- IREN completed a 50-MW liquid-cooled deployment for Microsoft at Childress, TX, in August 2026, with three more 50-MW deployments planned for Q4 2026.
- Projected capex is $25-$30 billion for fiscal 2027, while AI Cloud Services revenue reached $128.8 million in FY26.
- IREN shares fell 12.2% over three months, underperforming the industry, with a forward 12-month P/S of 2.78X.
- Execution is under scrutiny: IREN must convert over US$13 billion in AI contracts, including a US$9.7 billion Microsoft agreement, into operating capacity.
- The target of about 300 MW of AI IT capacity by late 2026 contrasts with US$4 billion in annualized contract revenue for planned capacity.