# IREN

> Nasdaq-listed operator building AI GPU cloud services on large data-center and power sites while transitioning from Bitcoin mining.

## Why it 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.

## Profile

- **Latest funding:** Not publicly disclosed
- **Latest known valuation:** Not publicly disclosed
- **Total disclosed equity funding:** Not publicly disclosed
- **Stage:** public
- **Status:** public
- **Industries:** infra-cloud, ai-ml
- **Coverage:** full
- **Last updated:** 2026-11-13T00:00:00.000Z

## 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 articles

- https://venturecapitaltracker.com/neocloud-companies-stocks-2026
- https://venturecapitaltracker.com/gpu-financing-asset-backed-loans-customer-prepayments

**By:** [Venture Capital Tracker](https://venturecapitaltracker.com/editorial-policy)
**Last updated:** November 13, 2026

**Editorial note:** AI tools assisted with research, structure, or drafting. Venture Capital Tracker retains human editorial responsibility for factual accuracy, relevance, and source quality before publication.

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Source: https://venturecapitaltracker.com/startup/iren