That's a wrap on #AllInSummit#. Thousands came by the IREN AI Cloud Lounge to see how our vertically integrated AI Cloud efficiently serves training and inference workloads. Thank you to everyone who stopped by and @theallinpod for setting the stage. See you again in 2027.

JUST IN: $IREN CCO Kent Draper says IREN has already "sold out" their 2026 capacity "Demands still far exceed supply. That's great for us as a provider because if we can get compute online, there will be a revenue stream."

Golden State @Warriors Champion @FestusEzeli with @theallinpod Besties and IREN’s Chris Parker, at #AllInSummit#. We’re bringing worlds together and broadening our reach to advance AI.

All-In Summit is officially wrapped. Three full days of unexpected event experiences, incredible partner activations, and a lifetime of connections made right here in this room. Thank you to our presenting sponsor IREN (@IREN_Ltd) We’ll see you all next year. #AllInSummit#

A few people asked over the weekend what the calls to slow the pace of frontier AI mean for the buildout. Some thoughts: Even if models never improved from here, just rolling out what they can already do would take more compute than the world can build for years. The debate about how fast AI should be allowed to improve is a fair one to have. It's about future generations of models. Existing demand is the part I think people are misreading. Anthropic CEO Dario Amodei said in May they'd planned for 10x growth and were running at an 80x pace in the first quarter, and that's why they've had trouble supplying compute. OpenAI president Greg Brockman said in July they'll be in a compute shortage no matter what, and are choosing which products to scale. Google says it's processing 7x the tokens it did a year ago. Hundreds of millions of people use these models today, and most of them use a small part of what the models can already do. And every time more compute comes online, usage steps up again: limits come off for people already using it, customers who were turned away get on, and new use cases show up that weren't in anyone's plan. Now supply. The constraint is HBM, the memory that sits inside every major AI chip. Three companies make it and all three are sold out this year. A new memory plant takes years to build. TrendForce has HBM shipments growing 50-60% next year. NVIDIA, the biggest buyer of it, expects its revenue to grow about 70% next year and calls that outlook 'supply-constrained', noting its customers' forecasts point closer to 100%. On our own bottom-up work, the memory constraint lands in about the same place as NVIDIA's growth number. Then the chips need a building with power connected, which takes longer again. Goldmans reckons only about half the US capacity scheduled over the next two years will actually be built on time. The risk to demand continues to seem heavily weighted to the upside. The risk to supply continues to seem weighted toward less capacity getting built, not more.

IREN is partnering with NVIDIA to accelerate deployment of large-scale AI factories by combining NVIDIA’s DSX AI factory architecture with IREN’s expertise across power, land, data centers, GPU deployment and infrastructure operations.

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:

A few people have Thursday's numbers tangled, so let me untangle them. The majority of the $684m loss is the cost of retiring Bitcoin miners as we convert those sites to AI Cloud. Non-cash. The cloud business underneath ran ~87% gross margins (ex D&A). Every megawatt that comes off mining goes back on at multiples of the revenue. Recent 3-year AI Cloud contracts are at >$20m per MW (IT), more than double late last year. And the $25-30bn of forecasted FY27 capex isn't an equity number. Customer prepayments can cover about half the GPU capex. Lenders can fund most of the rest. We raised ~$19bn over the last twelve months and only ~$3bn of it was equity. We haven't borrowed a dollar against the data centers yet either. $4bn of ARR is contracted, with three sites commissioning between now and year end to bring it online. And that's the 2026 story. The real ramp is 2027, when Sweetwater and the next wave of capacity come into play. It's delivery time.

“The digital world scales almost instantly. The physical world does not.” @danroberts0101, Co-Founder and Co-CEO. FY26 marked a significant step forward in IREN’s AI Cloud expansion. We secured new multi-year AI Cloud contracts, including with a leading frontier AI lab, and now have $4 billion contracted ARR for 2026 capacity, with $1 billion operating ARR today. Demand continues to strengthen. Three-year contract pricing has increased +125% in recent months, with recent contracts exceeding $20 million in revenue per MW of IT capacity, with a ~2 year payback. We are matching that demand with execution. Horizon 1 has been delivered to Microsoft, with Horizons 2–4 targeting delivery in Q4 2026. And we’re financing our buildout efficiently, with customer prepayments and GPU financing together exceeding the cost of the associated GPUs in many cases. We have spent years assembling what is difficult to replicate: power, land, data centers, compute, software and people. This is only the beginning. Read the full FY26 results and watch the webcast replay:

Execution at scale. From Childress and Sweetwater in Texas to Mackenzie, Prince George and Canal Flats in British Columbia. IREN is building across multiple campuses simultaneously, with development advancing at Kiowa (Oklahoma), Bundey (Australia) and Badajoz (Spain). Over 4,000 personnel. Millions of work-hours completed to date. Building at speed and scale. That is the advantage of IREN's vertically integrated model.

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: 

Congratulations to @IREN_Ltd on achieving NVIDIA Exemplar Cloud status for its NVIDIA GB300 NVL72 deployment. This validation reflects close engineering collaboration and gives enterprises confidence that demanding AI workloads can perform reliably at scale on IREN’s AI Cloud. Learn more ⤵️

Every new AI data center creates more demand for AI, not less. That's what people referring to past booms keep getting wrong about this one. Better AI needs more computing power to run. Cheaper AI gets used more, not less. And every step change in capability creates use cases that didn't exist a year ago. Demand grows at the speed of software, but supply cannot. Supply grows at the speed of the real world: power connections, transmission lines, concrete, steel, and the thousands of people it takes to build. In past booms, technology helped supply catch up. This time, technology is on the other side of the equation. It's fueling exponential demand, and the real world can't build fast enough to keep up.