On its FY2026 results call (June 2026 quarter), IREN reported $4 billion of contracted annualized recurring revenue for 2026 with about $1 billion already operating, driven by AI cloud demand including delivery of Horizon 1 to Microsoft. The company secured $19 billion in total funding over twelve months, with GPU financing at 6% investment-grade and 9% sub-investment-grade rates. Management guided FY2027 capital expenditure to $25-$30 billion and cited an announced capacity pipeline exceeding 5 GW.