IREN Limited shares declined by 5.75% ahead of the market open on Friday, cutting approximately $833 million from its implied equity valuation.
FY2026 results and premarket reset · Market data at 07:14 EDT, August 28, 2026
ARR is a non-GAAP operating metric. IREN warns recognized revenue may be materially lower. Commissioning and customer acceptance govern conversion.
| US$ millions | Q4 | Q3 | Change |
|---|---|---|---|
| Total revenue | 137.2 | 144.8 | −5.2% |
| AI Cloud | 70.5 | 33.6 | +109.8% |
| Bitcoin mining | 66.7 | 111.2 | −40.0% |
| Adjusted EBITDA | 19.2 | 59.5 | −67.7% |
| Net loss | (684.0) | (247.8) | Wider |
Quarter-end cash and restricted cash: $7.62B.
Q4 operating cash flow: $1.81B, including a $1.72B increase in deferred revenue.
Deferred revenue supports cash flow before revenue recognition. It also creates delivery obligations.
The market is weighing a fast mix shift against its accounting cost. AI Cloud more than doubled sequentially, but adjusted EBITDA fell 68% and the quarter carried a $450.4M mining-hardware impairment.
The key question is no longer demand alone. It is how quickly contracted ARR becomes recognized revenue without further impairments, delays or financing strain.
52-week range
$25.31–$76.87
Short interest
30.61% of float
Three-month return
−36.21%
One-year return
+53.06%
| 2026 IT capacity target | 0.3 GW |
| 2027 IT capacity target | 0.8 GW |
| Horizon 1 | Accepted by Microsoft |
| Recent contract economics | >$20M revenue/MW |
| Claimed payback | ~2 years |
Commissioning delaysCustomer concentrationGPU supplyHardware obsolescenceDebt costBitcoin exposure
The $4B contracted ARR figure is not recognized revenue. Timing, utilization, uptime and customer acceptance remain decisive.
Sources: IREN FY2026 results; MarketWatch quote and ownership data; Investors.com market report. Financial figures in U.S. dollars. Calculations may differ due to rounding.
Management lifted fiscal 2027 guidance by about $500 million and fiscal 2028 guidance by about $1.5 billion.
| Metric | Q2 FY27 | Signal |
|---|---|---|
| Revenue | $2.739B | +37% |
| Adjusted EPS | $0.94 | $0.93 est. |
| GAAP net income | $308M | +58% |
| Operating cash flow | $605.5M | 22.1% margin |
| Non-GAAP gross margin | 58.9% | Profitable scale |
| Signal | Current view | Investor meaning |
|---|---|---|
| Q3 revenue | $3.15B ±5% | More than 50% growth implied |
| Q3 adjusted EPS | $1.10 ±$0.05 | Above Q2 run-rate |
| Google contribution | Some through FY28 | Larger in FY29 |
| Investor Day | Oct. 6, 2026 | Next major detail point |
The median target offers roughly 22% upside from premarket. Forward P/E is 58.4×, versus 32.2× for Broadcom.
AI monetization accelerates; valuation catches up quickly.
| Metric | Value | Growth |
|---|---|---|
| Revenue | $11.35B | +11% |
| cRPO | $33.5B | +14% |
| Agentforce + Data 360 ARR | ≈$3.9B | >+210% |
| Free cash flow | $1.1B | +81% |
| GAAP operating margin | 20.5% | — |
Updated FY2027 revenue range: $46.1B–$46.4B. Contentful and Fin remain pending.
| Rating | Count | Share |
|---|---|---|
| Buy | 29 | |
| Hold | 9 | |
| Sell | 1 |
39 analysts; targets range from $160 to $400. Data viewed Aug. 28, 2026.
| Signal | Bull case | Risk case |
|---|---|---|
| AI monetization | ARR sustains triple-digit growth | Usage fails to lift core growth |
| Guidance quality | Organic raise expands | Acquisitions carry the increase |
| Valuation | Targets move higher | Close already nears consensus |
| Margins | Cash growth stays ahead of sales | Integration costs pressure leverage |
Sources: Salesforce Q2 FY2027 release; Public/Xignite closing data; Google Finance analyst data; Reuters. Prices as of Aug. 27 close. Not investment advice.
Nvidia's forecast lifted Intel 4.36%; the close remains below Intel's recent $95 share-sale price.
| Company | Close | Move | Volume | Trailing P/E |
|---|---|---|---|---|
| Intel | $92.09 | +4.36% | 100.56M | N/M |
| Nvidia | $227.98 | +8.72% | 298.91M | 28.6× |
| AMD | $476.67 | −0.86% | 16.44M | 122.5× |
| Micron | $935.39 | −0.36% | 28.84M | 21.2× |
The split tape matters: Thursday rewarded Intel's AI exposure, but the whole semiconductor group did not rally.
| Q2 revenue | $16.1B | +25% |
| GAAP gross margin | 40.4% | +12.9 pts |
| GAAP operating margin | 11.1% | +35.8 pts |
| Non-GAAP net income | $2.2B | vs. loss |
| GAAP net result | −$11.0B | loss |
Revenue and margins rose sharply, but the GAAP loss kept earnings quality in focus.
Intel sold 210.5 million shares at $95, creating a clear dilution and execution benchmark.
Nvidia's forecast lifted Intel, yet no new Intel design win was announced.
Intel's 4.36% gain says the market sees value in its exposure to expanding AI budgets. The harder test is conversion: foundry utilization, server share, margin durability and cash generation must justify both a $470 billion valuation and the new capital raised at $95.
| Operating ARR | $1.0B |
| Contracted 2026 ARR | $4.0B |
| 2026 IT capacity | ~0.3GW |
| 2027 IT capacity target | ~0.8GW |
| Recent revenue / MW | >$20M |
| Customer prepayments | 45–55% GPU capex |
| Metric | FY25 | FY26 | Change |
|---|---|---|---|
| Total revenue | $501.0M | $707.0M | +41.1% |
| AI Cloud revenue | $16.4M | $128.8M | +685% |
| Adjusted EBITDA | $269.7M | $245.7M | -8.9% |
| Net income/(loss) | $86.9M | -$702.6M | NM |
| Regular close | $40.53 |
| After-hours | $38.11 |
| Implied value change | ~-$865M |
| 52-week range | $22.63–$76.87 |
| Ratings | 7 Buy / 2 Hold / 1 Sell |
| Average target | $77.44 |
Watch: quarterly adjusted EBITDA fell 67.7% sequentially as staffing and platform costs arrived before the revenue ramp. Deferred revenue drove $1.722 billion of quarterly operating cash flow.
| Measure | FY2026 / Q4 range |
|---|---|
| FY revenue | $9.69B-$9.74B |
| FY adjusted EPS | $15.04-$15.10 |
| Q4 revenue | $2.53B-$2.58B |
| Q4 adjusted EPS | $4.10-$4.16 |
| FY operating cash flow | About $2.8B |
| FY free cash flow | About $2.6B |
| Signal | Current reading | What to watch |
|---|---|---|
| Cash + short-term investments | $3.608B | Integration flexibility |
| Outstanding debt | $10.037B | Debt paydown pace |
| Recurring revenue | 82% | Renewal quality and pricing |
| Q3 operating cash flow | $813M | Conversion into free cash flow |
Salesforce market data at 10:28 EDT; operating metrics released Aug. 26.
| Company | Price | Move |
|---|---|---|
| ServiceNow (NOW) | $137.16 | +9.03% |
| Salesforce (CRM) | $248.29 | +20.75% |
| Workday (WDAY) | $197.39 | +3.48% |
| Oracle (ORCL) | $150.84 | +1.32% |
NOW at 10:37 EDT; peer prices at about 10:28 EDT on Aug. 27, 2026.
2:40 p.m. EDT today
ServiceNow CFO Gina Mastantuono speaks at Deutsche Bank's technology conference.
Next quarter
Watch whether cRPO holds near 20% constant-currency growth and AI ACV converts into subscriptions.
Risk
The rally is a peer read-through. Average target upside is now only 3.7%.
The U.S. search phrase “now stock” also points to ServiceNow's expanded Tech Mahindra partnership. It was announced Aug. 20, not today. Tech Mahindra says its ServiceNow deployment handles more than 100,000 monthly cases across 90 countries, supports 150,000 employees and has optimized about 25% of first-level support work.
| Metric | Figure | Signal |
|---|---|---|
| Q2 revenue | $0.965M | Small base |
| Q2 net loss | −$2.051M | Loss exceeds revenue |
| Cash | $8.440M | June 30 |
| H1 operating cash use | −$2.855M | Funding need remains |
| H1 financing cash | +$6.953M | Mostly equity-linked |
| Analyst consensus | None | Zero current ratings |
| Ownership | Undisclosed conversion economics can dilute common holders. |
| Funding | Campus buildout costs and capital sources remain undisclosed. |
| Commercial proof | No campus customers, revenue or contracted backlog were reported. |
| Execution | The path from 154 MW to 480 MW needs permits, equipment and financing. |
| Liquidity | Extreme turnover and the premarket reversal imply high volatility. |
| Metric | Q2 FY27 | Year earlier | Change |
|---|---|---|---|
| Revenue | $11.345B | $10.236B | +10.8% |
| Current RPO | $33.5B | ≈$29.4B | +14% |
| Free cash flow | $1.098B | $0.605B | +81% |
| GAAP operating margin | 20.5% | 22.8% | −230 bp |
| Diluted share count | 821M | 962M | −14.7% |
| Revenue | $46.1B–$46.4B |
| Revenue growth | 11%–12% |
| Non-GAAP margin | 34.3% |
| Free-cash-flow growth | 4%–5% |
| Non-GAAP EPS | $16.67–$16.71 |
The target implies about 6% upside from $228.63. Premarket trading has already captured most of the pre-result consensus gap.
Now: Earnings beat, 14% cRPO growth and nearly $3.9B of AI-and-data ARR.
Next: Contentful and Fin closings, Q3 cRPO delivery and October ASR settlement.
Acquisitions contribute $200M of the $200M reported guidance raise; organic growth contributes $100M while FX subtracts $100M.
GAAP margin fell 230 basis points. Strategic investments supplied $2.53 of adjusted Q2 EPS.
| Company | Close | Aug. 26 | Revenue signal | Risk profile |
|---|---|---|---|---|
| NuScale Power | $9.27 | −5.50% | $75K Q2 | Pre-commercial |
| Oklo | $41.60 | −6.03% | $1.21M TTM | Early revenue |
| NANO Nuclear | $18.50 | −3.85% | $214K TTM | Development |
| BWX Technologies | $153.16 | +2.29% | $3.51B TTM | Profitable supplier |
The 80% retrieval-time claim targets engineering productivity and schedule risk. It does not yet quantify lower R&D spending, faster licensing or contract revenue. The balance sheet extends the runway, but binding customer commitments remain the decisive valuation bridge.
Risks: Proof-of-concept results may not scale. Nuclear licensing, customer financing, manufacturing capacity, partner execution and dilution can overwhelm workflow savings.
The after-hours value gain is about twice Veeva’s $1.6 billion annual adjusted operating-cash-flow guide.
| Metric | Prior | New | Change |
|---|---|---|---|
| Revenue midpoint | $3.640B | $3.6845B | +$44.5M |
| Adjusted operating income | ≈$1.610B | ≈$1.640B | +$30M |
| Adjusted EPS | ≈$9.05 | ≈$9.21 | +$0.16 |
| Adjusted operating cash flow | — | ≈$1.600B | 43% margin |
| Signal | Latest | Growth / status |
|---|---|---|
| R&D and Quality subscription | $419.4M | +19% |
| Commercial subscription | $347.4M | +13% |
| Vault CRM customers live | >180 | 5 top-20 live |
| Top-20 CRM commitments | 12 of 20 | 2 added in August |
| Falcon early adopters | 5 | Initial go-lives due in 2026 |
| Average target | $251.04 · 5.6% below |
| Median target | $266 · 0.3% upside |
| Target range | $165–$340 |
| Pre-report FY2027 EPS estimate | $9.06 |
| New company EPS guide | $9.21 |
Analyst snapshot dated August 26, 2026; comparisons use the 17:40:48 EDT after-hours price.
| Metric | Prior | New | Midpoint change |
|---|---|---|---|
| FY2026 revenue | $9.63B–$9.71B | $9.69B–$9.74B | +$45M · +0.47% |
| FY2026 adjusted EPS | $14.72–$14.80 | $15.04–$15.10 | +$0.31 · +2.1% |
| Q4 revenue | — | $2.53B–$2.58B | New range |
| Q4 adjusted EPS | — | $4.10–$4.16 | New range |
| FY2026 free cash flow | — | ~$2.60B | 26.8% of revenue midpoint |
Salesforce added an implied $22.8 billion of equity value after hours. The cleaner operating signal was $3.37 adjusted EPS excluding investment gains, while Agentforce and Data 360 ARR approached $3.9 billion.
The equity-value gain was about 114 times the $200 million increase in the fiscal-year revenue-guidance midpoint.
| Metric | Reported / guided | Benchmark | Signal |
|---|---|---|---|
| Q2 revenue | $11.35B | $11.33B consensus | Small beat |
| Adjusted EPS | $5.90 | $3.27 consensus | Investment gains amplified it |
| EPS ex investment gains | $3.37 | $3.27 consensus | 3.1% beat |
| Q3 revenue | $11.42B–$11.50B | New guidance | Steady double-digit scale |
| Q3 adjusted EPS | $3.42–$3.44 | New guidance | Operating leverage |
| FY27 revenue | $46.1B–$46.4B | Prior $45.9B–$46.2B | Midpoint +$200M |
| FY27 adjusted EPS | $16.67–$16.71 | Prior $14.06–$14.12 | Midpoint +18.5% |
| Implied market cap / trailing revenue | 4.7× |
| Implied market cap / FY27 revenue midpoint | 4.4× |
| Implied P/E using trailing EPS | 26.8× |
| Levered free-cash-flow yield | 8.2% |
| Average analyst target | $243.98 · 5.3% upside |
| Citizens target | $315 · 35.9% upside |
| 52-week range | $146.32–$269.11 |
| Estimated YTD after the move | about −12% |
Valuation ratios use the $231.80 after-hours price and latest trailing figures available at 16:37 EDT.
| Company | Ticker | Close | Move |
|---|---|---|---|
| Salesforce | CRM | $205.62 | −0.03% regular / +12.73% AH |
| ServiceNow | NOW | $125.80 | −0.94% |
| Adobe | ADBE | $273.47 | −0.16% |
| Snowflake | SNOW | $315.37 | −0.52% |
Peer prices are the August 26 regular-session closes; Salesforce’s earnings move occurred afterward.
The positive read: AI and data ARR nearing $4 billion gives investors a measurable commercial bridge. The strongest net-new annual order growth in four years suggests the signal reaches beyond pilot activity.
The test: The $22.8 billion revaluation needs organic cRPO growth and repeatable Agentforce bookings. A $200 million revenue-guide lift alone does not explain it.
Risks: Strategic-investment gains may reverse. Informatica and pending acquisitions blur organic growth. Customer deployments can remain slow where data is fragmented.
Next catalyst: the 17:00 EDT earnings call. Watch Agentforce bookings, organic growth, free cash flow, acquisition assumptions and any change to capital returns.
| Measure | Value | Signal |
|---|---|---|
| Adjusted EPS | $2.22 | +6.2% vs est. |
| Q2 gross margin | 75.0% | Flat QoQ |
| Q3 gross margin | 74.0% | -1.0 pt |
| Free cash flow | $21.34B | -56% QoQ |
| DSO | 60 days | +15 days |
| Metric | Q2 FY27 | Sequential | Why it matters |
|---|---|---|---|
| Data Center | $89.0B | +18% | Core demand remains strong |
| ACIE | $40.3B | +25% | Faster than hyperscale |
| Receivables | $63.1B | DSO 45→60 | Cash conversion slowed |
| Inventory | $31.6B | +22% | Rubin launch build |
| Operating cash flow | $24.1B | -52% | Working capital and taxes |
Bull: $108B revenue converts to cashBull: ACIE sustains 25% QoQ growthBear: margin falls below 73.5%Bear: DSO extends againBear: customer guarantees activate
Commitments are future obligations, not immediate debt. Guarantees are contingent. The valuation test is whether Nvidia's revenue and free cash flow scale faster than supply, lease and customer-support exposure.
| Measure | Latest | Read-through |
|---|---|---|
| Q2 revenue | $0.965m | Small operating base |
| Q2 operating loss | $2.52m | Loss exceeds revenue |
| Cash | $8.44m | 30 Jun 2026 |
| Working capital | ~$0.9m | Limited cushion |
| H1 financing cash | $7.0m | Mostly equity issuance |
| Employees | 13 | Major operating pivot |
Prior equity use makes the new preferred-stock conversion terms the central per-share variable.
| FY26 | Revenue | Gross margin | Net income |
|---|---|---|---|
| Q1 | $5.0B | 9.3% | $168M |
| Q2 | $12.7B | 6.3% | $401M |
| Q3 | $10.2B | 9.9% | $483M |
| Q4 | $11.1B | 17.5% | $1.18B |
| Company | Close | Daily move | Signal |
|---|---|---|---|
| Super Micro (SMCI) | $38.46 | +9.35% | Cisco channel |
| Dell (DELL) | $451.50 | +4.23% | Server peer |
| HPE (HPE) | $53.44 | +1.93% | Server peer |
| Cisco (CSCO) | $111.11 | +0.80% | Platform owner |
Market data: August 25, 2026, 4:00 p.m. EDT
After-hours: 7:59 p.m. EDT • Dashboard: August 26, 2026, 01:10 EDT
+21.81% • +$0.53
−1.68% from close
7.7× 12.9M 3-month average
≈$211M added Tuesday
The close remains 65.0% below the 52-week high despite Tuesday’s surge.
Rezolve says its database provides indexing and pipelines behind Google Cloud Web3 datasets.
Preliminary H1 covers 35.3% of guidance. H2 must run about 83% above H1.
| Measure | Numerator | Denominator | Multiple |
|---|---|---|---|
| Market cap / FY 2025 revenue | $1.18B | $46.8M | 25.2× |
| Market cap / FY 2026 guidance | $1.18B | $360M | 3.3× |
| Tuesday value gain / FY26 guide | ≈$211M | $360M | 0.59× |
| Analyst target / close | $10.50 avg. | $2.96 | 3.55× |
Five-analyst consensus: Strong Buy; target range $7–$15. Targets predate this catalyst.
Investor read: Google validates the technology, but September must validate economics. Watch recognized revenue, gross margin, cash conversion, outstanding shares and continued support for the $360 million outlook.
Sources: Rezolve AI investor releases dated July 27, August 6 and August 25, 2026; Rezolve AI 2025 Form 20-F; S&P Global Market Intelligence and Nasdaq UTP data displayed by StockAnalysis. Derived figures may differ due to rounding.
NYSE:BABA · Market data through August 25, 2026, 20:00 EDT
The issue raises about $10.21 billion for chips, infrastructure and models. That equals 6.6% of trailing revenue and 18.1% of Alibaba's three-year AI plan.
Placement as a share of the $56.54B three-year AI commitment
| Measure | Value |
|---|---|
| New shares | 710M |
| Offer price | HK$112.70 |
| Discount | 8.4% |
| Net cash | HK$79.7B |
| Expected close | Aug. 26 |
| June quarter | Value |
|---|---|
| Group revenue | $39.6B |
| Revenue growth | +9% |
| AI cloud revenue | $7.1B |
| Cloud growth | +45% |
| Cloud adj. EBITA | $830M |
| EBITA growth | +133% |
| Analysts | Value |
|---|---|
| Consensus | Strong Buy |
| Coverage | 40 |
| Average target | $186.68 |
| Implied upside | +56.3% |
| Low / high | $92.74 / $237.81 |
| Date | Close | Move | Volume |
|---|---|---|---|
| Aug. 20 | $130.53 | +1.26% | 28.1M |
| Aug. 21 | $119.34 | −8.57% | 32.4M |
| Aug. 24 | $118.47 | −0.73% | 23.9M |
| Aug. 25 | $119.44 | +0.82% | 15.8M |
The ADR remains 8.5% below its Aug. 20 close.
Enterprise momentum accelerated, but the annual revenue midpoint moved by only 0.1%. The market treated the report as an earnings-efficiency update, not a revenue reset.
Enterprise supplied 61.7% of quarterly revenue and nearly all incremental sales.
Compared with guidance issued May 21. Revenue midpoint moved from $5.085B to $5.090B.
| Metric | Q2 FY2027 | Year earlier | Change / signal |
|---|---|---|---|
| Total revenue | $1.277B | $1.217B | +4.9% |
| Enterprise revenue | $787.5M | $730.7M | +7.8% |
| Online revenue | $489.7M | $486.6M | +0.6% |
| GAAP operating income | $314.3M | $321.7M | −2.3% |
| Free cash flow | $472.4M | $508.0M | −7.0%; 37.0% margin |
| Non-GAAP operating margin | 40.0% | 41.3% | −130 bps |
| Trailing P/E | 14.8× |
| Forward P/E | 17.4× |
| Analyst consensus | Buy · 30 analysts |
| Average target | $116.80 · 19.6% above after-hours price |
| Quarterly repurchases | 3.7M shares |
| Remaining authorization | $1.3B at July 31 |
Strategic-investment gains supplied $1.614B, or 81% of GAAP pretax income. Non-GAAP net income fell 1.5% to $464.0M.
The large investment gain should not be read as recurring operating profit.
Market snapshot: August 25, 2026, 14:21 EDT · Regular session
The shares remain 82.7% below their $57.42 high. The 13-analyst average target implies 19.2% upside.
Fresh catalyst
NuScale deployed Nuclearn AtomAssist and NPX across engineering and knowledge management.
Proof-of-concept search-time reduction: up to 80%.
No customer contract, order value, revenue or savings target was disclosed.
| Signal | Value | Investor read |
|---|---|---|
| Q2 revenue | $75K | ≈99% below estimate |
| Session value gain | ≈$379M | >5,000× Q2 revenue |
| Liquidity | $1.9B | 44.6% of market cap |
| ATM authorization | Up to $750M | 17.6% of market cap |
| Module output | 77 MWe | Up to 924 MWe for 12 modules |
| Reference | Target |
|---|---|
| Cantor · Buy | $20.00 |
| Texas Capital · Buy | $12.00 |
| RBC · Hold | $10.00 |
| Citi · Sell | $6.50 |
Consensus: 5 Buy, 7 Hold, 1 Sell.
Internal efficiency is not the same as customer revenue. The proof-of-concept result may not translate into lower project costs. Licensing, financing, manufacturing readiness and binding customer commitments remain the larger valuation tests. Sector-wide strength also amplified Tuesday's move: Oklo rose 12.8% and Nano Nuclear Energy gained 6.4% in the same snapshot.
Sources: NuScale Power releases dated August 5 and August 25, 2026; SEC filing dated August 11, 2026; Google Finance market and analyst data captured August 25, 2026, 14:21 EDT. Calculations use displayed figures and may differ because of rounding.
