Do your thoughts align with the Bull or Bear Analysts? Perhaps you think there’s more to the story. Head to the Simply Wall St Community to discover more perspectives or begin writing your own Narrative!

• Media reports, including coverage in the Wall Street Journal, have been grouping IREN with bitcoin miners that are repurposing data centers for AI workloads. AI contracts are described as a newer source of larger customers as cryptocurrency pricing has cooled.

• IREN completed a follow on equity offering of about US$1.63b, issuing 39,699,102 ordinary shares at US$41.12 per share in a registered direct transaction, adding a sizable amount of new equity capital to the balance sheet.

• Before that transaction closed, IREN had filed for a follow on equity offering of ordinary shares through a registered direct structure, signaling to the market that it was looking to raise additional equity funding.

• KPMG LLP was appointed as IREN’s independent registered public accounting firm on November 27, 2025, after a board approved recommendation by the Audit and Risk Committee, following prior auditor reports that included a going concern explanatory paragraph for the fiscal year ended June 30, 2024.

• Fair Value: Adjusted slightly from about US$83.00 to roughly US$84.85. This indicates a small uplift driven by fine tuning rather than a major rethink of IREN’s outlook.

• Discount Rate: Shifted marginally from around 8.11% to about 8.05%, which nudges up the present value of projected cash flows but keeps the overall risk assessment broadly consistent.

• Revenue Growth: Held effectively flat at roughly 73.81%. The core long term growth assumption in the model therefore stays intact, even as sentiment around AI and power capacity continues to evolve.

• Net Profit Margin: Inched from about 17.32% to roughly 17.34%. This is a very small tweak that suggests only a minor adjustment in how long run profitability is framed.

• Future P/E: Moved from roughly 58.13x to about 59.25x, pointing to a slightly higher multiple being applied to IREN’s future earnings within the model, while still sitting within a similar valuation range.

Narratives on Simply Wall St are short, plain English stories that link your view of a company to a full forecast and fair value, connecting the business thesis to future revenue, earnings and margins. Each Narrative lives on the Community page, updates automatically when new news or earnings arrive, and helps you decide what to do by setting a Fair Value that you can compare to the current share price.

Head over to the Simply Wall St Community and follow the Narrative on IREN to stay on top of the full story behind the numbers:

• How IREN’s AI cloud expansion, vertical integration and power footprint tie together into the current revenue, margin and fair value assumptions.

• What could challenge the thesis, including debt funded growth, energy costs, contract duration and regulatory or technology shifts.

• How the Fair Value moves as analysts update forecasts or new information hits, so you can compare it with the live share price over time.

Read the full IREN Narrative and follow it to track every update.

Curious how numbers become stories that shape markets? Explore Community Narratives

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include IREN.

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