IREN

EX-99.1

2 ef20078253_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

IREN Signs $2.8bn in New Customer Contracts

with Leading AI Developers,

Raises 2026 ARR Target to over $4bn

NEW YORK, July 20, 2026 (GLOBE NEWSWIRE) – IREN Limited (NASDAQ: IREN) (“IREN”) today announced that it has raised its year-end AI Cloud annualized run-rate revenue (“ARR”)1 target from $3.7bn to more than $4bn2, of which approximately 85% is now under contract following new multi-year cloud services contracts with leading AI developers representing $2.8bn in total contract value.

IREN's customer base now includes Microsoft, NVIDIA, Perplexity, Figure AI, Together AI, Fluidstack, Fireworks AI, Fal AI, Hume AI, and a new leading AI developer, across both bare metal and managed cloud services.

IREN remains selective in allocating capacity ahead of commissioning, prioritizing diversification and growth across its customer base and platform layers. Demand from hyperscalers, enterprises, AI developers and frontier labs continues to exceed IREN's available and planned capacity, and IREN is engaged with customers across its entire 2026 and 2027 expansion program.

Contracted pricing continues to strengthen. Recent contracts also include customer prepayments representing approximately 45% of the associated GPU capital expenditure, reducing IREN’s net funding requirement for those deployments.3 Across the portfolio, IREN’s customer contracts have a weighted average term of approximately 4 years.4

As of June 30, 2026, IREN held approximately $7.6bn in cash and cash equivalents.5

Daniel Roberts, Co-Founder and Co-CEO of IREN, said:

“Our vertically integrated AI Cloud platform is scaling at pace. In the past 12 months we have expanded from approximately 3MW of self-built AI Cloud capacity to 480MW being delivered this year, with 1.2GW targeted for 2027, broadening our customer base across hyperscalers, enterprises and AI developers.”

“We are proud to support leading companies building frontier applications across design, physical AI and robotics, generative media, AI search and model development.”

1

About IREN

IREN is a vertically integrated AI Cloud provider, delivering large-scale data centers and compute for AI training and inference. IREN’s platform is underpinned by its expansive portfolio of grid-connected land and power in renewable-rich regions across North America, Europe and APAC.

Contacts

Investors

ir@iren.com

Media

media@iren.com

Assumptions and Notes

1.

ARR is calculated as GPU/hour pricing for commissioned GPUs as of December 31, 2026 multiplied by 8,760 hours per year and includes annualized revenue for storage and ancillaries. ARR is an operating metric, not a GAAP measure, and is not derived from, or a substitute for, revenue determined in accordance with GAAP; it does not reflect applicable GAAP recognition and measurement effects.

2.

The $4bn+ ARR target reflects 480MW (gross) of AI Cloud capacity planned by year-end 2026 based on internal company assumptions regarding GPU models, contracting, utilization and pricing, with revenue expected to ramp upon, and being subject to commissioning, testing and customer acceptance of GPUs in the months following each data center's delivery.

3.

Customer prepayments represent amounts contractually payable by customers in advance of service delivery under agreements executed since June 1, 2026, expressed as a percentage of the estimated capital expenditure attributable to the associated deployments. Prepayment terms vary by contract and there can be no assurance that future contracts will include prepayments on similar terms.

4.

Weighted average contract term is calculated by weighting each contract’s stated term by its contribution to ARR.

5.

Reflects USD equivalent, unaudited preliminary cash and cash equivalents as of June 30, 2026, and includes $1.7bn of restricted cash in connection with the GPU financing for the Microsoft contract at Horizon 1-4.

Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or IREN’s future financial or operating performance. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies, ARR and revenue targets, the timing and extent to which GPU capacity included in ARR becomes revenue-generating and contributes to revenue recognized in accordance with GAAP, expectations regarding the contracting of additional GPU capacity and the delivery, commissioning and customer acceptance of GPU capacity, associated funding requirements, performance under applicable customer contracts, anticipated utilization and pricing, customer selection and engagement, expectati

iren-20260508

false000187884800018788482026-05-082026-05-08

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 08, 2026

IREN LIMITED

(Exact name of registrant as specified in its charter)

Commission File Number: 001-41072

Australia Not Applicable

(State or other jurisdiction of

incorporation)

(IRS Employer

Identification No.)

Level 5, 55 Market Street, Sydney, NSW 2000 Australia

(Address of principal executive offices, including zip code)

+61 2 7906 8301

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13c-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each classTrading symbol(s)Name of each exchange on which registered

Ordinary shares, no par valueIRENThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02Results of Operations and Financial Condition.

On May 7, 2026, IREN Limited (the “Company”) conducted a conference call to discuss its financial results for the three months ended March 31, 2026. A copy of the transcript of the conference call is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

The information contained in this Item 2.02 and Exhibit 99.1 attached hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01Financial Statements and Exhibits.

Item 9.01(d)Exhibits

Exhibit No.Description

99.1 May 7, 2026 conference call transcript.

104Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

IREN LIMITED

By:

/s/ Daniel Roberts

Daniel Roberts

Co-Chief Executive Officer and Director

Date: 8 May 2026

iren-20260507

false000187884800018788482026-05-072026-05-07

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 07, 2026

IREN LIMITED

(Exact name of registrant as specified in its charter)

Commission File Number: 001-41072

Australia Not Applicable

(State or other jurisdiction of

incorporation)

(IRS Employer

Identification No.)

Level 5, 55 Market Street, Sydney, NSW 2000 Australia

(Address of principal executive offices, including zip code)

+61 2 7906 8301

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13c-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each classTrading symbol(s)Name of each exchange on which registered

Ordinary shares, no par valueIRENThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02Results of Operations and Financial Condition.

On May 7, 2026, IREN Limited (the “Company”) reported its financial results for the three months ended March 31, 2026. A copy of the related press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

The information contained in this Item 2.02 and Exhibit 99.1 attached hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01Financial Statements and Exhibits.

Item 9.01(d)Exhibits

Exhibit No.Description

99.1 Press Release, dated May 7, 2026, issued by IREN Limited.

104Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

IREN LIMITED

By:

/s/ Daniel Roberts

Daniel Roberts

Co-Chief Executive Officer and Director

Date: 7 May 2026