<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2025-07-01</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001878848</issuerCik>
        <issuerName>IREN Ltd</issuerName>
        <issuerTradingSymbol>IREN</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0002000969</rptOwnerCik>
            <rptOwnerName>Guzowski Christopher</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O IREN LIMITED</rptOwnerStreet1>
            <rptOwnerStreet2>LEVEL 6, 55 MARKET STREET</rptOwnerStreet2>
            <rptOwnerCity>SYDNEY</rptOwnerCity>
            <rptOwnerState>C3</rptOwnerState>
            <rptOwnerZipCode>2000</rptOwnerZipCode>
            <rptOwnerStateDescription>AUSTRALIA</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Ordinary Shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>11958</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Options (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>7.86</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2031-07-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Ordinary Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>59576</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Includes ordinary shares of IREN Limited (each, an &quot;Ordinary Share&quot;) and outstanding restricted stock units that will vest subject to the Reporting Person's satisfaction of applicable vesting conditions.</footnote>
        <footnote id="F2">Represents an option to purchase Ordinary Shares (each, an &quot;Option&quot;). 31,205 of the Options are fully vested and exercisable and 14,188 Options will vest on July 28, 2025 and 14,183 Options will vest on July 28, 2026.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Cesilia Kim, attorney-in-fact for Christopher Guzowski</signatureName>
        <signatureDate>2025-07-03</signatureDate>
    </ownerSignature>
</ownershipDocument>
