IREN Limited (IREN) Stock Price & Analysis
IREN Limited (IREN) closed at USD 25.51 on Thursday, October 22, 2026, down 8.37% on the day. The US market is currently closed; this is not a live price.
The prior close was USD 27.84; the Oct 22, 2026 session ranged USD 24.86–26.74 on volume of 66,176,624 shares. Market capitalization is $10.05B, with a 52-week range of USD 24.86–76.87 (NMS). Source: Nexqual, retrieved October 23, 2026 at 07:54 UTC.
Also available as compact Markdown for AI agents: nexqual.com/IREN.md
Key facts (IREN)
- Last four reported quarters (through Jun 30, 2026): revenue $707M, net income -$703M (-99.4% margin) (SEC filings).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $434K; 1 not under a Rule 10b5-1 plan ($434K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.05 on a 1–5 scale) (20 analysts), mean target USD 77.81 (range 37–139).
- Total return with dividends: 1Y -54.3% vs S&P 500 +14.9%; 5Y +2.9% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD -0.67, revenue estimate $221M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (IREN)
| USD | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|
| Revenue | $75.5M | $187M | $501M | $707M | $707M |
| Gross profit | $36.1M | $100M | $342M | $487M | — |
| Operating income | -$157M | -$27.2M | $17.3M | -$1.05B | -$1.05B |
| Net income | -$172M | -$28.9M | $86.9M | -$703M | -$703M |
| EPS (diluted) | -$3.14 | -$0.29 | $0.39 | -$2.22 | — |
| Free cash flow | -$110M | -$89.6M | -$328M | -$898M | -$898M |
| Gross margin | 47.8% | 53.5% | 68.3% | 68.9% | — |
| Operating margin | -208.2% | -14.5% | 3.5% | -148.0% | -148.0% |
| Net margin | -227.6% | -15.4% | 17.4% | -99.4% | -99.4% |
| Revenue growth | — | +147.9% | +167.7% | +41.1% | — |
| Cash + short-term investments | $68.9M | $411M | $565M | — | — |
| Total debt | — | $0K | $963M | $7.59B | — |
Fiscal years end Jun. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (IREN)
P/S 14.2x · P/B 2.4x · FCF yield -8.93% · Earnings yield -6.99%
P/E at fiscal year-ends: Jun 2025 37.4x.
Insider sales (SEC Form 4, open-market, last ~7 months) (IREN)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2025-09-16 | Guzowski Christopher | Director | 11,958 | $434K | 20.7% | No | Too little history (no open-market trades in 2022–2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Analysts (IREN)
Consensus Buy (mean 2.05 on a 1–5 scale), 20 analysts; mean target USD 77.81 (low 37, high 139).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-29 | B. Riley Securities | Target lowered | Buy | $96 → $91 |
| 2026-09-21 | Rothschild & Co | Initiated | Neutral | $40 |
| 2026-09-18 | Northland Capital Markets | Initiated | Outperform | $99 |
| 2026-09-14 | JP Morgan | Upgrade | Underweight → Overweight | $46 → $65 |
| 2026-09-14 | BTIG | Reiterated | Buy | $80 |
| 2026-09-02 | Freedom Capital Markets | Maintained | Buy | $58 |
| 2026-09-02 | BTIG | Reiterated | Buy | $80 |
| 2026-08-28 | Macquarie | Maintained | Outperform | $90 |
| 2026-08-28 | Freedom Capital Markets | Maintained | Buy | $58 |
| 2026-08-28 | Canaccord Genuity | Maintained | Buy | $79 |
| 2026-08-28 | Cantor Fitzgerald | Reiterated | Overweight | $99 |
| 2026-08-28 | HC Wainwright & Co. | Reiterated | Buy | $90 |
Total return (dividends reinvested) (IREN)
| 1Y (from 2025-10-23) | 5Y (from 2021-11-15) | |
|---|---|---|
| Total return | -54.3% | +2.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -54.5% | +0.6% |
| Volatility (annualized) | 106.1% | 113.7% |
| Max drawdown | -66.6% (Nov 2025→Oct 2026) | -95.2% (Nov 2021→Dec 2022) |
IREN revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| AI Cloud | $70.5M | 51.4% | +912.7% |
| Bitcoin Mining | $66.7M | 48.6% | -63.0% |
| Total revenue | $137.2M | 100% | — |
IREN revenue by region (fiscal year ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Australia | $578.2M | 81.8% | +19.3% |
| Canada | $128.8M | 18.2% | +685.6% |
| Total revenue | $707.0M | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
IREN suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | AMD (AMD) | “We maintain relationships with semiconductor manufacturers, original equipment manufacturers ("OEMs"), original design manufacturers ("ODMs"), and other infrastructure suppliers, including NVIDIA, AMD, Dell Technologies, Lenovo, Supermicro, Gigabyte and leading storage and networking providers.” |
| Supplier | Dell Technologies (DELL) | “We maintain relationships with semiconductor manufacturers, original equipment manufacturers ("OEMs"), original design manufacturers ("ODMs"), and other infrastructure suppliers, including NVIDIA, AMD, Dell Technologies, Lenovo, Supermicro, Gigabyte and leading storage and networking providers.” |
| Supplier | Lenovo | “We maintain relationships with semiconductor manufacturers, original equipment manufacturers ("OEMs"), original design manufacturers ("ODMs"), and other infrastructure suppliers, including NVIDIA, AMD, Dell Technologies, Lenovo, Supermicro, Gigabyte and leading storage and networking providers.” |
| Supplier | Super Micro Computer (SMCI) | “We maintain relationships with semiconductor manufacturers, original equipment manufacturers ("OEMs"), original design manufacturers ("ODMs"), and other infrastructure suppliers, including NVIDIA, AMD, Dell Technologies, Lenovo, Supermicro, Gigabyte and leading storage and networking providers.” |
| Customer | Mirantis | “Successful integration of Mirantis requires, among other things, retaining key engineering and other personnel, integrating software platforms, systems and processes with our infrastructure, continuing to support Mirantis' existing enterprise customers and coordinating research and development priorities.” |
| Partner | NVIDIA (NVDA) | “We are an NVIDIA Cloud Partner and secured NVIDIA Preferred Partner status during fiscal year 2026.” |
| Partner | Microsoft (MSFT) | “For example, we announced a five-year agreement with Microsoft in November 2025, which includes GPU acquisitions and the development of the "Horizon 1," "Horizon 2," "Horizon 3" and "Horizon 4" data center facilities representing approximately $9.7 billion of total contract value.” |
| Partner | Oklahoma | “As our footprint expands, we intend to develop locally appropriate engagement and benefit programs in Oklahoma, Spain and Australia, including workforce development, local partnerships and support for education and community priorities.” |
| Competitor | Amazon (AMZN) | “As a global AI Cloud Services provider, we compete with hyperscalers, including Amazon Web Services, Google Cloud, Microsoft Azure and Oracle Cloud, as well as specialized AI Cloud Services providers, including CoreWeave, Nebius, Crusoe, Lambda, Nscale, SpaceX and others.” |
| Competitor | Alphabet (Google) (GOOGL) | “As a global AI Cloud Services provider, we compete with hyperscalers, including Amazon Web Services, Google Cloud, Microsoft Azure and Oracle Cloud, as well as specialized AI Cloud Services providers, including CoreWeave, Nebius, Crusoe, Lambda, Nscale, SpaceX and others.” |
| Competitor | Oracle (ORCL) | “As a global AI Cloud Services provider, we compete with hyperscalers, including Amazon Web Services, Google Cloud, Microsoft Azure and Oracle Cloud, as well as specialized AI Cloud Services providers, including CoreWeave, Nebius, Crusoe, Lambda, Nscale, SpaceX and others.” |
| Competitor | CoreWeave (CRWV) | “As a global AI Cloud Services provider, we compete with hyperscalers, including Amazon Web Services, Google Cloud, Microsoft Azure and Oracle Cloud, as well as specialized AI Cloud Services providers, including CoreWeave, Nebius, Crusoe, Lambda, Nscale, SpaceX and others.” |
| Competitor | Nebius (NBIS) | “As a global AI Cloud Services provider, we compete with hyperscalers, including Amazon Web Services, Google Cloud, Microsoft Azure and Oracle Cloud, as well as specialized AI Cloud Services providers, including CoreWeave, Nebius, Crusoe, Lambda, Nscale, SpaceX and others.” |
| Competitor | SpaceX | “As a global AI Cloud Services provider, we compete with hyperscalers, including Amazon Web Services, Google Cloud, Microsoft Azure and Oracle Cloud, as well as specialized AI Cloud Services providers, including CoreWeave, Nebius, Crusoe, Lambda, Nscale, SpaceX and others.” |
Quoted from the company's 10-K filed Aug 27, 2026.
IREN company outlook (results filed Aug 27, 2026)
- “Operating ARR of $1bn is calculated as of August 26, 2026. $4bn of ARR targeted to be operational by December 31, 2026 is based on internal company assumptions regarding utilization and pricing, with revenue expected to ramp upon, and being subject to, commissioning, testing and customer acceptance in the months following each data center's delivery.”
Quoted word-for-word from the SEC 8-K results press release.
IREN analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $-0.67 | $-0.23 | +183.0% | $221.3M | 2 |
| Next quarter (ends Dec 2026) | $-1.34 | $0.10 | -1440.0% | $392.0M | 2 |
| Current fiscal year (ends Jun 2027) | $-3.42 | $-0.94 | +264.0% | $2.81B | 4 |
| Next fiscal year (ends Jun 2028) | $-3.98 | $-0.20 | +1891.3% | $7.41B | 4 |
IREN options: expected move
Options price a move of about ±20.2% (±$5.06) by Nov 6, 2026, which includes earnings on Nov 5, 2026; the earnings reaction alone is priced at about ±9.7%. Over the last 7 reports the stock moved ±12.5% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Oct 23, 2026 | 1 | 126.5% | ±5.6% |
| Oct 30, 2026 | 8 | 110.8% | ±13.3% |
| Nov 6, 2026 | 15 | 123.2% | ±20.2% |
| Nov 13, 2026 | 22 | 122.6% | ±24.2% |
| Nov 20, 2026 | 29 | 117.3% | ±26.6% |
| Nov 27, 2026 | 36 | 111.6% | ±28.1% |
| Dec 4, 2026 | 43 | 110.7% | ±30.5% |
| Dec 18, 2026 | 57 | 108.8% | ±34.2% |
30-day implied volatility 114.4% vs 73.3% realized over the last 30 trading days. Put/call ratio (volume) 0.6. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 07:54 UTC)
| Price | USD 25.51 |
|---|---|
| Change | ▼ 8.37% (down) |
| Previous Close | USD 27.84 |
| Open | USD 26.52 |
| Day Range | USD 24.86 – 26.74 |
| 52-Week Range | USD 24.86 – 76.87 |
| Volume | 66,176,624 shares |
| Market Cap | $10.05B |
| Exchange | NMS |
Technical Analysis (IREN)
Nexqual's technical model rates IREN "SELL" based on 2 bullish and 5 bearish signals across 127 daily candles, as of October 23, 2026 at 07:54 UTC.
| Overall Signal | SELL |
|---|---|
| RSI (14) | 23.36 (oversold) |
| vs SMA50 | Below (USD 39.88) |
| MACD | -4.23 (negative) |
Analyst Ratings (IREN)
Wall Street analysts rate IREN "Buy" based on 20 analysts, with a mean price target of USD 77.81 (range USD 37–139), per Nexqual as of October 23, 2026 at 07:54 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 20 |
| Mean Target | USD 77.81 |
| High Target | USD 139 |
| Low Target | USD 37 |
| Buy / Hold / Sell | 16 / 4 / 0 |
Earnings (IREN)
| Next Earnings Date | 2026-11-05 |
|---|---|
| EPS Estimate | USD -0.67 |
| Revenue Estimate | $221.33M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD -0.25 vs est -0.46 ▲ beat |
| 2026-03-31 | USD -0.16 vs est -0.26 ▲ beat |
| 2025-12-31 | USD -0.03 vs est -0.25 ▲ beat |
| 2025-09-30 | USD 0.01 vs est 0.14 ▼ miss |
Source: Nexqual, October 23, 2026 at 07:54 UTC.
Financials & Fundamentals (IREN)
| Total Revenue | $707.01M |
|---|---|
| Revenue Growth (latest quarter, YoY) | -26.70% |
| Gross Margin | +68.92% |
| Operating Margin | -102.47% |
| Profit Margin | -99.38% |
| ROE | -23.41% |
| Debt / Equity | 1.87 |
| Current Ratio | 3.55 |
| Total Cash | $5.90B |
| Total Debt | $7.84B |
Source: Nexqual, October 23, 2026 at 07:54 UTC.
Financial Health Score (IREN)
Nexqual rates IREN Limited's overall financial health "Mixed" across five dimensions, as of October 23, 2026 at 07:54 UTC.
| Growth | Strong — Revenue +39% YoY (annual) |
|---|---|
| Profitability | Critical — Net margin -99% (last 12 months); banks have no gross margin |
| Balance Sheet | N/A — Not comparable for banks: deposits and customer funds sit on the balance sheet, so cash vs debt does not measure safety (SEC industry: Finance Services) |
| Cash Flow | N/A — Not meaningful for banks and lenders: lending and trading move operating cash flow by billions each year (SEC industry: Finance Services) |
| Efficiency | Critical — ROE -23%, ROA -2.5% |
Ownership (IREN)
| Insider Ownership | +6.52% |
|---|---|
| Institutional Ownership | +62.16% |
| Shares Outstanding | 394.06M |
| Float | 346.18M |
| Short % of Float | +21.34% |
Source: Nexqual, October 23, 2026 at 07:54 UTC.
Leadership (IREN)
IREN Limited is led by William Roberts, Co-Founder, Co-CEO & Executive Director, per Nexqual as of October 23, 2026 at 07:54 UTC.
| Co-Founder, Co-CEO & Executive Director | William Roberts |
|---|---|
| Chief Financial Officer | Anthony John Lewis |
| Chief Operating Officer | David Shaw |
| Chief Technology Officer | Denis Skrinnikoff |
| Vice President of Investor Relations | Mike Power |
Major Backers & Investors (IREN)
Notable institutional backers of IREN Limited include Bank of America Corporation, Goldman Sachs, Citigroup Inc., according to Nexqual as of October 23, 2026 at 07:54 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Bank of America Corporation | 3.51% |
| Goldman Sachs | 3.09% |
| Citigroup Inc. | 2.83% |
| Situational Awareness LP | 2.34% |
| Value Aligned Research Advisors, LLC | 2.09% |
| Morgan Stanley | 1.79% |
| BIT Capital GmbH | 1.74% |
| NORGES BANK | 1.28% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 3.29% |
| State Street | 1.58% |
Source: Nexqual, October 23, 2026 at 07:54 UTC.
From IREN Limited's Latest SEC 10-K Filing (filed 2026-08-27)
Key Strengths & Strategy (as disclosed to the SEC)
- To date, our primary sources of financing have included customer prepayments, common equity, convertible notes, subsidiary-level equipment financing, including approximately $3.6 billion of investment-grade rated GPU financing in May 2026.
- We maintain relationships with semiconductor manufacturers, original equipment manufacturers ("OEMs"), original design manufacturers ("ODMs"), and other infrastructure suppliers, including NVIDIA, AMD, Dell Technologies, Lenovo, Supermicro, Gigabyte and leading storage and networking providers.
- We maintain relationships with leading semiconductor manufacturers, OEMs, ODMs and infrastructure suppliers, including NVIDIA, AMD, Dell Technologies, Lenovo and others.
- As a global AI Cloud Services provider, we compete with hyperscalers, including Amazon Web Services, Google Cloud, Microsoft Azure and Oracle Cloud, as well as specialized AI Cloud Services providers, including CoreWeave, Nebius, Crusoe, Lambda, Nscale, SpaceX and others.
Partnerships
- During fiscal year 2026, we entered into a strategic partnership with NVIDIA to support the deployment over time of up to 5GW of NVIDIA DSX-aligned AI infrastructure across our global data center pipeline.
- In May 2026, we entered into a strategic partnership with NVIDIA intended to support the deployment of up to 5GW of NVIDIA DSX-aligned AI infrastructure across our global pipeline over time.
Legal & Regulatory Risks (Item 1A, quoted)
- The regulatory landscape for AI is rapidly evolving, and unfavorable changes could adversely affect our business.
- Our business and financial condition may be materially adversely affected by changes to and/or increased regulation of energy sources.
- The regulatory environment regarding digital assets and digital asset mining is in flux, and we may become subject to changes to and/or additional laws and regulations that may limit our ability to operate.
- We cannot be certain as to how future regulatory developments will impact the treatment of Bitcoin under the law, and ongoing and future regulation and regulatory actions could significantly restrict or eliminate the market for or uses of Bitcoin and materially and adversely impact our business.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
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|---|---|---|---|
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| EVR | Evercore Inc. | USD 255.39 | ▲ 1.34% |
| JEF | Jefferies Financial Group Inc. | USD 45.64 | ▲ 1.35% |
| HLI | Houlihan Lokey, Inc. | USD 133.24 | ▲ 3.78% |
| HUT | Hut 8 Corp. | USD 63.97 | ▼ 10.63% |
| BMNR | BitMine Immersion Technologies, | USD 22.5 | ▼ 6.09% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 07:54 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt