Iris Energy Ltd

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.”