IREN (IREN)
Builds renewable-power-oriented data centers for Bitcoin mining and AI cloud workloads.
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Operates Bitcoin Mining and AI Cloud Services on vertically integrated data-center infrastructure, with AI Data Centers as a developing operating vertical. Bitcoin remains the larger reported revenue source while ASIC capacity is replaced with GPU systems, linking results to both mining economics and AI deployment.
Operates vertically integrated data-center infrastructure for Bitcoin Mining, AI Cloud Services and AI Data Centers. Grid-connected land, power access, electrical systems, buildings and compute hardware are managed as a common platform across Canada and Texas.
Reuses infrastructure capabilities developed for self-mining Bitcoin to install NVIDIA GPU systems and build high-density facilities for AI customers. The shift is operational: ASIC hardware is being retired as GPU capacity is commissioned, while Bitcoin Mining remains the larger reported revenue source.
Execution rests on securing power and land, constructing and cooling data centers, and commissioning hardware on schedule. Revenue therefore depends on Bitcoin economics during the transition, GPU delivery, grid access and customer demand; the renewable-power profile also includes purchased renewable energy certificates.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 21, 2026 | Redburn Partners | Target | Target: — | Target: $40 |
| Sep 18, 2026 | Northland Securities | Target | Target: — | Target: $99 |
| Sep 14, 2026 | BTIG | Reiterate | Rating: —Target: $75 | Target: $80 |
| Sep 14, 2026 | JP Morgan | Upgrade | ||
| Sep 2, 2026 | Morgan Stanley | Downgrade | Rating: — |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $6.08B · Total debt $7.84B · Total assets $15.79B · Shareholders' equity $4.19B
- Revenue
- $137.2M
- Operating income
- −$620.4M
- Net income
- −$684.0M
No dividends on record.
| Institutions | ≈ 51.95% | 204.73M shares | |
|---|---|---|---|
| 795 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 0.00% | 1 shares | |
| 1 holder · as of Jul 1, 2026 | |||
| Other | ≈ 48.05% | 189.33M shares | |
| remainder | |||
394.06M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Two share counts disagree (394.06M in the company's Sep 22, 2026 report, 356.86M elsewhere); stakes use the report.
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Bank of America Corp /DE/Institution | 3.61% | 14.21M A | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 3.38% | 13.32M A | as of Jun 30, 2026 |
Goldman Sachs Group IncInstitution | 3.18% | 12.52M A | as of Jun 30, 2026 |
Citigroup IncInstitution | 2.91% | 11.47M A | as of Jun 30, 2026 |
Situational Awareness LPInstitution | 2.40% | 9.47M A | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 16, 2025 | Christopher Guzowski | director | −11,958 | $36.32 |
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ComparePre-market
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| IREN | $46.93 | −0.71% | $16.85B | — | — | 23.8 | −26.8% |
| CoreWeave | $86.08 | +0.64% | $46.61B | — | — | 6.1 | +112.3% |
| Core Scientific | $18.09 | −1.50% | $5.90B | — | 798.7 | 13.4 | +108.8% |
| Hut 8 | $102.26 | −1.16% | $11.64B | — | — | — | +81.4% |
| TeraWulf | $17.36 | −0.60% | $8.65B | — | — | 52.3 | −6.0% |
| Cipher Digital | $18.62 | −1.59% | $7.73B | — | — | 40.5 | −43.0% |
| MARA | $13.21 | −0.79% | $5.06B | — | — | 6.3 | −26.7% |
| CleanSpark | $14.52 | −1.89% | $3.79B | — | — | 5.6 | −30.5% |
| Riot Platforms | $23.88 | −1.40% | $9.14B | — | — | 13.6 | +13.9% |
| Median | — | 798.7 | 13.4 | +3.9% |