IREN Ltd IREN
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 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.
Valuation FY2026 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $707.0M | $501.0M | $187.2M | $75.5M | $59.0M | $7.9M | $2.2M | — |
| Cost of revenue | $219.7M | $159.0M | $87.1M | $39.4M | — | — | — | — |
| Gross profit | $487.3M | $342.0M | $100.1M | $36.1M | — | — | — | — |
| SG&A | $449.1M | $136.5M | $70.4M | $49.0M | — | — | — | — |
| Operating income | -$1.05B | $17.3M | -$27.2M | -$157.2M | $307.0K | -$524.0K | -$1.7M | — |
| Interest expense | $59.3M | $11.0M | $98.0K | $16.2M | — | — | — | — |
| Pre-tax income | -$708.7M | $93.5M | -$25.5M | -$169.4M | — | — | — | — |
| Income tax | $6.1M | $6.6M | $3.5M | $2.4M | — | — | — | — |
| Net income | -$702.6M | $86.9M | -$28.9M | -$171.8M | -$419.8M | -$60.4M | -$2.1M | — |
| EPS, basic | -2.22 | 0.41 | -0.29 | -3.14 | — | — | — | — |
| EPS, diluted | -2.22 | 0.39 | -0.29 | -3.14 | — | — | — | — |
| Shares, diluted (wtd. avg.) | $316.1M | $223.2M | $99.6M | $54.8M | — | — | — | — |
Balance sheet
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $5.90B | $564.5M | $404.6M | $68.9M | $110.0M | — | — | — |
| Short-term investments | — | $0 | $6.5M | — | — | — | — | — |
| Receivables | $21.1M | $1.6M | $152.0K | — | — | — | — | — |
| Total current assets | $7.89B | $641.2M | $452.4M | — | — | — | — | — |
| Property, plant and equipment | — | $1.93B | $441.4M | — | — | — | — | — |
| Goodwill | $36.6M | $0 | $0 | — | — | — | — | — |
| Other intangibles | $317.4M | $0 | — | — | — | — | — | — |
| Total assets | $15.79B | $2.94B | $1.15B | $332.1M | $570.5M | $134.5M | $11.6M | — |
| Accounts payable | $1.30B | $81.7M | $27.3M | — | — | — | — | — |
| Short-term debt | $169.4M | $0 | — | — | — | — | — | — |
| Total current liabilities | $2.22B | $149.3M | $51.1M | — | — | — | — | — |
| Long-term debt | $7.42B | $962.8M | — | — | — | — | — | — |
| Total liabilities | $11.60B | $1.12B | $55.3M | — | — | — | — | — |
| Retained earnings | -$1.30B | -$596.2M | -$683.1M | — | — | — | — | — |
| Total equity | $4.19B | $1.82B | $1.10B | $305.4M | $437.4M | -$49.5M | $8.8M | $1.7M |
Cash flow
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.10B | $245.9M | $52.2M | $5.7M | — | — | — | — |
| Depreciation and amortisation | $417.7M | $181.1M | $50.5M | $30.7M | — | — | — | — |
| Stock-based compensation | $205.0M | $42.6M | $23.6M | $14.4M | — | — | — | — |
| Capital expenditure | $3.00B | $573.5M | $141.9M | $116.1M | — | — | — | — |
| Investing cash flow | -$4.72B | -$1.38B | -$498.5M | -$71.5M | — | — | — | — |
| Financing cash flow | $9.68B | $1.29B | $782.6M | $28.6M | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001878848-26-000052.
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| SYF | Synchrony Financial | $26.00B | 8.6x | — |
| CRCL | Circle Internet Group, Inc. | $25.33B | — | 624.0% |
| SOFI | SoFi Technologies, Inc. | $23.53B | 46.7x | 23.1% |
| BMNR | BITMINE IMMERSION TECHNOLOGIES, INC. | $15.06B | 1.9x | 84.1% |
| CHYM | Chime Financial, Inc. | $12.82B | — | 30.7% |