IREN LIMITED (IREN) Stock Price & How to Invest

IREN Limited operates data centers powered largely by renewable energy across Texas in the United States and British Columbia in Canada. Historically its money came almost entirely from bitcoin mining, running large fleets of specialized machines that earn bitcoin in exchange for securing the network, with profitability tied to bitcoin's price, mining difficulty, and the company's low electricity costs. More recently it has built an AI cloud business that rents out NVIDIA GPUs for machine learning and large language model workloads, and it is converting several former mining facilities into AI and high-performance computing capacity. In its fiscal third quarter of 2026 the company reported total revenue of about $144.8 million, split between roughly $111.2 million of mining revenue and about $33.6 million of fast-growing AI cloud revenue.

The company was founded in 2018 by brothers Daniel and Will Roberts in Australia and went public on the Nasdaq in November 2021 as Iris Energy, built from the start around clean, predominantly hydroelectric power under long-term agreements. It rebranded to IREN Limited in November 2024 as it broadened beyond bitcoin into AI infrastructure. The defining shift came as it secured a $3.4 billion, five-year AI cloud contract with NVIDIA, with NVIDIA also making an investment that vests as GPUs are deployed across IREN campuses. IREN is targeting hundreds of megawatts of AI cloud capacity and roughly 150,000 GPUs by the end of calendar 2026, using only a small fraction of its larger multi-gigawatt power portfolio.

IREN still earns most of its revenue from bitcoin mining, so a lower bitcoin price, rising difficulty, or the post-halving economics can pressure results, as seen in a sharp sequential mining revenue decline. The AI pivot is capital intensive and carries execution risk: deploying tens of thousands of GPUs, energizing substations, and converting mining halls on schedule are all hard, and delays or cost overruns would hurt. The company has reported large net losses driven partly by noncash impairments from decommissioning mining hardware, and funding the buildout may involve further debt or equity that can dilute holders. Competition for AI compute and power is intense, from other miners-turned-HPC operators and from much larger, better-capitalized cloud providers.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see IREN LIMITED's investor relations page or your broker.

• Quarterly revenue (fiscal Q3 2026): ~$144.8 million total (~$111.2M mining, ~$33.6M AI cloud)
• Adjusted EBITDA (fiscal Q3 2026): ~$59.5 million
• Net loss (fiscal Q3 2026): ~$247.8 million, driven largely by noncash impairments
• Cash: ~$2.6 billion as of April 30, 2026
• Power portfolio: ~5GW+; near-term AI targets use ~10% of it
• Market cap: ~$17 to 24 billion through June 2026 (highly variable)
• Dividend: none

IREN's reported earnings are distorted by large noncash items tied to decommissioning mining hardware, so headline net loss overstates the cash picture relative to adjusted EBITDA. The market values it far more on its AI cloud pipeline, NVIDIA contract, and power portfolio than on trailing mining results, which makes traditional multiples like P/E volatile and often not meaningful. All figures are approximate, move sharply with bitcoin prices and the AI buildout, and should be verified against current filings before relying on them.

There are three common ways to get IREN exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so IREN sits alongside other stocks that express the same thesis.

Walnut takes the basket route. Describe a thesis where IREN fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

IREN Limited (IREN) is now a power-and-compute company in transition, still earning the bulk of its revenue from bitcoin mining (~$111 million in its fiscal Q3 2026 quarter) while scaling an AI cloud business off a roughly 5GW+ power portfolio and a $3.4 billion five-year NVIDIA cloud contract. If you believe owning cheap, renewable-powered sites and re-pointing them at AI demand is durable, the question becomes sizing and overlap with other AI and bitcoin holdings, not timing; the risk is that bitcoin prices, the capital intensity of the GPU buildout, and execution on AI contracts all weigh on results before the pivot fully pays off.

Whether IREN is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is IREN a buy?, and where the stock could go from here in the IREN stock forecast.

For income investors, whether IREN pays a dividend and how the payout looks is covered in does IREN pay a dividend?