Why this name is on the tape
IREN Limited (NASDAQ: IREN) reported the fiscal year ended 30 June 2026 on 27 August. AI Cloud Services revenue rose about eight times, to $128.8 million from $16.4 million. Bitcoin mining was still $578.2 million of a $707.0 million year. Q4 was the first quarter AI Cloud ($70.5 million) outran mining ($66.7 million). That is a transition print, not a finished GPU landlord.
A separate MarketNeon note covers the Microsoft contract as it stood when Horizon 1 was first accepted. This article is the FY26 book: what billed, what is contracted, and what is still a 2026–2027 hall. It is not a ranking of the stock and not a trade instruction.
Horizon 1 is accepted. Horizons 2–4 are still a Q4 clock.
The physical shape of the November 2025 Microsoft deal is still four 50 MW (IT load) liquid-cooled Horizon buildings at Childress. The FY26 release repeated that Horizon 1 had been delivered and accepted, and that it is the first NVIDIA Exemplar Cloud on GB300 NVL72 hardware. Acceptance starts the service term on that building. It is not the same as all four Horizons being live, and it is not the same as $9.7 billion already in the bank.
Horizon 2 was in commissioning at the FY26 print. Horizons 3 and 4 were in late-stage construction, with the remaining 50 MW halls targeted for delivery in the fourth quarter of 2026. If the four Childress halls all commission as contracted, IREN has pointed to about $1.94 billion of annualized revenue run-rate from the Microsoft deal. Three more Horizons are still a schedule.
What “$1 billion operating ARR” actually means
The FY26 release put $4 billion of contracted annualized run-rate on 2026 capacity and $1 billion of operating ARR as of 26 August 2026. ARR here is an operating metric: GPU-hour pricing on commissioned GPUs, times 8,760 hours, plus storage and ancillaries. The company says it is not GAAP revenue and that recognized revenue can be materially lower. The $4 billion figure is targeted to be operational by 31 December 2026, subject to commissioning, testing, and customer acceptance after each hall is delivered. “2026 capacity is largely sold out” is a company sentence about contracted halls, not a completed year of billing.
The year still lost money on a GAAP basis: net loss of $702.6 million, against net income of $86.9 million a year earlier. About $638.8 million of that was non-cash impairment, mostly Bitcoin hardware being retired as sites convert. Adjusted EBITDA was $245.7 million, down from $269.7 million. Cash plus committed GPU financing and prepayments was described as $14 billion. A sold-out 2026 book and a $14 billion funding stack are not the same as $4 billion of recognized FY27 revenue.
A frontier lab, named customers, and how the GPUs are financed
The FY26 update added a new multi-year contract with an unnamed leading frontier AI lab, plus recent signings it named as Cohere, Prometheus, Perplexity, Figure AI, Fal AI, and Higgsfield AI. Recent three-year contracts were described as more than $20 million of revenue per IT megawatt, with customer prepayments of 45–55% of GPU capex. Those names and that pricing are contracted demand. They are not Q4’s $70.5 million of AI Cloud revenue. The earlier NVIDIA five-year, $3.4 billion air-cooled Blackwell contract, with ramp from early 2027, is still a separate book.
The Microsoft halls sit on about $3.6 billion of investment-grade GPU financing at a weighted 6.0%, which with prepayments the company says funds 96% of associated GPU capex. After that, IREN closed $2.8 billion of GPU financings for non-investment-grade customer deployments. The named piece is $2.4 billion led by Blue Owl and PIMCO-advised investors at a 9.0% fixed rate for the Mackenzie air-cooled expansion, funding about 90% of that GPU capex. Equipment financing is not the same as halls that have been accepted.
What is live versus what is a 2026–2027 target
The FY26 delivery targets are about 0.3 GW of IT load in 2026 and about 0.8 GW in 2027. New liquid-cooled halls are planned at Mackenzie, Canal Flats, and Prince George in 2027. Sweetwater, Kiowa, Bundey, and Badajoz were still described as development. Childress remains the near-term GPU campus because that is where Horizon 1 sits and where Horizons 2–4 are supposed to land this year. FY26 still billed more mining than AI Cloud.
What this does not tell you
Horizon 1 acceptance and a $4 billion contracted ARR figure are evidence of demand for IREN’s campuses. They are not proof that the remaining 50 MW halls land in Q4, that $4 billion becomes operating ARR by 31 December, or that the unnamed frontier-lab contract and the named multi-customer book will bill at the contracted price. FY26’s $128.8 million of AI Cloud revenue is the live GPU print. The impairments show what it costs to retire ASICs on the way there.
On MarketNeon, IREN is a ticker like any other: price, volume, crowd mentions, and headlines can run hot while most of the contracted capacity is still under construction. This article is context for those prints. It does not rank the name, and it does not tell anyone to buy or sell.