$IREN | Reminder for the Rest of 2026
• H2 deployment
• H3 deployment
• H4 deployment
• Prince George deployment
• Mackenzie deployment
• Childress deployment
• Remaining 2026 capacity & GPUs to be contracted
• BTC mining fully decommissioned — and removed from quarterly financial reporting
By year-end, I’m expecting IREN to reach a ~$1.1B quarterly revenue run rate as deployments are commissioned, begin billing and AI Cloud revenue ramps.
But what I’m most looking forward to is getting significantly more detail on the long-term AI strategy:
• AI Cloud Strategy — Mirantis + other software/platform integrations and how IREN plans to build out the software layer above its infrastructure.
• NVIDIA DSX Factories — show us the benefits of building and operating datacenters around the DSX architecture, expected costs and expected Token Per MW squeezed out of them.
• Mirantis Product Showcase — actually show us the product & margins. Demonstrate what customers can deploy, how the platform works, the customer experience, orchestration, Kubernetes, GPU management and what capabilities Mirantis brings to IREN's AI Cloud offering.
• Additional Software Solutions — what other software, networking, storage, orchestration, observability and inference solutions does IREN expect to integrate or acquire? More importantly, give us deployment timelines for when these capabilities become available to customers.
• GPU Strategy — procurement, next-generation GPU roadmap, allocation strategy, refresh cycles and how management thinks about GPU depreciation and residual value as new architectures come to market.
• GPU Economics — how the market is currently valuing/renting different GPU generations, payback periods, depreciation, expected useful lives, utilization and how IREN plans to maximize returns before refresh cycles.
• Financing Plan — how the next phase of GPUs and AI infrastructure will be financed while balancing debt, GPU financing, cash and potential equity.
• Grid Capacity Economics — what kind of $/MW economics IREN believes its energized/grid-connected capacity can command as available power becomes increasingly scarce.
• New Sites — I want to hear more about where IREN is looking for its next campuses, how large they could become, expected timelines and what additional capacity could eventually be added beyond the current roadmap.
• Power & Land Acquisition Costs — what does the market look like today for securing new power and land? How much more expensive and difficult is it becoming to acquire land, secure interconnections and bring hundreds of MW online compared with the existing IREN portfolio?
• Replacement Cost of Capacity — what would it actually cost today, and how long would it take, to replicate IREN's existing portfolio of land and grid-connected power? This could be increasingly important when thinking about the underlying value of the infrastructure.
• ERCOT — any updates around interconnection, grid policy, curtailment, power availability and how the changing Texas market impacts the value of IREN's existing capacity.
• Inference Strategy — whether IREN intends to build a broader inference platform/service layer similar to the direction CoreWeave and Nebius have discussed, rather than remaining primarily an infrastructure/GPU provider.
• Technical Roadmap — I would like to hear much more than just "power + land." Talk about networking, storage, orchestration, Kubernetes, scheduling, inference, software, GPU utilization, cluster design, reliability, cooling and how Mirantis & NVIDIA DSX fits into the overall architecture.
That's the part of the IREN story I'm most interested in heading into 2027.