New York, April 24, 2026, 07:56 EDT
IREN Limited has locked in May 7 for its fiscal Q3 earnings update, teeing up the next big look at its AI data center push after shares on the Nasdaq surged 7.5% Thursday. The company plans to detail results for the quarter through March 31, with a call for investors scheduled at 5 p.m. Eastern.
Timing is key here: IREN isn’t really seen as just another bitcoin miner anymore. What investors want now? Evidence that its power plants, GPUs — those chips at the heart of AI training and inference — and hefty customer deals can actually bring in cash quickly enough to pay for all this expensive expansion.
The question is now harder to ignore for the stock. IREN climbed $3.63 to finish Thursday at $52.02, bucking a broader market pullback as the Nasdaq Composite slipped 0.9%. The pop, unusual on a sluggish day, points to traders taking another look at IREN’s data center strategy.
May’s numbers are set to land after a bumpy December quarter for IREN. Revenue in the fiscal second quarter dropped to $184.7 million, down from $240.3 million the quarter before. The company posted a net loss of $155.4 million, reversing from net income of $384.6 million. Bitcoin mining accounted for $167.4 million—still dwarfing AI Cloud Services, which pulled in $17.3 million. But that AI revenue more than doubled compared to the September quarter.
Management has been steering the conversation toward the ramp. Back in February, Daniel Roberts—IREN’s co-founder and co-CEO—described the current market as the “strongest demand environment to date.” IREN has also maintained that its 140,000-GPU buildout remains on schedule, targeting $3.4 billion in annualized run-rate revenue. That figure reflects management’s projection for yearly revenue once all new capacity comes online, not revenue already in the books. GlobeNewswire
The target got bigger in March. IREN announced a deal to acquire over 50,000 Nvidia B300 GPUs, which would push its planned total to 150,000 GPUs. The company’s expecting to roll out the expanded fleet in stages during the second half of 2026. By the end of that year, IREN projects the operation could generate more than $3.7 billion in annualized run-rate revenue — although it warned the figure isn’t fully contracted and could end up looking quite different.
Microsoft remains the linchpin. Back in November, IREN announced a five-year GPU cloud services deal with Microsoft worth roughly $9.7 billion, which included a 20% prepayment. There’s also a separate $5.8 billion arrangement with Dell Technologies for GPUs and related gear. The hardware is slated for rollout through 2026 at IREN’s 750-megawatt campus in Childress, Texas, where the company also plans liquid-cooled data centers to handle a 200-megawatt critical IT load.
The competitive landscape is moving, and S&P Global Market Intelligence’s Visible Alpha research points to IREN, Core Scientific, Cipher Digital, and TeraWulf as miners now dialing back on straightforward bitcoin mining. According to the research, IREN, TeraWulf, and Core Scientific are “almost entirely focused” on high-performance computing, or HPC—a pivot toward intensive tasks like AI training. Looking ahead, S&P Global’s forecast puts HPC accounting for 71% of IREN’s revenue by 2026, a leap from just 3% in 2024. SP Global
For some analysts, legacy mining infrastructure is the secret sauce. “More successful than anyone — including themselves — could have anticipated,” is how Nick Giles, senior research analyst at B. Riley Securities, described the ex-crypto miners’ trajectory to Business Insider. Brian Dobson of Clear Street pointed to 2026 as the make-or-break year, calling it all about “executing on those deals.” That’s the immediate hurdle for IREN. Business Insider
The road ahead isn’t straightforward. IREN’s March prospectus supplement detailed an at-the-market share program—essentially, it allows the company to sell up to $6 billion in stock gradually. That follows 66.7 million shares already sold, bringing in around $1 billion in gross proceeds under an earlier supplement. The filing flagged a risk: issuing more equity could dilute existing shareholders. Even the prospect of future sales might pressure the stock price.
Execution risk is still on the table. CoinShares put the total value of AI and HPC contracts among public miners at more than $70 billion, but cautioned: that lofty valuation hinges on those deals turning into actual, functioning infrastructure—and on capital needs staying in check. May 7 won’t be about IREN’s mining numbers for the quarter. Instead, it’s all about tracking whether the AI expansion is hitting its targets, with enough money in the bank and demand locked in.
