
Compute deals on record7$13.1B confirmed contract value
Key facts
| Classification | GPU cloud, miner pivotHow types are assigned |
| Status | Listed, NASDAQ:IREN |
| Headquarters | Sydney, Australia |
| Founded | 2018 |
| Founders | Daniel RobertsXLinkedIn |
| Capacity and backlog | IREN reported more than 5 GW of secured power, a contracted AI cloud program of more than $4 billion in annualized revenue covering 0.3 GW of IT capacity, now targeted for January-February 2027, and a revenue backlog of $20.3 billion (results for the quarter ended 30 September 2026). It targets 0.8 GW of data center capacity by the end of 2027. |
| Chips | NVIDIA GB300 NVL72; H100 |
| Named customers | Microsoft, Nvidia |
| Latest financing | $3.6B, GPU financing for Microsoft contract (Goldman Sachs, JPMorgan), 29 May 2026 |
| Debt and financing | IREN issued about $3 billion of convertible notes in the quarter ended 30 June 2026 and drew $2.36 billion from financing facilities in the quarter ended 30 September 2026 (quarterly results). In May 2026 it signed a $3.6 billion GPU financing for its Microsoft contract arranged by Goldman Sachs and JPMorgan (current report). |
| Website | iren.com |
| Profiles and work | X @IREN_LtdLinkedInYouTubeHow links are checked, checked 10 Nov 2026 |
Compute deals and financings
| Date | Counterparty | Role | Type | Value | Capacity | Status | Source · checked |
|---|---|---|---|---|---|---|---|
| 5 Nov 2026 | Undisclosed frontier AI lab | Provider | Capacity contract | undisclosed | — | Confirmed | |
| 12 Oct 2026 | Anthropic | Provider | Capacity contract | undisclosed | — | Reported | |
| 29 May 2026 | Goldman Sachs, JPMorgan (joint lead arrangers) | Buyer | Debt financingNVIDIA GB300 | $3.6B | — | Confirmed | |
| 12 May 2026 | Convertible note investors (144A) | Buyer | Debt financing | $2.6B | — | Confirmed | sec.gov offering of $2.6 billion aggregate principal amount of 1.00% convertible senior notes due 2033checked 9 Nov 2026 |
| 7 May 2026 | NVIDIA | Provider | Capacity contractNVIDIA Blackwell (air-cooled) | $3.4B | 60 MW | Confirmed | sec.gov We also signed a 5-year, $3.4bn AI Cloud contract with NVIDIA and entered into a broader strategic partnershipchecked 9 Nov 2026 |
| 8 Dec 2025 | Convertible note investors (144A) | Buyer | Debt financing | $2.3B | — | Confirmed | sec.gov IREN closed its offering of $1.15 billion aggregate principal amount of 0.25% convertible senior notes due 2032checked 9 Nov 2026 |
| 3 Nov 2025 | Microsoft | Provider | Capacity contractNVIDIA GB300 | $9.7B | 200 MW | Confirmed |
Latest posts on X
The most recent posts from @IREN_Ltd, the X account of IREN, quoted as posted. Replies and reposts are left out. How posts are selected.
Q1 FY27 at a glance: Explore IREN's quarter-on-quarter growth in operating capacity, revenue, and customer commitments from our latest investor presentation. View the presentation: iren.com/api/media/file/Q1-FY27%20Present… Read more: iren.gcs-web.com/static-files/8b5ff1cc-4a…
View the post on X · With 1 image
Development and construction advancing across our geographically diversified portfolio. This is what execution at scale looks like.
View the post on X · With video
New multi-year contracts. Disciplined capital allocation. Flexibility to set our own pace of growth. Value at every layer of the platform. Last quarter, AI Cloud revenue nearly tripled to $200 million. Other highlights from our Q1 FY27 results: - Total quarterly revenue increased 66% sequentially to $228 million - AI Cloud quarterly revenue increased 182% sequentially to $200 million - AI Cloud segment gross margin of 86%, in line with prior quarter - Revenue backlog increased 22% sequentially to $20.3 billion; approximately two-thirds with investment-grade counterparties - More than…
Read the full post on X · With 1 image
checked 10 Nov 2026
Is IREN publicly traded?
Yes. IREN is listed as NASDAQ:IREN. Its market capitalisation was $9.09B on 9 Nov 2026. Company filings are the primary source for its capacity, backlog and debt figures.
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Other GPU clouds on the ledger
| Company | Status | Contracted | Operating | Valuation / market cap |
|---|---|---|---|---|
| DDigitalOcean | NYSE:DOCN | 180 MW | — | $9.24B |
| FFirmus | Private | — | — | $10.5B |
| FFluidstack | Private | — | — | $7.5B |
| LLambda | Private | — | — | $14.5B |
| NNscale | Private | 1.37 GW | — | $14.6B |
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