IREN Limited has entered into large-scale GPU purchase agreements with Dell entities in Canada and the U.S. A Canadian subsidiary agreed to buy GPUs and related products from Dell Canada for an aggregate purchase price of approximately $2.3 billion, while a U.S. subsidiary agreed similar purchases from Dell USA for approximately $1.2 billion. Deliveries are scheduled in phases during the second half of 2026, with payments due within 30 days of each shipment, and IREN is unconditionally guaranteeing its subsidiaries’ obligations.
In a related announcement, IREN said these orders cover over 50,000 NVIDIA B300 GPUs, expanding its fleet to 150,000 GPUs. The company expects this fleet to support AI Cloud annualized run-rate revenue of over $3.7 billion by the end of 2026 and plans approximately $3.5 billion of additional capex for these orders in H2 2026. IREN reports securing $9.3 billion of funding in the past eight months and has also established an at-the-market equity program as part of its capital management framework.
IREN Limited received an amended Schedule 13G filing showing that a group of affiliated Susquehanna entities reports beneficial ownership of 13,954,021 ordinary shares, or 4.2% of the company’s outstanding stock as of December 31, 2025.
The reporting group includes Capital Ventures International, Susquehanna Advisors Group, G1 Execution Services, SIG Brokerage, Susquehanna Portfolio Strategies, and Susquehanna Securities. The filing notes that SIG Brokerage’s stake includes options to buy 154,900 shares and Susquehanna Securities’ stake includes options to buy 12,567,300 shares. The group certifies the position is held in the ordinary course of business and not to change or influence control.
IREN Limited reports strong growth and a major strategic shift in its quarter ended December 31, 2025. Quarterly revenue rose to $184.7 million from $116.1 million, driven mainly by Bitcoin mining and rapidly expanding AI Cloud Services revenue of $17.3 million versus $2.7 million a year earlier.
Despite this, IREN posted a quarterly net loss of $155.4 million, compared with a $21.9 million loss last year, reflecting higher operating costs, large non‑cash items, and $31.8 million of asset impairments. For the six months, however, it generated net income of $229.2 million versus a $73.6 million loss, helped by a $557.6 million unrealized gain on financial instruments and earlier profitability.
The company is investing heavily in data centers and GPUs. Cash and cash equivalents jumped to $3.26 billion from $564.5 million at June 30, 2025, while property, plant and equipment increased to $3.17 billion. Convertible notes payable climbed to $3.69 billion, reflecting several large zero‑ or low‑coupon issuances.
IREN is pivoting toward high‑performance computing. AI Cloud Services revenue is backed by a new Microsoft agreement with approximately $9.7 billion total contract value for dedicated GPU services over about five years. Remaining performance obligations reached $289.4 million, and new connection‑rights intangibles and Oklahoma development support future capacity.
IREN Limited filed a current report to furnish its latest earnings release. The company reported financial results for the three months ended December 31, 2025, and attached the related press release as Exhibit 99.1.
The press release is incorporated by reference, but the company specifies that this information is being furnished, not filed, so it is not subject to liability under Section 18 of the Exchange Act and will only be incorporated into other securities filings if specifically referenced.
IREN Ltd received an amended Schedule 13G/A from Jane Street entities reporting a sizable but sub-5% ownership position in its ordinary shares. Jane Street Group, LLC and its affiliates report beneficial ownership of 15,447,088.34 ordinary shares, representing 4.7% of the class.
This total includes 342,817.34 shares that Jane Street Global Trading, LLC can acquire within 60 days through convertible bonds. All voting and dispositive powers are described as shared, and the filer certifies the holdings are not for the purpose of changing or influencing control of IREN Ltd.
IREN Limited reported the results of its 2025 Annual General Meeting held on November 19, 2025. Shareholders approved multiple amendments to the company’s constitution, including aligning quorum rules with Nasdaq requirements, providing for director elections at each annual general meeting, adding a forum selection clause, and updating advance notice provisions for universal proxies, along with other miscellaneous updates. Shareholders also approved the 2025 Omnibus Incentive Plan and authorized share repurchases in connection with prepaid forward and capped call transactions. In advisory votes, shareholders supported the company’s executive compensation and indicated a preference for annual say‑on‑pay votes, which the board has adopted until the next frequency vote expected at the 2031 annual meeting.
IREN Limited reported sharply improved quarterly results for the period ended September 30, 2025. Total revenue rose to $240.3 million from $52.8 million a year ago, led by Bitcoin mining revenue of $232.9 million and AI Cloud Services revenue of $7.3 million. Net income reached $384.6 million versus a prior-year loss, with diluted EPS of $1.08.
Results included a substantial $665.0 million unrealized gain on financial instruments tied to prepaid forward and capped call positions. Operating costs increased, including $138.4 million in SG&A and $85.2 million of depreciation and amortization, plus a $16.3 million impairment mainly on miner hardware. Cash and cash equivalents ended at $1.03 billion, supported by at-the-market share sales that raised gross proceeds of approximately $1.0 billion fiscal‑to‑date. The company disclosed $195.0 million in remaining performance obligations and $1.08 billion of commitments payable within 12 months. Shares outstanding were 283,465,490 as of October 31, 2025.
IREN Limited furnished a press release announcing its financial results for the three months ended September 30, 2025. The company submitted the update on November 6, 2025 under Item 2.02 of Form 8-K, with the press release attached as Exhibit 99.1 and incorporated by reference.
The company states this information is being furnished, not filed, under the Exchange Act, which means it is not subject to Section 18 liabilities and will only be incorporated into other filings if specifically referenced.
IREN Limited announced two linked commercial agreements to build and operate dedicated AI infrastructure in Texas. A wholly owned subsidiary will provide Microsoft access to GPU capacity at four “Horizon” data centers in Childress over a five-year average term. The Microsoft agreement has a total contract value of $9.7 billion through 2031, with 20% of each tranche paid before delivery and later credited after the 24th month of service.
The GPU Services will use NVIDIA GB300 GPUs across Horizon 1–4, representing about 200MW of IT load. IREN expects cash flow from the Microsoft agreement to help finance part of roughly $5.8 billion of related GPU capital expenditure. To secure hardware, IREN’s subsidiary also entered a Dell purchase agreement for GPUs and ancillary products and services, delivering in tranches from March 2026 for an aggregate purchase price of $5.8 billion, payable within 30 days of shipment; the parent company unconditionally guaranteed these obligations. The Microsoft agreement includes customary service levels, cure periods, and a delivery acceptance process.
IREN Limited issued $1.0 billion principal amount of 0.00% Convertible Senior Notes due 2031 in a Rule 144A offering, including the full $125 million option. Net proceeds were $979.0 million.
The company used $56.7 million for capped call transactions and plans to use the remainder for general corporate purposes and working capital. The initial conversion rate is 11.6784 ordinary shares per $1,000 (conversion price ~$85.63 per share). Initially, a maximum of 16,641,700 ordinary shares may be issued upon conversion.
The notes mature on July 1, 2031. They are redeemable at the company’s option starting January 8, 2029 if the share price exceeds 130% of the conversion price for specified trading days and other conditions are met. The capped calls have an initial cap price of $120.18 per share.