IREN Ltd posted a net loss of $684 million for its fiscal fourth quarter ending June 30, 2026. The culprit: nearly $450 million in non-cash impairment charges tied to decommissioning Bitcoin mining equipment.

Co-CEO Daniel Roberts took to social media to explain that the losses are overwhelmingly non-cash, tied not to operational bleeding but to the deliberate unwinding of IREN’s former identity as a crypto miner.

The pivot in numbers

IREN’s fiscal Q4 2026 revenue came in at $137 million, with AI cloud services contributing roughly $70.5 million of that total.

The forward-looking numbers are where things get wild. IREN has guided capital expenditures of $25 billion to $30 billion for fiscal year 2027.

The company plans to fully decommission its Bitcoin mining operations by December 2026.

Bernstein’s analysts estimate IREN’s total contracted cloud annual recurring revenue sits at approximately $4.7 billion, with about $4 billion already in place and an additional $700 million tied to a forthcoming NVIDIA contract.

How IREN plans to pay for all of this

IREN has raised approximately $19 billion through a funding mix designed to minimize shareholder dilution. Only about $3 billion of that came from equity issuance.

The rest flows from customer prepayments, GPU financing arrangements, and convertible notes. Customer prepayments alone have covered 45% to 55% of recent GPU capital expenditures. In some cases, GPU financing has leveraged up to 90% of the hardware cost.

Analysts suggest IREN has roughly $14 billion readily available in cash or undistributed commitments.

IREN has locked in multi-year agreements with Microsoft and NVIDIA.

From mining rigs to GPU racks

The company targeted 300 MW of AI cloud capacity delivery in fiscal 2026, with further expansion planned for 2027.

Bernstein’s analysts flagged improving unit economics as a positive signal, noting that GPU payback periods have compressed to approximately two years.