IREN Limited (NASDAQ: IREN) reported record financial results for the quarter ended September 30, 2025, driven by rapid expansion of its AI Cloud operations and a series of new multi-year customer contracts. Total revenue climbed 355 percent year-over-year to $240.3 million, while net income reached $384.6 million, compared with a $51.7 million loss a year earlier. Adjusted EBITDA rose more than 3,500 percent to $91.7 million, reflecting surging demand for GPU-based compute across hyperscale and enterprise customers.
The company signed multi-year agreements with Together AI, Fluidstack, and Fireworks AI, collectively expected to push AI Cloud annualized run-rate revenue above $500 million by the end of Q1 2026. IREN also referenced its previously announced $9.7 billion Microsoft contract as a major contributor toward its long-term target of $3.4 billion in AI Cloud ARR and 140,000 GPUs deployed by the end of 2026. Beyond customer momentum, IREN reported $1.8 billion in cash, a $1 billion zero-coupon convertible-note issuance, and $400 million in GPU-specific financing to support its growth pipeline.
Infrastructure programs are advancing across North America. In British Columbia, a 160 MW site is transitioning from ASIC to GPU deployments, targeting completion by 2026. At Childress, Texas (750 MW), IREN is accelerating construction of liquid-cooled data centers with Tier 3-equivalent resiliency and rack densities of 130–200 kW for high-performance AI training. The 2 GW Sweetwater Hub is moving toward energization in two phases — 1,400 MW in April 2026 and 600 MW in late 2027 — positioning IREN for continued capacity expansion across its 3 GW grid-connected portfolio.
• Q1 FY26 revenue $240.3 million (+355% YoY); net income $384.6 million
• Adjusted EBITDA $91.7 million (+3,568% YoY)
• New AI Cloud contracts with Together AI, Fluidstack, and Fireworks AI
• Infrastructure expanding to 3 GW across Texas and Canada
• $1.8 billion cash balance; $1 billion convertible notes and $400 million GPU financing
“IREN continues to execute with discipline, delivering record results this quarter and meaningful progress in our AI Cloud expansion,” said Daniel Roberts, Co-Founder and Co-CEO of IREN. “Our announced expansion to 140,000 GPUs represents only 16 percent of our 3 GW power portfolio, providing ample capacity to scale and drive long-term value creation.”
🌐 Analysis: Beyond its landmark Microsoft deal, IREN is establishing itself as a vertically integrated AI cloud platform operator, leveraging renewable-rich sites for liquid-cooled GPU clusters at scale. Its shift from ASIC mining to AI compute parallels moves by CoreWeave and Crusoe Energy, highlighting a broader industry pivot toward energy-dense AI data centers backed by long-term hyperscaler contracts.
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