IREN Q4 2025 earnings call transcript

Key points

On its fiscal Q2 FY2026 call (December 2025 quarter), IREN announced $3.6 billion in GPU financing at under 6% interest, covering roughly 95% of the capex for its $9.7 billion Microsoft AI contract. Quarterly revenue declined 23% sequentially amid the transition from Bitcoin mining to AI cloud, but management reiterated a $3.4 billion annualized revenue run-rate target by end of 2026 with 140,000 GPUs deployed. Secured power capacity rose above 4.5 GW, including a new 1.6 GW Oklahoma site.