Analyst Consensus ?
ConsensusBuy15 ratings
Bullish1280.0%
Neutral320.0%
Bearish00.0%
IREN Limited · IREN · FY2026 Q4 · Calendar Q3 2026
IREN: AI infrastructure demand supports an aggressive build-out
The supplied analysis supports the view that resilient AI-compute demand and contracted capacity can support IREN's expansion over the next year, but the thesis depends on financing availability and execution across a large multi-region build-out.
Reported After market closeNASDAQTechnology
$16.66B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$-1.89
Consensus $-0.55
EPS surprise
-243.1%
Reported versus consensus
Reported revenue
$137.2M
Consensus $132.3M
Revenue surprise
+3.7%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-12.5%
Event window
SPY move
-0.2%
Same window
Abnormal move
-12.3%
Stock minus SPY
Volume
2.0×
Versus trailing sessions
Subsequent drift
+31.7%
Up to 20 sessions
IRENSPY benchmark
Ask FN2 about IREN FY2026 Q4
Transcript, numbers and history already loaded
Why did IREN fall 12.5% after missing EPS estimates in FY2026 Q4?What changed in IREN's guidance and outlook in FY2026 Q4?Give me the bull and bear case for IREN after FY2026 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Relative to the prior-quarter analysis, the current call added reported progress on Horizon 1 delivery to Microsoft, $6.5 billion of GPU financing, a broader FY2027 CapEx plan, and a greater emphasis on liquid-cooled deployments and Mirantis-managed services.
Guidance delta
Maintained; management outlined a $25–30 billion FY2027 CapEx plan and continued capacity expansion.
Key takeaways
- Management said AI compute demand is outpacing physical infrastructure and highlighted multi-year contracts.
- The company said it closed $6.5 billion of GPU financing in the past three months, fully covering associated GPU CapEx.
- The current call emphasized Horizon 1 delivery to Microsoft, additional liquid-cooled sites, and expansion across North America, Canada, Spain, and Australia.
Management priorities
- Commission Horizon 2–4 by the December quarter.
- Advance Sweetwater 1, Kiowa, Bundey, and Badajoz for the 2027–2028 rollout.
- Expand Mirantis-managed services and convert additional power headroom into GPU deployments.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$46.68Previous close
$6Low
$66.39Average
$100High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Sep 21, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| JP Morgan | Overweight | Underweight | Upgrade | Sep 14, 2026 |
| BTIG | Buy | Buy | Maintain | Sep 14, 2026 |
| Freedom Capital Markets | Buy | Buy | Maintain | Sep 2, 2026 |
| Macquarie | Outperform | Outperform | Maintain | Aug 28, 2026 |
| HC Wainwright & Co. | Buy | Buy | Maintain | Aug 28, 2026 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Aug 28, 2026 |
| Canaccord Genuity | Buy | Buy | Maintain | Aug 28, 2026 |
| Freedom Broker | Buy | Hold | Upgrade | Jul 6, 2026 |
| B. Riley Securities | Buy | Buy | Maintain | Jun 4, 2026 |
| Roth Capital | Buy | Buy | Maintain | Sep 23, 2025 |
| Jones Trading | Hold | Buy | Downgrade | Sep 2, 2025 |
| Needham | Hold | Hold | Maintain | Feb 13, 2025 |
| Compass Point | Buy | Buy | Maintain | Aug 30, 2024 |
| Cowen & Co. | Market Perform | Outperform | Downgrade | Sep 23, 2022 |
| Citigroup | Buy | Buy | Maintain | Sep 15, 2022 |
Named analyst price targets
Upside is calculated against the persisted previous close $46.68. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Northland Securities | Nehal Chokshi | $99 | $43.48 | +112.1% | Sep 18, 2026 |
| BTIG | Gregory Lewis | $80 | $43.83 | +71.4% | Sep 14, 2026 |
| Compass Point | Michael Donovan | $85 | $37.23 | +82.1% | Aug 28, 2026 |
| Bernstein | Gautam Chhugani | $100 | $43.67 | +114.2% | Aug 13, 2026 |
| H.C. Wainwright | Mike Colonnese | $90 | $41.29 | +92.8% | Jul 22, 2026 |
| Jefferies | Jonathan Petersen | $79 | $58.11 | +69.2% | Jun 18, 2026 |
| Bernstein | Analyst unavailable | $96 | $59.88 | +105.7% | Jun 4, 2026 |
| Macquarie | Paul Golding | $90 | $65.48 | +92.8% | Jun 3, 2026 |
| Canaccord Genuity | Joseph Vafi | $79 | $66.6 | +69.2% | Jun 3, 2026 |
| Cantor Fitzgerald | Brett Knoblauch | $99 | $67.84 | +112.1% | May 28, 2026 |
| Goldman Sachs | Michael Ng | $50 | $67.84 | +7.1% | May 27, 2026 |
| Goldman Sachs | Michael Ng | $44 | $63.52 | -5.7% | May 8, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $61 | $37.06 | +30.7% | Apr 9, 2026 |
| Macquarie | Paul Golding | $70 | $43.81 | +50.0% | Feb 6, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $82 | $39.99 | +75.7% | Feb 6, 2026 |
| H.C. Wainwright | Mike Colonnese | $80 | $50.54 | +71.4% | Jan 13, 2026 |
| Goldman Sachs | Analyst unavailable | $39 | $33.78 | -16.5% | Dec 18, 2025 |
| JMP Securities | Greg Miller | $80 | $48.85 | +71.4% | Nov 19, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $136 | $61.26 | +191.3% | Nov 7, 2025 |
| Compass Point | Michael Donovan | $105 | $60.73 | +124.9% | Nov 7, 2025 |
| Roth Capital | Analyst unavailable | $94 | $67.75 | +101.4% | Nov 3, 2025 |
| H.C. Wainwright | Analyst unavailable | $45 | $62.42 | -3.6% | Oct 29, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $100 | $64.14 | +114.2% | Oct 14, 2025 |
| BTIG | Analyst unavailable | $75 | $64.14 | +60.7% | Oct 14, 2025 |
| Bernstein | Gautam Chhugani | $75 | $48.9 | +60.7% | Sep 25, 2025 |
| Roth Capital | Darren Aftahi | $82 | $41.7 | +75.7% | Sep 23, 2025 |
| Canaccord Genuity | Joseph Vafi | $42 | $37.08 | -10.0% | Sep 16, 2025 |
| BTIG | Analyst unavailable | $32 | $30.19 | -31.4% | Sep 9, 2025 |
| Macquarie | Analyst unavailable | $33 | $26.48 | -29.3% | Aug 29, 2025 |
| H.C. Wainwright | Analyst unavailable | $36 | $26.48 | -22.9% | Aug 29, 2025 |
| Roth Capital | Analyst unavailable | $35 | $26.48 | -25.0% | Aug 29, 2025 |
| Canaccord Genuity | Analyst unavailable | $37 | $26.48 | -20.7% | Aug 29, 2025 |
| Macquarie | Paul Golding | $20 | $7.75 | -57.2% | May 15, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $20 | $7.7 | -57.2% | Mar 7, 2025 |
| Roth Capital | Darren Aftahi | $14 | $7.88 | -70.0% | Oct 2, 2024 |
| B.Riley Financial | Lucas Pipes | $12 | $7.39 | -74.3% | Sep 13, 2024 |
| Macquarie | Paul Golding | $13.5 | $8.52 | -71.1% | Aug 30, 2024 |
| Compass Point | Joe Flynn | $16 | $8.52 | -65.7% | Aug 30, 2024 |
| Canaccord Genuity | Joseph Vafi | $15 | $10.89 | -67.9% | Jul 24, 2024 |
| B.Riley Financial | Lucas Pipes | $18 | $12.52 | -61.4% | Jun 24, 2024 |
| Cantor Fitzgerald | Brett Knoblauch | $23 | $10.31 | -50.7% | Jun 10, 2024 |
| Canaccord Genuity | Joseph Vafi | $12 | $5.2 | -74.3% | May 16, 2024 |
| H.C. Wainwright | Mike Colonnese | $8 | $4.4 | -82.9% | Feb 16, 2023 |
| H.C. Wainwright | Analyst unavailable | $3 | $1.55 | -93.6% | Nov 22, 2022 |
| Citigroup | Analyst unavailable | $6 | $4.22 | -87.1% | Sep 15, 2022 |
Track every rating change on IREN the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationIREN Limited, established in 2018 and based in Sydney, Australia, operates a comprehensive, vertically integrated data center business spanning Australia and Canada. The company possesses and manages all essential infrastructure, including its computing hardware, electrical systems, and the data center facilities themselves. A primary undertaking for IREN Limited is the mining of Bitcoin, a scarce digital asset created and exchanged via a decentralized, peer-to-peer computer network utilizing specialized Bitcoin software. The company was previously named Iris Energy Limited, officially adopting IREN Limited in November 2024.
Technology peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| ADBE Adobe Inc. | FY2026 Q3 · Calendar Q3 2026 | +0.8% | +1.4% | Adobe raises FY26 outlook as AI strategy broadens |
| ORCL Oracle Corporation | FY2027 Q1 · Calendar Q3 2026 | +10.3% | -1.7% | Oracle raises FY27 outlook as AI demand accelerates cloud growth |
| SAIL SailPoint, Inc. | FY2027 Q2 · Calendar Q3 2026 | +13.8% | -1.2% | SailPoint pairs 25% ARR growth with accelerating AI-driven adoption |
| CIEN Ciena Corporation | FY2026 Q3 · Calendar Q3 2026 | +22.0% | -10.4% | Ciena raises outlook as AI networking demand lifts backlog |
| DOCU DocuSign, Inc. | FY2027 Q2 · Calendar Q3 2026 | +6.4% | +3.7% | DocuSign Q2 FY27: IAM momentum supports a raised outlook |
| IOT Samsara Inc. | FY2027 Q2 · Calendar Q3 2026 | +25.0% | +3.7% | Samsara: AI adoption expands as FY27 guidance holds |
Latest beats and misses
Who reports nextBeat on EPS
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
- CASYFY2027 Q1 · September 8, 2026+8.7% EPS-14.2% move
Get the IREN recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-08-28T13:23:02.309709+00:00
- FN2 earnings calendar · 2026-09-21T01:23:13.071796+00:00
- Polygon adjusted daily market bars · 2026-09-21T03:00:48.208127+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-21T03:00:48.205316+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.