IREN's 2GW Sweetwater Hub (Sweetwater 1 and Sweetwater 2) has been included in ERCOT's Batch Zero process as Base Load. Sweetwater 1 (1,400MW) and Sweetwater 2 (600MW) form part of our >5GW global data center development portfolio. At Sweetwater 1, construction of 300MW of data center capacity continues, with delivery targeted for Q4 2027. Read more:

IREN went from $9.7M per MW with Microsoft and $11.3M with Nvidia on 5 year terms to $20M+ on recent 3 year deals showing how aggressively shorter duration AI capacity is repricing. Annualized contract value across the AI infra stack • $IREN ~$2.6B across $MSFT + $NVDA • $NBIS ~$5.9B across $MSFT + $META • $CRWV ~$7.8B across $META + OpenAI • $AMZN >$10B with Anthropic • $SPCX ~$15B with Anthropic That gap between pricing and scale is what makes IREN so interesting since its already getting some of the best pricing per MW while carrying one of the smallest contract books leaving a lot more room to pair that pricing with scale even if corporate governance issues remain a real caveat.

IREN today reported its FY26 results and provided a business update. Key highlights: - New multi-year AI Cloud contract with a leading frontier AI lab - $4bn contracted ARR for 2026 capacity; $1bn operating ARR today - $2.8bn GPU financing funds 90% of associated GPU capex - 2026 capacity largely sold out; late-stage discussions over a significant portion of 2027 capacity - Executing global expansion across >5GW data center pipeline - Horizon 1 delivered to Microsoft; Horizon 2-4 targeting delivery in Q4 2026 - Acquisitions of Mirantis and Nostrum completed - NVIDIA Exemplar Cloud status achieved on GB300 NVL72 Management will host a webcast to discuss these updates at 5:00pm ET today, which can be accessed here:  Read more: 

IREN $IREN JUST REPORTED Q4 AND FY26 EARNINGS - Revenue: $137.2M, beating est. of $137M 🟢 - Net Income: -$684.0M, missing est. of -$190M 🔴 (incl. $450.4M non-cash impairment) - Adj EBITDA: $19.2M, missing est. of $41.1M 🔴 - AI Cloud Revenue: $70.5M - Bitcoin Mining Revenue: $66.7M - FY26 Revenue: $707.0M - FY26 AI Cloud Revenue: $128.8M (~8x YoY) Key Updates: - New multi-year AI Cloud contract signed with a leading frontier AI lab - $4B contracted ARR for 2026 capacity; $1B operating ARR today - New $2.8B GPU financings fund 90% of associated GPU capex - Horizon 1 delivered to Microsoft; NVIDIA Exemplar Cloud status achieved on GB300 NVL72 - 2026 capacity largely sold out

IREN has signed $2.8bn in new multi-year AI Cloud services contracts with leading AI developers and raised its year-end 2026 AI Cloud ARR target from $3.7bn to over $4.0bn. “Our vertically integrated AI Cloud platform is scaling at pace. In the past 12 months we have expanded from approximately 3MW of self-built AI Cloud capacity to 480MW being delivered this year, with 1.2GW targeted for 2027, broadening our customer base across hyperscalers, enterprises and AI developers.” “We are proud to support leading companies building frontier applications across design, physical AI and robotics, generative media, AI search and model development.” - @danroberts0101 Press release:

IREN has appointed Eric Hammersley as Chief Information Security Officer. As CISO, Eric will lead IREN’s security program across all three layers of our platform: data centers, compute and software. He brings more than two decades of experience securing cloud platforms and critical infrastructure. “Security is core to how we design, build and operate our platform. As we deliver AI Cloud services to some of the most demanding customers in the world, Eric’s experience securing cloud platforms at scale will be invaluable.” - @danroberts0101 Press release:

“IREN’s large-scale, grid-connected power portfolio is a key advantage in a market increasingly defined by access to power. I’m looking forward to building on that foundation and helping expand IREN’s global data center footprint.” - Michael Nudelman, Chief Development Officer of IREN

“IREN is building a differentiated full stack AI platform spanning data centers, compute and software. I’m excited to help expand the product capabilities of that platform and support our customers in deploying and managing AI workloads at scale.” - Kambiz Aghili, Chief Product Officer of IREN

IREN welcomes Kambiz Aghili as Chief Product Officer and Michael Nudelman as Chief Development Officer. These appointments bring additional depth to IREN's product and development teams as we continue to expand our AI Cloud offering across new markets and services. Together, they strengthen all three layers of IREN's vertically integrated AI Cloud platform: data centers, compute, and software. Press release: