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Bitcoin miner and AI data-center operator running large renewable-powered computing facilities.
Bitcoin miner and AI data-center operator running large renewable-powered computing facilities.
Earns bitcoin by solving the network's computing puzzles (mining) and rents GPU computing power to AI customers. It owns data centers in Canada and Texas built around cheap power. In 2025 it signed a multi-year AI cloud contract with Microsoft, marking its turn from mining toward GPU rental.
Moat: narrow (cost advantage, scale). Low-cost renewable power sites give a cost edge in both bitcoin mining and, increasingly, AI GPU hosting.
Headquarters: Sydney, Australia and Vancouver, Canada · Founded: 2018 · Employees: 685
Size Iren (IREN) is a United States Financials company (Data Processing Services) with a market value of $8.76B, the 843rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $21.64 on 6 Nov 2026.
Performance Over six months the shares fell 64.6%, against +5.5% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 42.0% over the last twelve months (peer median +9.9%); the operating margin is -53.7% (peer median 31.8%).
Valuation It trades at 1.97× book value against a peer median of 2.34× (10th cheapest of 21).
Price implies The share price implies a return on equity of about 36.1%; Iren delivers -23.4%, so the price asks more than the business earns today.
Backlog Backlog (remaining performance obligations) was $6.35B at 30 Sep 2026, up 3,155% on a year earlier — 9.1 years of trailing revenue. Backlog detail →
Credit Iren has 1 bond outstanding ($1.00B).
Short interest Short interest is 23.4% of the free float (15 Oct 2026).
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | $707M | $691M | $496M | $186M | $75.5M |
| Revenue growth | — | +39% | +167% | +146% | — |
| Gross profit | $69.6M | $53.9M | $156M | $48.2M | -$23.4M |
| EBITDA | $38.2M | $38.2M | $204M | $29.7M | -$17.6M |
| Net income | -$703M | -$703M | $86.9M | -$28.9M | -$172M |
| Free cash flow | -$2.34B | -$2.23B | -$1.13B | -$428M | -$110M |
| Capital expenditure | $4.65B | $4.44B | $1.37B | $480M | $116M |
| Total debt | $7.84B | $7.84B | $964M | $1.32M | $1.45M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Iren IREN | $8.76B | -65% | +42% | -23% | 1.97× | 36.1% |
| MARA MARA | $2.45B | -51% | +1% | -107% | 1.46× | 27.6% |
| CleanSpark CLSK | $1.58B | -57% | +7% | -69% | 2.08× | 38.0% |
| Core Scientific CORZ | $3.78B | -49% | +26% | n/a | n/a | n/a |
| RIOT RIOT | $6.27B | -31% | +6% | -51% | 2.94× | 52.5% |
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | IREN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -39.4% | +2.4% | 2nd lowest of 21 |
| 6-month return | -64.6% | +5.5% | lowest of 21 |
| Return on equity | -23.4% | 16.3% | lowest of 21 |
| Price / book | 1.97× | 2.34× | 10th cheapest of 21 |
| ROE the price implies | 36.1% | 13.6% | 2nd most demanding of 21 |
| ROE delivered | -23.4% | 16.4% | lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Iren IREN | United States | $8.76B | -65% | +42% | -23% | 1.97× | 36.1% | -23.4% |
| Jackson Financial Incorporation JXN | United States | $8.70B | +17% | +34% | 9% | 1.10× | 12.5% | 9.5% |
| Kinsale Capital KNSL | United States | $8.64B | +26% | +8% | 28% | 4.70× | 30.6% | 27.8% |
| Columbia Banking System COLB | United States | $8.62B | +1% | +22% | 11% | 1.19× | 9.3% | 11.2% |
| Prosperity Bancshares, Inc.(R) PB | United States | $8.60B | +4% | +19% | 6% | 0.88× | 7.5% | 6.5% |
| Voya Financial VOYA | United States | $8.91B | +21% | -3% | 14% | 2.34× | 17.2% | 14.3% |
| Primerica PRI | United States | $8.94B | +6% | +8% | 33% | 3.56× | 24.9% | 32.9% |
| HealthEquity HQY | United States | $8.57B | +22% | +7% | 11% | 4.32× | 17.5% | 11.4% |
| Central Bancompany CBC | United States | $9.04B | +38% | +10% | 13% | 2.35× | 10.9% | 12.6% |
| Morningstar MORN | United States | $9.06B | +38% | +9% | 35% | 8.83× | 59.4% | 35.1% |
| Virtu Financial VIRT | United States | $8.37B | +5% | +28% | 32% | 2.55× | 16.3% | 31.6% |
| Hanover Insurance THG | United States | $8.35B | +28% | +5% | 22% | 2.43× | 11.2% | 21.8% |
| Affiliated Managers AMG | United States | $9.39B | +20% | +12% | 27% | 3.11× | 25.1% | 27.3% |
| Old National Bancorp ONB | United States | $9.43B | +3% | +18% | 12% | 1.17× | 10.3% | 11.5% |
| Western Alliance Bancorp WAL | United States | $8.13B | -8% | +8% | 13% | 1.11× | 12.9% | 13.2% |
| Old Republic International ORI | United States | $9.50B | +1% | +11% | 18% | 1.62× | 10.4% | 17.9% |
| FirstCash FCFS | United States | $7.96B | -18% | +23% | 18% | 3.50× | 19.9% | 18.2% |
| Cullen/Frost Bankers CFR | United States | $9.65B | +12% | +2% | 16% | 2.52× | 14.2% | 16.2% |
| Zions Bancorporation NA Depositary Shs Repr 1/40th Int Ser A Flt Rt Non Cum Perp Pfd ZIONP | United States | $9.72B | -16% | +4% | 16% | 0.31× | 4.0% | 16.5% |
| BOK Financial BOKF | United States | $7.87B | -2% | +3% | 11% | 1.33× | 10.6% | 11.2% |
| XP Inc. Class A XP | United States | $7.83B | -21% | +17% | 23% | 1.60× | 15.6% | 22.7% |
Iren has 1 bond outstanding with $1.00B face value.
Iren reported $6.35B of remaining performance obligations at 30 Sep 2026, up 3,155% from a year earlier and up 24% from the previous quarter. That is 9.1 years of trailing revenue already under contract. Book-to-bill last quarter: 6.47.