Startup profile · funding coverage
IREN funding, valuation and investors
Nasdaq-listed operator building AI GPU cloud services on large data-center and power sites while transitioning from Bitcoin mining.
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Funding, valuation & investors
Answer-first snapshotLatest funding
Not publicly disclosed
Latest known valuation
Not publicly disclosed
Total disclosed equity funding
Not publicly disclosed
Excludes debt, grants, acquisitions, secondaries, and IPO proceeds.
Current status
public
public
Overview
IREN Limited (Nasdaq: IREN) operates large data-center sites and NVIDIA GPU clusters for AI training and inference, alongside a declining Bitcoin-mining operation. It builds or converts energy-intensive sites into AI cloud facilities. It reported $200M AI Cloud revenue and $228M total revenue in Q1 FY2027 (quarter ended September 30, 2026), compared with $71M and $137M in the prior quarter.
IREN's $20.3B reported revenue backlog is distinct from CoreWeave's and Nebius's definitions. In June 2026, IREN closed $3.65B investment-grade financing for a Microsoft contract via $2.1B senior notes and $1.55B delayed-draw loans.
November 2026 management outlook included $15B remaining planned FY27 capex, with $9B cash, committed GPU financing and prepayments and $6B targeted future funding, all dependent on actual delivery and market conditions.
Why IREN is interesting
IREN's Q1 FY2027 AI Cloud revenue reached $200M in the quarter ended September 30, 2026, and its $20.3B revenue backlog and $15B remaining FY27 capex plan demonstrate the different risks of a power-integrated neocloud. The $3.65B Microsoft-linked GPU financing is a debt program, not new VC equity.
Product & use cases
AI Cloud platform combining GPU compute, software for training and inference and data centers on power-rich sites; legacy Bitcoin-mining operations are being reduced or repurposed.
- Rent specialized NVIDIA GPU cloud capacity for AI training and inference.
- Reserve multi-year capacity with committed delivery for hyperscalers and AI labs.
Key facts
- November 5, 2026 earnings: Q1 FY27 AI Cloud revenue $200M, total $228M and $20.3B reported backlog.
- June 2026: closed a $3.65B investment-grade GPU financing package, including $2.1B private-placement notes and a $1.55B delayed-draw loan.
- Management expects remaining FY27 capex of $15B; $6B of planned sources had not yet been secured as of the report.
- Hardware and data-center assets have different useful lives; GPU fleet economics cannot be inferred from data center power capacity.
Related reading
Explore the analysis behind recent funding rounds and company developments.
Competitive landscape
Edge: Large holdings of land and power, vertically integrated data-center construction and customer finance can create execution advantages. Planned gigawatts are not the same as powered, fully deployed billable GPUs.
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CoreWeave direct
Public GPU cloud peer with large contracted revenue backlog.
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Nebius direct
Public full-stack AI cloud.
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Applied Digital adjacent
Data-center owner and landlord providing powered capacity rather than an identical full-stack GPU service.
Industries
Market / IPO context
Ticker: IREN (NASDAQ)
IPO status: public
Editorial / static context — not a live quote.
FAQs about IREN
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