Iris Energy Ltd
IREN - Insider Information
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+ FollowMarket Cap$7.86B
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Earnings Call Q3 2026
May 7, 2026 - AI Summary
Record execution + capacity ramp (core bull case): IREN increased secured power to 5 GW, added sites in Europe (Spain via acquisition) and APAC, and is driving “time to compute” through repeatable construction templates. All operational capacity is fully contracted (they’re not chasing demand—building supply fast enough for it).
Revenue/contracting progress + 2026 forecast: ARR under contract = $3.1B, reaffirmed target $3.7B exiting calendar 2026 (back-end weighted). They described a 2026 build plan targeting 480 MW AI cloud, ~150k GPUs, with Horizon One–Four (liquid-cooled) at Childress: 300 MW, scheduled Microsoft handoff in Q3 2026; other liquid-cooled + air-cooled conversions progressing in BC/Childress/Mackenzie/Prince George.
Major surprise/opportunity: NVIDIA partnership ties capital to deployment: Announced a $3.54B five-year AI cloud contract (NVIDIA internal workloads—first step) plus a $2.1B NVIDIA investment aligned to up to 5 GW NVIDIA DSX-aligned infrastructure across IREN’s platform (DGX environments / DSX AI Factory reference architecture). NVIDIA’s rights to invest vest only as GPU infrastructure is deployed, fully tied to deployment of ~600k GPUs—i.e., “partner wins as we deliver.”
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Share Statistics
| Market cap | $7.86 Billion |
|---|---|
| Enterprise Value | $9.80 Billion |
| Earnings per Share | $-2.22 |
| Beta | 4.27 |
| Outstanding Shares | 362,034,315 |
Return
| Return on Equity | -26.78% |
|---|---|
| Return on Assets | -7.10% |
| Return on Invested Capital | -5.01% |
Valuation & Multiples
| P/E Ratio | -13.16 |
|---|---|
| PEG | 1.61 |
| Price to Sales | 10.86 |
| Price to Book Ratio | 1.97 |
| Enterprise Value to Revenue | 12.73 |
| Enterprise Value to EBIT | -14.43 |
| Enterprise Value to Net Income | -9 |
| Total Debt to Enterprise | 0.8 |
| Debt to Equity | 1.87 |
Revenue Sources
No data
Last Earnings Call
Report Date
August 27, 2026
EPS Estimate
$-0.55
Consensus analyst estimateRevenue Estimate
$132.29 M
Consensus analyst estimateNext Earnings Call
Expected Date
November 5, 2026
EPS Estimate
$-0.72
Consensus analyst estimateRevenue Estimate
$228.26 M
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 11.51, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 11.5127▲ 1065.68% |
|---|---|
| Total Calls | 414,500▼ 99.57% |
| Total Puts | 4,772,000▼ 94.16% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 1.93%▼ 97.64% |
|---|---|
| Total Invested | $243.46M▼ 97.51% |
| Investors Holding | 213▼ 584.00% |