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

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-09-11</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001909308</rptOwnerCik>
            <rptOwnerName>Roberts William Gregory</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>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Co-Chief Executive Officer</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Ordinary Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2025-09-11</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>1000000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>33.1310</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>13989696</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Awassi Capital Trust #1</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Represents ordinary shares of IREN Limited and restricted stock units held through the Awassi Capital Trust #1, of which the Reporting Person has control over the trustee. The Reporting Person disclaims beneficial ownership of the ordinary shares and restricted stock units, except to the extent of his pecuniary interest therein.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Cesilia Kim, attorney-in-fact for William G. Roberts</signatureName>
        <signatureDate>2025-09-11</signatureDate>
    </ownerSignature>
</ownershipDocument>
