IREN Limited

“This quarter Horizon 1 went into service for Microsoft with NVIDIA Exemplar status, AI Cloud revenue nearly tripled to $200 million, and operating ARR doubled to a billion.

The bitcoin miner's AI pivot is now a billion-dollar annualized run rate, with Microsoft live on Horizon 1 and Nvidia's Exemplar badge validating the hardware. That shifts the story from mining margins to contracted compute revenue at a $7.5 billion market cap.

“The more than $4 billion of contracted ARR is funded and now targeted for January, after a customer-requested design change and supplier timing moved it from year-end; it may extend to the end of February.

Roberts just pushed the revenue start line for a $4 billion annualized contract book out of the current quarter, with a customer design change and supplier timing adding up to two more months of slippage. Investors took it well, but the funded-and-delayed framing means the cash shows up a quarter later than modeled. Watch whether February holds.

“We own the land, the power and the data centers under all of it, which gives us more ways to fund growth and lets us set its pace.

Roberts is pitching owned assets as the financing edge while rival miners lease power and rent capacity, and investors on the fiscal Q1 call bid the $7.5 billion company up 3.85% since. Keep an eye on how that ownership translates into funding terms for the next expansion.

“Since quarter-end we have signed a five-year contract at about $22 million per megawatt with 90% of the GPU capex prepaid by the customer, and a short-term contract at $40 million per megawatt.

Customers are now funding IREN's GPU buildout up front, which takes the balance sheet risk out of the growth story and locks in five years of revenue visibility at the $7.5 billion company. The short-term pricing running at nearly double the long-term rate shows how tight AI capacity has become.