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.
Net new backlog added in the latest quarter: $1.25B.
Over the last twelve months it turned about 169% of its opening backlog into revenue (12-month conversion).
24% of the backlog is due within the next twelve months.
Customer prepayments (contract liabilities) cover 7.1% of the backlog.
Twelve-month book-to-bill: 9.86, i.e. 9.86 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: +3154 points — orders are running ahead of revenue.
By backlog size it ranks 96th among US filers the cockpit tracks.
Disclosed counterparties: Microsoft ($9.7B), Nvidia ($3.4B).
Iren backlog history
Remaining performance obligations at each quarter end (bars) against trailing twelve-month revenue (line).
Amounts in USD. Source: SEC XBRL filings.
Quarter end
Backlog (RPO)
TTM revenue
Coverage
Customer prepayments
30 Sep 2026
$6.35B
$695M
9.1 yrs
$448M
30 Jun 2026
$5.10B
$707M
7.2 yrs
$219M
31 Mar 2026
$710M
$757M
0.9 yrs
$120M
31 Dec 2025
$289M
$757M
0.4 yrs
$46.6M
30 Sep 2025
$195M
$689M
0.3 yrs
$23.3M
Who Iren's backlog is with
Who the backlog is with: the curated counterparty ledger (company filings and releases)
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.
How fast does Iren's backlog turn into revenue?
Over the last twelve months Iren recognised revenue equal to about 169% of the backlog it started each quarter with.
Who are Iren's biggest backlog customers?
Disclosed counterparties: Microsoft ($9.7B), Nvidia ($3.4B).
About these numbers
Remaining performance obligations (RPO) are revenue a company has contracted but not yet recognised, as reported in its SEC filings (XBRL tag RevenueRemainingPerformanceObligation). Coverage = backlog ÷ trailing twelve-month revenue. Book-to-bill = (change in backlog + revenue) ÷ revenue. Conversion = revenue recognised ÷ the backlog at the start of each quarter, summed over four quarters. Counterparty values come from company filings and releases.