IREN Ltd (IREN)
A vertically integrated AI infrastructure provider that owns the data centers, compute hardware, and software stack required for large-scale AI training and inference.
What IREN Ltd does
IREN Ltd is a vertically integrated AI Cloud Services platform that owns and operates the entire infrastructure stack, including data centers, compute, and software services. The company provides bare-metal compute and managed cloud services for AI training and inference to hyperscalers, developers, and enterprises. IREN is currently transitioning its operations from Bitcoin mining to focus exclusively on supporting high-performance AI infrastructure.
Themes: AI infrastructure, AI training and inference, cloud computing, renewable energy-powered data centers, compute-as-a-service
Fundamentals
- Price$26.62 as of 2026-10-20 close
- Market cap$9.5B as of 2026-04-30 (share count; price 2026-10-20)
- 1-year return-55.0% 2025-10-20 close $59.22 → 2026-10-20 close $26.62
- P/En/a negative earnings
- Net margin-99.4% FY2026, SEC XBRL
- ROE-16.8% FY2026, SEC XBRL
- ROICn/a No figure: its pre-tax income was zero or negative, so there is no tax rate to apply.
- Debt / equity1.81 borrowings, leases excluded / equity — 10-Q/10-K balance sheet 2026-06-30
- Revenue growth (YoY)+41.1% FY2026, SEC XBRL
- Revenue CAGR (3y)+110.8% SEC XBRL
- Beta2.73 as of 2026-09-02
- Last reported earnings2026-08-27 SEC EDGAR Form 8-K (Item 2.02)
Quarterly results
| Quarter | Operating income | Net income | Diluted EPS | Operating cash flow | Capex |
|---|---|---|---|---|---|
| Q4 FY2026 2026-06-30 | -$620M† | -$684M† | -$2.16† | $1.8B† | $1.3B† |
| Q3 FY2026 2026-03-31 | -$234M | -$248M | -$0.74 | $75M† | $949M† |
| Q2 FY2026 2025-12-31 | -$116M | -$155M | -$0.52 | $72M† | $540M† |
| Q1 FY2026 2025-09-30 | -$76M | $385M | $1.08 | $142M | $180M |
| Q4 FY2025 2025-06-30 | $18M† | $177M† | $0.83† | $103M† | $184M† |
| Q3 FY2025 2025-03-31 | $29M | -$16M | -$0.07 | $93M† | $144M† |
| Q2 FY2025 2024-12-31 | $17M | -$22M | -$0.10 | $54M† | $139M† |
| Q1 FY2025 2024-09-30 | -$47M | -$52M | -$0.27 | -$4M | $106M |
† Not filed as a discrete quarter: derived from the company's own year-to-date figures (for example the fourth quarter as the fiscal year minus the first nine months). A derived per-share figure is approximate, because the share count moves within the year.
Balance sheet at 2026-06-30
- Cash and equivalents$5.9B
- Total debt$7.6B borrowings only; leases excluded
- Net debt$1.7B total debt − cash − short-term investments
From the company's own SEC 10-Q and 10-K filings (XBRL), re-read every week. Figures in US dollars as filed; informational only — not financial advice.
How IREN Ltd looks technically
IREN Ltd (IREN) is trading 40.8% below its 200-day average, the long-term trend line — a long-term downtrend. Its 50-day average crossed below its 200-day average about 52 trading days ago — a "death cross", a bearish long-term signal. A strong downtrend is in place — ADX, a 0–100 trend-strength gauge, is 26, with sellers in control. Momentum is beaten down — its 14-day RSI (a 0–100 momentum gauge) is 24, in oversold territory (below 30). It just made a new 20-day low, breaking below its recent trading range. It is 4.0% above its 52-week low (its lowest price of the past year).
Trend
8
| Distance from the 200-day | it is trading 40.8% below its 200-day average, the long-term trend line — a long-term downtrend | -40.8% |
|---|---|---|
| 50-day moving average | its average price over the last 50 trading days — a short-term trend line — is $40.48 | $40.48 |
| 200-day moving average | its average price over the last 200 trading days — the long-term trend line — is $44.99 | $44.99 |
| Swing structure | each recent peak has been higher than the one before it and each dip has been shallower — the pattern chart-watchers call an uptrend, which describes where price has already been and not where it goes next | higher highs and higher lows |
| Last swing turn | its last significant turn was a swing high 27 calendar days ago — the swings before that are what the structure reading is measured on | 27 sessions |
| Wave structure | its recent swings can be read as a completed three-part upward correction — a pullback in the A-B-C shape Elliott-wave chartists use; the labelling fails if price closes above 49.37. It is the only labelling that fits, though not with textbook proportions, and it describes the swings already printed, not what comes next. | possible three-wave upward correction, complete (atypical proportions) |
| Since the 50/200 cross | its 50-day average crossed below its 200-day average about 52 trading days ago — a "death cross", a bearish long-term signal | 52 sessions |
| Trend strength (14-day ADX) | a strong downtrend is in place — ADX, a 0–100 trend-strength gauge, is 26, with sellers in control | 26.2 |
Momentum
3
| 14-day RSI | momentum is beaten down — its 14-day RSI (a 0–100 momentum gauge) is 24, in oversold territory (below 30) | 23.6 |
|---|---|---|
| Position in its 14-day range | it is trading near the bottom of its 14-day range ($25.59 to $43.91) — its "stochastic" reading is 6 out of 100, where 0 would mean closing exactly at the 14-session low and 100 exactly at the high. This measures WHERE the price sits inside its recent range, which is a different question from the RSI beside it: RSI is a momentum gauge, measuring how FAST the price has been moving, so a stock can drift quietly to the bottom of its range with an ordinary RSI, or fall sharply and still sit in the middle. It has been climbing within that range over the last few sessions. | 5.6 |
| Since the MACD crossed zero | MACD, a trend-momentum gauge, is in negative territory (momentum leaning bearish) | 17 sessions |
Range
12
| 52-week high | its highest closing price over the past year (about 252 trading days) was $76.87 | $76.87 |
|---|---|---|
| From the 52-week high | it is 65.4% below its 52-week high (its highest price of the past year) | -65.4% |
| Above the 52-week low | it is 4.0% above its 52-week low (its lowest price of the past year) | +4.0% |
| Below the 52-week high | it is 65.4% below its highest point of the past year | 65.4% |
| Since a 20-day breakout | it just made a new 20-day low, breaking below its recent trading range | 1 session |
| Since a 55-day breakout | it just made a new 55-day low, breaking below its recent trading range | 1 session |
| All-time high | its highest closing price on record is $76.87 (set on 2025-11-05) | $76.87 |
| Given back of the 52-week move | over the past year its closes ranged ($26.62 to $76.41), and it has recovered essentially none of its fall from last year’s high — 0% of it. Chart-watchers call 61.8%-65% given back the "golden pocket" — for this company that is $57.39 to $58.98. It is watched widely enough that orders cluster there, which is the honest reason it matters; it is not a forecast. | 0.0% |
| From the all-time high | it is 65.4% below its all-time high | -65.4% |
| Nearest price level | it is trading 40.6% below a resistance level at $37.43 — a price it turned at twice since 2025-12-31, most recently on 2026-07-02. Since 2024-10-21 it has 4 such levels below the current price and 7 above. Levels like these describe where the price has reversed or paused before; they are not a forecast of where it will go. | +40.6% |
| All-time low | its lowest closing price on record is $1.02 (set on 2022-12-28) | $1.02 |
| Above the all-time low | it is 2509.8% above its all-time low | +2,510% |
Volatility
5
| Band width vs its own 6 months | day-to-day price swings are unusually wide versus its own recent history (wider than about 99% of the past ~6 months) | 99th percentile |
|---|---|---|
| Typical daily range | in a typical session it travels about $2.75 between its high and its low — about 10.3% of its price. That is its "average true range" over the last 14 sessions, which also counts the distance from the previous close, so a day that opens well away from yesterday counts as the large move it was | $2.75 |
| Bollinger bands (20-day, ±2σ) | most of its recent trading has stayed between about $25.08 and $49.62 — the "Bollinger bands", a range drawn two standard deviations either side of its 20-day average price, which widens when the stock gets more volatile and narrows when it settles | $25.08 – $37.35 – $49.62 |
| Typical daily range (% of price) | its price moves about 10.3% in a typical session — among the most volatile in the catalog. This is the average gap between a session's high and low over the last 14 sessions, counting overnight moves, expressed against the current price so it can be compared with companies trading at any price | 10.3% |
| Stretch from the 200-day average | it is trading 6.7 daily ranges below its 200-day average price (40.8% below it in plain percentage terms) — a way of asking how far it has stretched from its own average in units of how far it normally moves in a day, so a calm company and a jumpy one can be compared on the same scale | 6.7 daily ranges below its 200-day average |
Volume
1
| Volume vs its 30-day average | trading volume is about normal versus its 30-day average | 1.62× |
|---|
Analyst
2
| Change in the average price target | analysts have cut their average price target by 0.4% since the prior reading | -0.4% |
|---|---|---|
| Change in the consensus rating | the analyst consensus rating has improved toward "buy" since the prior reading | 0.05 toward buy |
Candlestick patterns
1
| Since a doji | today it opened and closed at almost the same price after trading through a wider range — a "doji", the classic picture of buyers and sellers finishing the session level | today |
|---|
Price gaps
3
| Gap at the open | it opened on 2026-10-20 3.4% below the previous session's close — an overnight gap, the part of the move that happened while the market was shut, and traded back through that level before the close | -3.4% |
|---|---|---|
| Open gap | it gapped 3.9% below the previous close 2 sessions ago and has not traded back through the level it left behind at 30.39 — an "unfilled gap", which describes a price range no trade has since crossed and is not a forecast that it will be crossed | -3.9% |
| Gap filled | a 3.4% gap down opened on 2026-10-20 has been "filled" today — price traded back through the level the gap left behind, and it closed again during the very session that opened it | today |
Price streaks
1
| Closing streak | it closed lower in its latest session, after a session that did not close lower — a single down day rather than a run | 1 session down |
|---|
Relative strength
4
| vs market, 1 month | over the past 1 month this stock lagged the market by 43.9 percentage points (the stock lost 43.0% while the market gained 1.0%) | -43.9% |
|---|---|---|
| vs market, 3 months | over the past 3 months this stock lagged the market by 37.4 percentage points (the stock lost 33.8% while the market gained 3.6%) | -37.4% |
| vs market, 6 months | over the past 6 months this stock lagged the market by 53.9 percentage points (the stock lost 45.4% while the market gained 8.5%) | -53.9% |
| vs market, 12 months | over the past 12 months this stock lagged the market by 69.6 percentage points (the stock lost 55.0% while the market gained 14.6%) | -69.6% |
Signal agreement
2
| Bullish technical signals | 2 of the 9 technical signals we can compute for it are currently in a bullish state: its RSI momentum gauge is oversold (a beaten-down reading), near the bottom of its 14-day range (oversold) — these describe past price behaviour, not a forecast | 2 of 9 |
|---|---|---|
| Bearish technical signals | 7 of the 9 technical signals we can compute for it are currently in a bearish state: a "death cross" — its 50-day average is below its 200-day, trading below its 200-day average, a fresh 20-day low, MACD momentum is negative, a strong downtrend, with sellers in control, lagging the market over 6 months, trading below the Ichimoku cloud — these describe past price behaviour, not a forecast | 7 of 9 |
Trend (Ichimoku cloud)
1
| Vs the Ichimoku cloud | trading 32% below the Ichimoku cloud — a band drawn from where its own highs and lows sat up to 2026-09-14 and projected forward over today's price, the side traders read as an established downtrend, with the band above acting as the level that would have to be cleared. The band itself is thick, spanning 11.3% of the share price, which is taken to mean a barrier that has held for a while and takes effort to cross. | -31.9% |
|---|
Volume-weighted price
2
| Vs this year’s average price paid | the price is 41% below the average price paid so far this year, so the typical buyer over that stretch is under water. That average is $45.47 — a volume-weighted average of daily closes over 198 sessions, not a true tick-by-tick VWAP. | -41.5% |
|---|---|---|
| Vs the average paid since it last reported | the price is 32% below the average price paid since it last reported on 2026-07-20 (its 8-K), so the typical buyer over that stretch is under water. That average is $39.07 — a volume-weighted average of daily closes over 66 sessions, not a true tick-by-tick VWAP. | -31.9% |
Price levels it has turned at before
IREN last closed at $26.62 on 2026-10-20. Since 2024-10-21 it has turned at 4 prices below its last close and 7 above; the 3 nearest below and the 3 nearest above are listed, nearest first.
| Level | Side | Distance | Evidence |
|---|---|---|---|
| $37.43 | Resistance | 40.6% above the last close | turned there twice · 2025-12-31 to 2026-07-02 |
| $13.62 | Support | 48.8% below the last close | turned there twice · 2025-01-24 to 2025-02-19 |
| $39.73 | Resistance | 49.2% above the last close | turned there twice · 2025-11-21 to 2025-12-03 |
| $42.23 | Resistance | 58.6% above the last close | turned there twice · 2026-04-29 to 2026-08-04 |
| $9.72 | Support | 63.5% below the last close | turned there twice · 2024-12-31 to 2025-05-22 |
| $9.30 | Support | 65.0% below the last close | turned there twice · 2024-11-21 to 2025-02-03 |
A level is a price this company reversed or paused at more than once — they describe past behaviour, not a forecast of where the price will go.
Wave structure
Its recent swings can be read as a three-part upward correction — the A-B-C shape chartists use for a pullback — now complete.
This labelling fails — stops being a possible reading at all — if it closes above $49.37.
It is the only labelling that fits these swings, though its proportions are not the textbook ones.
This reading has stood for 15 trading days, since 2026-09-30.
Read from daily closes as of 2026-10-20.
An Elliott-wave count describes the swings already printed and the level that would disprove it. It is not a forecast, a target, or advice.
Screens: Trading below the 200-day moving average · Trading below the 50-day moving average · Oversold (14-day RSI below 30) · Pulled back from the 12-month high · Broke down to a new 20-day low · lagging the market | Learn: moving average · golden cross · adx · rsi · breakout · fifty two week high low
Based on daily closing prices as of 2026-10-20. Describes past price behavior only — informational, not financial advice.
Analyst consensus
- Consensus ratingBuy (1.55 mean, 1=Strong Buy…5=Strong Sell) — 18 analysts
- Mean price target$77.81 range $37.00 – $139.00; median $80.00
Analyst estimates, as of 2026-10-16. These are third-party analyst opinions and price targets, aggregated — not a recommendation, prediction, or advice from stocks-llm. Informational only.
Analyst EPS estimate for IREN
- Consensus EPS estimate-$0.665 next reporting period, as of 2026-10-16
- Estimate change, 30 days-$0.155 from -$0.51, on 2026-09-11, 35-day window
- Readings revised upward0% of 6 comparable readings
The consensus estimate for the next reporting period, and how it has moved between readings of that SAME period. A change is measured only between readings estimating one period — when a company reports, the consensus moves to the next quarter and the two numbers are not comparable. Informational only, not a forecast and not advice.
Key risks (from latest filing)
["Significant dependence on specialized power and data center infrastructure for competitive advantage.","Risks associated with the ongoing transition from Bitcoin mining to AI cloud service operations.","Potential volatility in electricity costs and energy market availability."]
What changed in the latest 10-Q
AI-assisted comparison of IREN's 10-Q filed 2026-05-08 against the prior one filed 2026-02-05.
Management's Discussion & Analysis (MD&A)
- Notes:
- The provided texts cover only the introductory paragraph of the MD&A section. Both versions appear effectively identical up to the truncation point.
- The newer filing text ends mid-sentence at "Part II—" and the older filing text ends at the same point, so any differences beyond this truncation point cannot be assessed.
- Only the beginning of the MD&A section was supplied; the bulk of the section (results of operations, liquidity, etc.) is not included in either source text.
Risk Factors
The two filings could not be meaningfully compared for this section.
AI-assisted comparison of two SEC filing sections. It describes wording and theme changes only, makes no materiality, legal, or investment judgement, and is not financial advice. Informational only — not financial advice.
Insider activity (SEC Form 4)
No open-market insider purchases or sales recorded in the last 90 days, of which we have read Form 4 filings through 2026-10-16. The 5 days since 2026-10-16 have not been checked yet.
Most recent open-market transaction: 2025-09-16. Based on Form 4 filings read through 2026-10-16; anything filed since is not yet included.
View full insider trading history → View SEC Form 3/4/5 filingsAsk about IREN's insider activity →
Only open-market purchases (SEC code P) and sales (code S) are counted here. Option exercises, vesting/awards, gifts, and shares withheld for taxes are excluded — they are compensation or mechanical, not open-market conviction. Sales may be planned and non-discretionary (e.g. a Rule 10b5-1 plan) and are not necessarily bearish; open-market buying is not a recommendation to buy. Informational only — not financial advice.
U.S. House trading disclosures
U.S. House members publicly disclose their own, their spouse's, and dependent children's stock transactions under the STOCK Act. We hold 6 matched disclosures for IREN from U.S. House Clerk Periodic Transaction Report filings.
U.S. House trading disclosures →Short interest (FINRA)
IREN had 81,653,639 shares of reported short interest as of the 2026-09-30 FINRA settlement date (delayed, bi-monthly; not real-time).
IREN had 22.8% of its shares outstanding sold short as of the 2026-09-30 FINRA settlement date (percent of FLOAT would be higher — float is not disclosed in the source). FINRA reported 2.33 days to cover at the same settlement.
- Reported short interest (shares) 81,653,639
- Short interest (% of shares outstanding) 22.8%
- Prior settlement (shares) 83,089,334
- Reported change -1.73%
- Days to cover (reported) 2.33
Reported to FINRA as of the 2026-09-30 settlement date. Short interest is reported to FINRA and published on a delayed, bi-monthly schedule (as of a settlement date, disseminated roughly eight business days later) — it is NOT real-time, does not cover every venue or all US trading, and is not a short-squeeze prediction or investment advice. Days-to-cover is the value FINRA reports; percent of float is not shown because the source file carries no share-count denominator — where a percent appears it is of shares OUTSTANDING, the larger base, and is therefore a floor on percent of float. Informational only — not financial advice.
Competitors & peers
- CoreWeave
- Lambda Labs
- DigitalOcean (DOCN)
- Equinix (EQIX)
- Digital Realty (DLR)
- Applied Digital (APLD)
AI-enriched competitor set. Linked names are companies covered by stocks-llm; other named peers are shown for reference only.
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Frequently asked questions
What does IREN Ltd (IREN) do?
IREN Ltd is a vertically integrated AI Cloud Services platform that owns and operates the entire infrastructure stack, including data centers, compute, and software services. The company provides bare-metal compute and managed cloud services for AI training and inference to hyperscalers, developers, and enterprises. IREN is currently transitioning its operations from Bitcoin mining to focus exclusively on supporting high-performance AI infrastructure.
Who are IREN Ltd's (IREN) competitors?
Notable peers of IREN Ltd (IREN) include CoreWeave, Lambda Labs, DigitalOcean, Equinix and Digital Realty. This peer set is informational only — not financial advice.
Has there been recent U.S. House stock trading in IREN?
Yes — we hold 6 matched STOCK Act disclosures for IREN from U.S. House Clerk Periodic Transaction Report filings. These are legally-required disclosures (often filed 30–45 days after the trade), may belong to a U.S. House member, their spouse, or a dependent child, and are not an indicator of company performance or investment advice.
Is IREN Ltd (IREN) overbought or oversold right now?
IREN Ltd (IREN) is currently in oversold territory (its 14-day RSI is 24, below 30) (as of 2026-10-20). RSI describes recent price momentum, not a forecast — informational only, not financial advice.
Where does stocks-llm's data on IREN come from?
Fundamentals come from SEC XBRL company filings for the figures marked with a fiscal year, and market data, as of 2026-09-02 for the rest; prices are market data, as of 2026-09-02; company filings and profile facts come from SEC EDGAR. All figures are delayed daily-close data shown with their as-of date — informational only, not financial advice.
Fundamentals: SEC XBRL company filings for the figures marked with a fiscal year, and market data, as of 2026-09-02 for the rest. Filings: SEC EDGAR. Prices are delayed daily-close data.
Last updated 2026-10-20.
Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & market data, shown with their as-of date.