Price history IREN · Daily ViewHigh 76.41 · Low 22.36H 76.41 · L 22.36RSI 51
20-day avg40.5150-day avg42.87200-day avg46.31High volume3× median
22.3640.3758.3976.4122.3640.3758.3976.41Use the arrow keys to review each day’s close.
RSI · momentum 0–1007-day14-day7030
MACD 12/26/9 · trend momentumMACDsignal0
OctDecFebAprJunAug
Aug 25, 2025Close · +82.6% over this periodAug 25, 2026
IREN Limited operates in the vertically integrated data center business in Australia and Canada. The company owns and operates computing hardware, as well as electrical infrastructure and data centers.
IREN Limited operates in the vertically integrated data center business in Australia and Canada. The company owns and operates computing hardware, as well as electrical infrastructure and data centers. It also mines Bitcoin, a scarce digital asset that is created and transmitted through the operation of a peer-to-peer network of computers running the Bitcoin software. The company was formerly known as Iris Energy Limited and changed its name to IREN Limited in November 2024. The company was incorporated in 2018 and is based in Sydney, Australia.
IREN Limited is a vertically integrated AI datacenter and GPU cloud company that operates 100%-renewable-powered compute campuses in the US and Canada, serving hyperscalers such as Microsoft and Nvidia under multi-billion-dollar GPU cloud contracts, while still generating residual revenue from Bitcoin mining operations being progressively wound down.
Themes
AI datacenter infrastructureGPU cloud computeHigh growthRenewable energy developersDatacenter powerBitcoin miningDatacenter coolingCryptocurrency and digital assets
What bulls would say
Short-term momentum recovery Bulls point to MACD at 0.17 above its signal line at -0.11, alongside a 10-day rate of change of 6.19%, as evidence of improving short-term momentum. They would also cite the last close at 42.21 above the 20-day EMA at 41.39.
Support zone proximity Bulls point to the last close at 42.21 sitting just above the ~38–42 support area, where repeated closes and the 20-day EMA at 41.39 provide nearby technical reference points. They would frame continued price above this zone as preserving the recent rebound structure.
What bears would say
Averages remain overhead Bears would note that the last close at 42.21 is below the 50-day moving average at 42.87 and the 200-day moving average at 46.31. They would also cite the most recent 50/200 cross as bearish, 19 days ago.
Weak trend, wide range Bears would point to ADX at 15 as evidence of limited trend strength and ATR as a percentage of close at 8.2% as a measure of material volatility. They would pair that with stochastic %K at 42.4 and weekly RSI at 48.2 to describe momentum that has not become broadly strong.
AI read
Neutral momentum profile RSI is 51.3 and weekly RSI is 48.2, while stochastic %K is 42.4, describing balanced momentum rather than an extended condition. MACD at 0.17 is above its signal line at -0.11, but ADX at 15 indicates limited trend strength.
Volatility remains material ATR is 3.45, equal to 8.2% of the close, so relatively wide price swings remain part of the current setup. The 10-day rate of change at 6.19% shows a recent rebound without establishing a strong trend by itself.
Immediate support ~38–42 This zone reflects repeated closes between 38.26 and 41.88 and contains the 20-day EMA at 41.39. The last close at 42.21 is just above the zone, so remaining above it would preserve the rebound structure, while a close below it would return the lower support area to focus.
Immediate resistance ~44–48 The zone contains several recent closes from 44.06 to 47.81 and reaches the upper Bollinger band at 47.56. The last close at 42.21 is near but below this area; a move above it would put the 200-day moving average at 46.31 into the level map, while rejection would leave price within the recent range.
Secondary support ~33–37 This area is based on repeated closes from 33.62 to 36.80 and sits above the 52-week low of 17.22. A move below immediate support would bring this zone into focus, while continued trade above ~38–42 would leave it untested.
Measured-window signals The ~40.85–49.74 area carried a sell signal: 101 sessions closed there over the measured window, 80 had a full three-month window ahead, and their median move over those three months was -8.73%, positive in 31 of 80. A separate sell signal attached to trend structure because the last close at 42.21 was below both the 50-day average at 42.8698 and the 200-day at 46.30805; the most recent 50/200 cross was bearish, 19 days ago.
Full analysis
The indicator mix is mixed rather than directional. RSI at 51.3 and weekly RSI at 48.2 sit near neutral territory, and stochastic %K at 42.4 does not describe an overextended reading. MACD at 0.17 is above the signal line at -0.11, which gives the short-term momentum picture a positive tilt, but ADX at 15 points to weak trend strength. Together, the readings are consistent with a rebound developing inside an uneven and range-like structure rather than a clearly established trend.
Price is at 42.21, just above the ~38–42 support area formed by repeated historical closes and the 20-day EMA at 41.39. The next area, ~44–48, is close overhead and combines repeated closes with the upper Bollinger band at 47.56. A continuation above that resistance area would bring the 200-day moving average at 46.31 into the active level map. Conversely, a close back below ~38–42 would shift attention toward secondary support at ~33–37, where several historical closes clustered.
The broader averages remain a constraint on the trend reading. The last close is below the 50-day moving average at 42.87 and the 200-day moving average at 46.31, while ATR at 3.45 and ATR as a percentage of close at 8.2% indicate that breaks can occur with meaningful range. The 52-week high of 76.87 remains substantially above current price, while the 52-week low of 17.22 is well below the nearby support zones.
Across the measured window, the ~40.85–49.74 band produced a sell signal, with 101 sessions closed there and a median three-month move of -8.73% across 80 full-window observations. The separate trend-structure sell signal reflects the close below both moving averages and the bearish cross 19 days ago. These measured results describe prior observations, while the current technical map remains conditional on whether price extends above ~44–48 or reverses below ~38–42.
Report
The read at a glance
Short term
weeks
Momentum positive
RSI 51
Mid term
months
Rangebound
Price 8.8% below the 200-day MA.
Long term
business quality
Mixed
Vote-based read across available metrics.
Volume signalTier C: Baseline
A fresh read is generating from the latest figures; the read below is the previous one.
What bulls would say
Profitability base Bulls point to a gross margin of 63%, profit margin of 20.9%, and net income of 158.1M as evidence of meaningful reported profitability. They also cite a current ratio of 3.72 as a liquidity cushion.
Rebound structure Bulls point to MACD at 0.17 above its signal line at -0.11, a 10-day rate of change of 6.19%, and the last close at 42.21 above the 20-day EMA at 41.39. They frame continued price above ~38–42 as preserving the recent rebound structure.
What bears would say
Cash conversion strain Bears would counter that free cash flow is -2.4B against net income of 158.1M, with FCF conversion of -27.74. They would describe the gap as limited corroboration of reported profitability by cash generation.
Valuation and leverage Bears would note debt-to-equity of 148.8%, a trailing P/E of 54.4 against 0% revenue growth, and EV/EBITDA of 113.6. They would pair those figures with an operating margin of -64.5% and return on assets of -3%.
Support near current price The last close at 42.21 sits just above the ~38–42 support zone, which includes the 20-day EMA at 41.39. Remaining above that area would preserve the rebound structure, while a close below it would bring ~33–37 into focus.
Uneven financial profile A gross margin of 63% and profit margin of 20.9% coexist with an operating margin of -64.5%, free cash flow of -2.4B, and revenue growth of 0%. The current ratio of 3.72 provides liquidity, but debt-to-equity of 148.8% and EV/EBITDA of 113.6 add balance-sheet and valuation tension.
Earnings information point The next earnings date is 2026-08-27, creating a defined point for updated company information without establishing the report's outcome. The risks include the cash-generation gap and annualized volatility of 107.8%.
High market sensitivity Beta at 4.30 and short interest at 28.4% of float describe a market profile with amplified equity sensitivity and substantial opposing positioning. Institutional ownership of 61.8% adds significant participation, but does not resolve the divided positioning.
Full analysis
The strongest cross-section tension is between reported profitability and cash quality. A 63% gross margin and 20.9% profit margin sit alongside net income of 158.1M, yet the operating margin is -64.5% and free cash flow is -2.4B. Revenue of 757.1M has grown 0%, while FCF conversion is -27.74. Against that operating picture, the trailing P/E is 54.4 and EV/EBITDA is 113.6, leaving the relationship between valuation and financial conversion unresolved.
Technically, the last close at 42.21 is just above ~38–42 and below the 50-day moving average at 42.87 and the 200-day moving average at 46.31. A move above ~44–48 would bring those overhead levels into the active map, while a close below ~38–42 would return ~33–37 to focus. The ~40.85–49.74 area carries a sell signal: 101 sessions closed there over the measured window; 80 had a full three-month window ahead, and their median move over those three months was -8.73%, positive in 31 of 80.
The current price also sits within a wide personal range, with 42.21 against a 52-week high of 76.87 and a 52-week low of 17.22. Recent returns are mixed, including 16.31% over 1-month, -37.78% over 3-month, and 82.57% over 1-year. Over the past year, 6 volume-spike episodes occurred at volume 2x+ the 50-day median, after which the median 3-month move was -27.9%, with a positive 3-month share of 0%. Investors on X point to customer prepayments and GPU financing covering GPU capex, while investors discussing the company also cite ongoing dilution via ATM and convertible notes.
The next earnings date is 2026-08-27, with its outcome still unsettled. If price remains above ~38–42 and participation improves from relative volume of 0.78x over 1-day, the rebound structure would remain intact; a close below that zone, continued Chaikin money flow at -0.17, or renewed pressure from the -64.5% operating margin would undercut that reading. Investors on X cite potential updates on ARR target or Horizon rollout timing, while also citing revenue decline and EPS loss due to mining wind-down as discussion risks, not established facts.
CautionTop risk flaggedThe next earnings date of 2026-08-27 creates a defined information point, while investors on X cite revenue decline and EPS loss due to mining wind-down as a discussion risk.
History
What followed past signals
Episodes from the past year for this stock: what price did in the weeks after each signal fired. Descriptive of the past, not a forecast.
historically followed by gains
After daily RSI rose above 70 (6 episodes), the median 3-month move was +67.00%; 4 of 6 episodes were positive over 3 months.
median 1-month move: +80.10%
historically followed by declines
After a volume spike (6 episodes), the median 3-month move was −27.90%; 0 of 6 episodes were positive over 3 months.
median 1-month move: −6.60%
volume 2x+ the 50-day median
historically followed by gains
After a new 52-week high (24 episodes), the median 1-month move was +57.50%.
1 upward and 2 downward 50/200-day crosses in the period; most recent: downward 50/200-day cross, 19 days ago.
Historical episodes over the past year: descriptive, not predictive. Past patterns do not determine future moves.
Episodes as of Aug 26, 2026
Signals
Signals & levels
Buy and sell signals computed from this stock's own price history; each one shows the sessions it was measured over and what followed them. Descriptive of the past, not a prediction and not advice.
Sell signalSell signal: current price band
101 sessions closed in ~40.85–49.74 over the measured window; 80 of them had a full three-month window ahead, and their median move over those three months was -8.73%, positive in 31 of 80.
Sell signalSell signal: trend structure
Last close 42.21 is below both the 50-day average at 42.8698 and the 200-day at 46.30805. The most recent 50/200 cross was bearish, 19 days ago.
Sell signalSell signal: volume spike record
There were 6 volume-spike episodes (volume 2x+ the 50-day median) over the past year, after which the median 3-month move was -27.9% and 0% of outcomes were positive.
Strongest measured band below the current price
~14.19–23.08
50 sessions closed here, 50 of them with a full three-month window ahead; their median move over those three months was +215.24%, positive in 42 of 50.
Weakest measured band above the current price
~58.63–67.52
34 sessions closed here, 23 of them with a full three-month window ahead; their median move over those three months was −23.98%, positive in 0 of 23.
What followed sessions that closed in each price band
Median move after those sessions at four forward horizons, with the number of measured windows that ended higher.
Price band
Sessions closed
1 month
3 months
6 months
1 year
~58.63–67.52
34
−26.98%3/34
−23.98%0/23
−25.02%0/20, too few non-overlapping windows to support a signal
n/a
~49.74–58.63
42
−18.18%12/42
−15.46%2/34
−24.12%1/21, too few non-overlapping windows to support a signal
n/a
~40.85–49.74now
101
+1.03%46/91
−8.73%31/80
+2.95%28/49, too few non-overlapping windows to support a signal
Signals are statistical summaries of what followed similar past sessions for this stock. Past behaviour does not determine future results, and nothing here is a recommendation or personal advice.
Measured over 549 sessions, 2024-06-17 to 2026-08-25.
Catalysts & risks
What could move the read
The next known event on the calendar and the risk factors the AI narrative flags, each paired with the figure behind it where one exists.
Next earningsScheduled for Aug 27, 2026, today.
What bulls would say
Scheduled information point Bulls point to the next earnings date of 2026-08-27 as a defined occasion for updated company information, without assigning an outcome to the report.
Crowd-cited operating themes Bulls point to investors on X citing Horizon 1 delivery accepted by Microsoft and NVDA Exemplar Cloud status (August 2026), as well as NVIDIA earnings commentary on GB300 supply and data center demand (August 26 2026).
Contrasting episode history Bulls point to the past-year record in which 6 overbought RSI episodes were followed by a median 3-month move of 67%, with a positive 3-month share of 67%.
What bears would say
Crowd-cited earnings concern Bears would counter that investors on X cite FY26 earnings expected to show revenue decline and EPS loss due to mining wind-down (August 27 2026), making the scheduled date a source of reported uncertainty.
Cash conversion gap Bears would note free cash flow of -2.4B against net income of 158.1M and FCF conversion of -27.74, which limits the cash corroboration of reported profitability.
Adverse volume history Bears would note that over the past year, 6 volume-spike episodes occurred at volume 2x+ the 50-day median, after which the median 3-month move was -27.9%, with a positive 3-month share of 0%.
High variability and leverage Bears would note annualized volatility of 107.8%, a drawdown from the 1-year high of -45.1, and debt-to-equity of 148.8%.
AI read
Scheduled earnings date The next earnings date is 2026-08-27, providing a defined calendar point for new company information without presuming the report's outcome.
Past volume-spike outcomes Over the past year, 6 volume-spike episodes occurred at volume 2x+ the 50-day median, after which the median 3-month move was -27.9%, with a positive 3-month share of 0%.
Social sentiment
What X is saying
Voices, catalysts and arguments from public X discussion over the last 90 days: crowd opinion, not analysis.
Mixed
X chatter on IREN over the last 90 days shows a mixed tone, with influential accounts emphasizing AI infrastructure progress and contracted revenue targets while noting near-term earnings transition challenges and dilution pressures. Bullish voices highlight power capacity and customer deals; bearish ones focus on share issuance and headline misses.
Discussion themes
AI data center power capacity and expansion plansMicrosoft and NVIDIA contract deliveriesEarnings transition from Bitcoin mining to AI cloudCustomer prepayments and GPU financing structuresShort interest and potential volatility around results
“Iren $IREN is using customer contracts to finance the capital intensity of its AI buildout. Customer prepayments plus GPU financing now fund 96% of $5.81B in GPU capex”
“$IREN sits at a $15B market cap. Horizon 2-4 on track for delivery by EOY 2026. Combined - $4.0-4.4B total AI Cloud run-rate targeted by EOY 2026. $15B market cap against $4B+ contracted run-rate = forward P/S under 3.7x”
“$IREN FY26 results Thursday after the close, with 29% of the float short. On 13 August, Horizon 1 was delivered to and accepted by $MSFT, the first of four 50MW blocks, alongside $NVDA Exemplar Cloud status on GB300 NVL72”
Bearish voices 2
Fundamentals
Fundamentals & valuation
Trailing profitability, cash generation, growth, leverage and the full valuation set.
Mixed
What bulls would say
Gross profit base Bulls point to a gross margin of 63% and profit margin of 20.9% as evidence that the reported business economics include meaningful gross and bottom-line profitability, alongside net income of 158.1M.
Liquidity cushion Bulls point to a current ratio of 3.72 as a short-term balance-sheet cushion, while revenue of 757.1M and EBITDA of 566.6M provide scale for the operating profile.
What bears would say
Cash conversion strain Bears would counter that free cash flow is -2.4B and FCF conversion is -27.74 despite net income of 158.1M, leaving reported earnings weakly supported by cash generation.
Valuation and leverage Bears would note debt-to-equity of 148.8%, a trailing P/E of 54.4 against 0% revenue growth, and EV/EBITDA of 113.6. The -64.5% operating margin and -3% return on assets add to the concern around the relationship between valuation and operating efficiency.
AI read
Mixed profitability profile A gross margin of 63% and profit margin of 20.9% contrast with an operating margin of -64.5%, while return on equity is 7.7% and return on assets is -3%. The combination points to positive bottom-line profitability alongside weak operating and asset-level efficiency.
Growth and cash divergence Revenue growth is 0%, with earnings growth n/a, while free cash flow is -2.4B against net income of 158.1M. That gap materially limits the extent to which reported profit is corroborated by cash generation.
Leveraged but liquid Debt-to-equity is 148.8%, indicating substantial balance-sheet leverage, while the current ratio of 3.72 provides a sizeable short-term liquidity cushion. These measures describe different aspects of resilience and should not be treated as interchangeable.
Valuation versus fundamentals The trailing P/E is 54.4, price-to-book is 5.4, price-to-sales is 19.8, EV/EBITDA is 113.6, and the PEG ratio is 3.11. These valuation measures sit alongside 0% revenue growth, a -64.5% operating margin, and negative free cash flow.
Market context
Correlations & market neighborhood
How this stock's daily returns have co-moved with the benchmark, its sector, rates and peers: descriptive co-movement, not causation.
tends to move with the S&P 500
What bulls would say
Sector co-movement Bulls point to technology-sector correlations of 0.66 over 3 months and 0.56 over 1 year, alongside a Nasdaq-100 correlation of 0.61 over 3 months, as evidence of consistent participation in technology-oriented equity moves.
Constructive breadth Bulls point to 54.9% of regional stocks above the 200-day average, an advance/decline ratio of 1.25, and net new highs of 228 as a supportive regional breadth backdrop.
Institutional presence Bulls point to institutional ownership of 61.8% as evidence of substantial participation from institutional holders, alongside a 2.09 short ratio that measures the short position in days to cover.
What bears would say
Amplified equity sensitivity Bears would counter that beta at 4.30 leaves the name highly exposed to broad equity swings, while the S&P 500 correlations of 0.51 over 3 months and 0.48 over 1 year confirm meaningful market co-movement.
Volatility exposure Bears would note the negative VIX correlations of -0.46 over 3 months and -0.41 over 1 year, describing a persistent inverse relationship with volatility-index moves without implying causation.
Material short positioning Bears would point to short percent of float at 28.4%, which represents substantial short positioning despite the 2.09 short ratio, and to insider ownership of 3.5% relative to institutional ownership of 61.8%.
AI read
Mixed market linkage The 3-month and 1-year correlations with the S&P 500 are 0.51 and 0.48, while the corresponding technology-sector correlations are higher at 0.66 and 0.56. That combination indicates meaningful broad-market and sector co-movement, with a stronger sector connection.
High sensitivity profile A beta of 4.30 points to unusually high sensitivity to broad equity moves. The negative VIX correlations of -0.46 over 3 months and -0.41 over 1 year add a clear volatility-sensitive dimension, while the US 10-year Treasury yield correlations of 0.00 and -0.05 indicate limited rate co-movement.
Accumulation
Full accumulation read
The volume microstructure behind the signal tier: how concentrated and persistent recent buying pressure has been.
No unusual volume pattern
What bulls would say
Near-median recent activity Bulls point to 5-day relative volume of 0.99x, arguing that activity had been close to the 50-day median before the latest 0.78x reading.
Material float rotation Bulls point to daily float turnover of 10.3% and median dollar volume of 1.7B as evidence that participation remains substantial in absolute trading terms.
What bears would say
Distributional money flow Bears would counter with Chaikin money flow of -0.17 and a 50-day up/down volume ratio of 0.57, indicating a negative balance between advancing and declining-session volume.
No sustained volume expansion Bears would note 0 days of elevated volume, a -1 volume z-score, and a 20-day volume rank of 5.3%, alongside a false stealth accumulation flag.
AI read
Recent activity below normal Relative volume is 0.78x over 1-day, 0.93x over 3-day, and 0.99x over 5-day versus the 50-day median. The -1 volume z-score and 20-day volume rank of 5.3% place recent activity near the quieter end of its measured range.
Negative money flow Chaikin money flow at -0.17 indicates that recent volume has been associated with net distribution rather than accumulation. The 50-day up/down volume ratio of 0.57 also shows less volume on advancing sessions than on declining sessions.
Limited participation persistence There have been 0 days of elevated volume, and the stealth accumulation flag is false. That combination does not show a sustained high-volume participation pattern behind the recent move.
Turnover remains material Daily float turnover is 10.3%, against a 50-day median volume of 41.2M shares and median dollar volume of 1.7B. The turnover figure indicates meaningful share rotation even though aggregate activity is currently below its median comparison.
n/a
~31.97–40.85
57
+33.55%40/47
+18.37%27/36
+15.8%21/21, too few non-overlapping windows to support a signal
n/a
~14.19–23.08
50
+16.77%39/50
+215.24%42/50
+150.81%42/50, too few non-overlapping windows to support a signal
+127.44%46/47, too few non-overlapping windows to support a signal
~5.3–14.19
250
+6.91%140/250
+25.96%163/250
+46.28%161/250
+393.23%247/250, too few non-overlapping windows to support a signal
Last close 42.21 sits in the ~40.85–49.74 band.
Figures shown in grey rest on too few non-overlapping windows to support a signal, and the longest horizons are measured over fewer of them; the counts beside each figure are the windows actually measured.
Past overbought outcomes Over the past year, 6 overbought RSI episodes occurred, after which the median 3-month move was 67%, with a positive 3-month share of 67%.
Crowd-cited earnings topics Investors on X cite NVIDIA earnings commentary on GB300 supply and data center demand (August 26 2026), while discussion references potential updates on ARR target or Horizon rollout timing (Next earnings).
Full analysis
The clearest scheduled item is the next earnings date on 2026-08-27. That date is a calendar marker only; the available figures do not establish the report's result. Investors on X cite FY26 earnings expected to show revenue decline and EPS loss due to mining wind-down (August 27 2026), but this remains crowd discussion rather than an asserted company fact.
Historical episode data provide context without resolving the upcoming event. Over the past year, 6 volume-spike episodes occurred at volume 2x+ the 50-day median, after which the median 1-month move was -6.6% and the median 3-month move was -27.9%, with a positive 3-month share of 0%. This history contrasts with the current participation picture, where relative volume was 0.78x over 1-day and 0.99x over 5-day, while Chaikin money flow was -0.17.
Technical history is also differentiated by the starting condition. Over the past year, 6 overbought RSI episodes occurred, after which the median 3-month move was 67%, with a positive 3-month share of 67%. The current weekly RSI is 48.2 and RSI is 51.3, so the present reading is not described by that historical overbought category. Investors on X also cite Horizon 1 delivery accepted by Microsoft and NVDA Exemplar Cloud status (August 2026), alongside NVIDIA earnings commentary on GB300 supply and data center demand (August 26 2026). These are reported discussion points, not confirmed events in this read.
The next earnings date of 2026-08-27 creates a defined information point, while investors on X cite revenue decline and EPS loss due to mining wind-down as a discussion risk.vs 52-week high: −45.09%
Free cash flow of -2.4B versus net income of 158.1M, alongside FCF conversion of -27.74, shows a material gap between reported profit and cash generation.
Debt-to-equity of 148.8% and operating margin of -64.5% indicate balance-sheet leverage alongside weak operating profitability.
Annualized volatility of 107.8% and a drawdown from the 1-year high of -45.1 show substantial historical variability.ATR, % of price: 8.2%
“$IREN another week in hell. Would love to know why they couldn’t sign a colo deal for a small percent of their capacity. Market clearly rewarding those that did. Could’ve then diluted in triple digits with the ATM. Instead stuck diluting in the 40s. Gross”
“Ahead of $IREN earnings Thursday: the filings-based pillars flag caution. Earnings quality scores 3.0 of 10 and financial strength 4.3 of 10, both below average, even with a $4B ARR target in view. That weak financial-strength score is the dilution worry”
Positive catalysts
Horizon 1 delivery accepted by Microsoft and NVDA Exemplar Cloud statusAugust 2026
NVIDIA earnings commentary on GB300 supply and data center demandAugust 26 2026
Negative catalysts
FY26 earnings expected to show revenue decline and EPS loss due to mining wind-downAugust 27 2026
Potential updates on ARR target or Horizon rollout timingNext earnings
What bulls on X argue
5.8 GW secured power portfolio with over 4.5 GW in North America including Sweetwater, Kiowa and Childress sites
Customer prepayments and GPU financing cover 96% of $5.81B GPU capex
$9.7B Microsoft contract plus $3.4B NVIDIA and $1.6B Dell-Blackwell deals locked in
Targeted $4.0-4.4B AI Cloud ARR by end 2026 with 85% under multi-year contracts
What bears on X argue
Transition quarter expected to produce revenue decline to around $130-141M and EPS loss of $0.55
Ongoing dilution via ATM and convertible notes amid capital raises for buildout
29% short interest amplifying volatility around earnings results
Sourced from public X posts · generated Aug 26, 2026 · quotes are third-party opinions from X users, not statements or advice from FullStockData.
Cash-allocation visibility Capex to operating cash flow is 8.55, but the prior-period comparison is n/a, while FCF conversion is -27.74 and its prior-period value is n/a. The available figures describe current cash quality, but not its multi-quarter direction.
Full analysis
The profitability picture is internally uneven. A 63% gross margin and 20.9% profit margin indicate that the business is producing positive gross and bottom-line margins, yet the -64.5% operating margin points to substantial pressure before the reported net result. Return on equity of 7.7% is positive but modest in relation to the 5.4 price-to-book ratio, while return on assets of -3% signals that asset efficiency remains negative on this measure.
Growth and cash flow provide a more cautious counterweight. Revenue of 757.1M has grown 0% YoY, earnings growth is n/a, and free cash flow is -2.4B despite net income of 158.1M. FCF conversion of -27.74 reinforces the disconnect between accounting profit and cash generation. Capex to operating cash flow of 8.55 supplies a current spending relationship, but the absence of a prior-period figure leaves the direction of that relationship unresolved.
The balance sheet combines leverage with liquidity. Debt-to-equity of 148.8% describes a heavily leveraged capital structure, whereas a current ratio of 3.72 indicates substantial coverage of short-term obligations. The valuation measures place a demanding price relationship beside limited growth evidence: a trailing P/E of 54.4, price-to-sales of 19.8, and EV/EBITDA of 113.6 coexist with 0% revenue growth and negative free cash flow. The forward P/E of -41.7 and earnings growth listed as n/a also limit a clean forward earnings comparison.
Within its own past-year history, the current P/E is 54.4 and the price percentile is 44. That places the current valuation reading in the middle portion of the stated historical distribution rather than at an identified extreme, while the lack of a stated range limits finer comparison. Share-count change, buyback yield, and prior-period cash metrics are n/a, so the multi-quarter direction of capital allocation cannot be established from the available figures.
Revenue (TTM)$757.07M
Net income (TTM)●$158.05M, favorable reading
EBITDA (TTM)$566.63M
Gross margin63.00%
Operating margin■−64.47%, caution reading
Profit margin●20.88%, favorable reading
Free cash flow■−$2.44B, caution reading
Return on equity7.73%
Return on assets■−3.00%, caution reading
Debt / equity148.80
Current ratio●3.72, favorable reading
Revenue growth0.00%YoY
Earnings growthn/acoverage pending
EPS (TTM)0.77
Dividend yieldn/acoverage pending
P/E (TTM)54.39×
Forward P/E-41.74×
Price / book5.36×
Price / sales19.77×
EV / EBITDA113.60×
EV / revenue22.08×
PEG ratio■3.11, caution reading
Multi-quarter trends
Buyback yieldn/acoverage pending
Capex / operating cash flow8.55→flatvs prior period
FCF conversion-27.74→flatvs prior period
Figures as of Aug 25, 2026 · end-of-day snapshot
Positioning is divided Short interest is substantial at 28.4% of float, although the short ratio is 2.09 days to cover. Institutional ownership is 61.8%, compared with insider ownership of 3.5%, showing significant institutional participation alongside a sizable short position.
Broad but volatile backdrop Regional breadth was constructive on 2026-08-26, with 54.9% of regional stocks above their 200-day average, an advance/decline ratio of 1.25, and net new highs of 228. Over the past year, the reported drawdown from the 1-year high was -45.1 and annualized volatility was 107.8.
Full analysis
The correlation profile is neither purely index-led nor fully idiosyncratic. Co-movement with the S&P 500 measured 0.51 over 3 months and 0.48 over 1 year, while technology-sector readings were 0.66 and 0.56. The relatively modest change between windows suggests a fairly persistent sector and market relationship, with the sector connection more prominent. Co-movement with the Nasdaq-100 was 0.61 over 3 months and 0.55 over 1 year, reinforcing that technology-oriented equity moves are an important part of the trading character.
Sensitivity is amplified rather than moderate. Beta at 4.30 means broad-market swings can appear with much greater magnitude in this name, while the VIX correlations of -0.46 and -0.41 show a consistent inverse relationship with changes in the volatility index. These are co-movement measures, not evidence that one series causes another. Rate sensitivity appears limited, with correlations to the US 10-year Treasury yield of 0.00 over 3 months and -0.05 over 1 year. The strongest recent peer relationships were also high, including 0.86 with CORZ and 0.85 with APLD.
Market posture is split across ownership and positioning. Institutional ownership of 61.8% provides a substantial institutional presence, but short percent of float at 28.4% indicates material opposing positioning; the 2.09 short ratio puts that position at a relatively low days-to-cover level. The regional backdrop was constructive, yet the past-year record included a drawdown of -45.1 and annualized volatility of 107.8. That combination describes a name participating in a broad equity environment while retaining unusually high sensitivity and substantial historical variability.
Instrumentr · 3mr · 1ystability
S&P 5000.510.48stable across windows
Technology sector ETF (XLK)0.660.56stable across windows
VIX volatility index−0.46−0.41stable across windows
US 10-year Treasury yield0.00−0.05shifted recently
South Korea equity ETF (EWY)0.640.52stable across windows
Japan equity ETF (EWJ)0.610.43stable across windows
Nasdaq-100 ETF (QQQ)0.610.55stable across windows
Beta4.30vs the market
Short ratio2.09days to cover
Short interest28.39%of float
Market backdrop: 55% of Australian stocks above their 200-day average · advance/decline ratio 1.25 · +228 net new highs (as of Aug 26, 2026)
Correlation of daily returns over the last 3 months (63 sessions). Correlation describes co-movement, not causation. As of Aug 22, 2026.
Past-year spike history Over the past year, 6 volume-spike episodes occurred at volume 2x+ the 50-day median, after which the median 3-month move was -27.9%, with a positive 3-month share of 0%.
Full analysis
The immediate participation picture is subdued rather than expansive. Relative volume declines from 0.99x over 5-day to 0.78x over 1-day, while the -1 z-score and 5.3% 20-day rank place the latest session close to the lower end of recent activity. With the 50-day median at 41.2M shares and 1.7B in median dollar volume, the current pattern does not resemble a broad volume expansion.
Money-flow measures add a distributional qualification. Chaikin money flow at -0.17 points to negative closing-location pressure across the recent window, and the 0.57 up/down volume ratio indicates that declining sessions have carried more volume than advancing sessions over 50-day. Together, these measures describe participation with a negative balance, even though daily float turnover of 10.3% shows that the tradable float is still rotating at a material rate.
The absence of elevated-volume days, recorded as 0, and a false stealth accumulation flag limit the evidence for steady, concealed accumulation. If participation continues at roughly the current pattern, with activity below the 50-day median and money-flow measures remaining negative, the move would continue to lack volume confirmation. A fade back toward the median would instead indicate normalization of activity, while a sustained expansion above the median accompanied by improved money flow and a higher up/down ratio would change the participation read.
Historical context is also mixed in a descriptive sense. Over the past year, 6 episodes reached volume 2x+ the 50-day median; after those episodes, the median 1-month move was -6.6% and the median 3-month move was -27.9%, with a positive 3-month share of 0%. Those observations describe prior spike episodes and do not resolve the current low-volume pattern.
No stealth accumulation pattern0 day(s) of elevated volume in the recent window
Volume rank (20d percentile)5th
Chaikin money flow (20)-0.17
Up/down volume ratio (50d)0.57
Relative volume (1d)0.78×vs 50d median
Relative volume (3d)0.93×vs 50d median
Relative volume (5d)0.99×vs 50d median
Volume z-score (1d)-0.99std devs
Volume z-score (3d)-0.30std devs
Float turnover10.34%of float traded
Median volume (50d)41,188,600shares
Median $ volume (50d)$1.74Bdollars
VPD score12.89vol-price divergence
Institutional ownership61.81%of shares held
Insider ownership3.47%of shares held
Inferred from volume microstructure, not holdings filings.
Perspectives
How different investors read this
The same report, read from different investor horizons: what each would count for its case, and what each would count against it.
Long-term holder
Add or trim?
Supporting evidence
Reported profitability base Long-term holders point to a gross margin of 63%, a profit margin of 20.9%, and net income of 158.1M as evidence of positive gross and bottom-line profitability. They would weigh these figures against the weaker operating and asset-efficiency readings when assessing whether reported earnings represent durable business quality.
Liquidity cushion Long-term holders point to a current ratio of 3.72 as a sizeable short-term liquidity cushion. That measure provides balance-sheet context alongside debt-to-equity of 148.8%, which describes leverage rather than near-term liquidity.
Contracted growth claims Investors on X argue that a $9.7B Microsoft contract plus $3.4B NVIDIA and $1.6B Dell-Blackwell deals are locked in, and that targeted $4.0-4.4B AI Cloud ARR by end 2026 has 85% under multi-year contracts. As an attributed crowd claim, this frames the long-term case around contracted revenue visibility rather than current reported growth.
Opposing evidence
Cash conversion strain Long-term holders would note free cash flow of -2.4B against net income of 158.1M, alongside FCF conversion of -27.74. The gap means reported profitability is not currently matched by cash generation, leaving the multi-quarter quality of earnings unresolved.
Leverage and valuation Long-term holders would counter with debt-to-equity of 148.8%, a trailing P/E of 54.4, and EV/EBITDA of 113.6 alongside 0% revenue growth. This places substantial balance-sheet leverage and demanding valuation measures beside limited stated growth evidence.
Dilution concerns Investors on X argue that ongoing dilution via ATM and convertible notes is accompanying capital raises for buildout. That unverified claim works against the long-term case by making future funding and ownership dilution part of the business argument being debated.
Evidence from this report, not a recommendation.
Short-term trader
Enter or wait?
Supporting evidence
Nearby support reference Short-term traders point to the last close at 42.21 just above the ~38–42 area, which contains the 20-day EMA at 41.39. Remaining above that area would preserve the rebound structure, while a close below it would shift attention toward ~33–37.
Positive momentum tilt Traders point to MACD at 0.17 above its signal line at -0.11 and a 10-day rate of change of 6.19% as evidence of recent momentum improvement. RSI at 51.3 and weekly RSI at 48.2 nevertheless place that improvement inside a broadly neutral momentum profile.
Defined information point Short-term traders can point to the next earnings date of 2026-08-27 as a defined occasion for new information. The date identifies a near-term event window without establishing the report's outcome.
Opposing evidence
Trend structure signal Traders note the Sell signal: trend structure, because the last close 42.21 is below both the 50-day average at 42.8698 and the 200-day at 46.30805. The most recent 50/200 cross was bearish, 19 days ago, so a rebound remains below those broader trend references.
Band history signal Traders note the Sell signal: current price band in the ~40.85–49.74 area, where 101 sessions closed over the measured window and 80 had a full three-month window ahead. Their median move over those three months was -8.73%, positive in 31 of 80, describing prior observations rather than a forecast.
Distribution without expansion Traders would counter with Chaikin money flow at -0.17, a 50-day up/down volume ratio of 0.57, and 0 days of elevated volume. Relative volume of 0.78x over 1-day and a 20-day volume rank of 5.3% indicate that the recent rebound lacks sustained participation confirmation.
Evidence from this report, not a recommendation.
Not yet invested
Start or skip?
Supporting evidence
Positive business claims Investors on X argue that customer prepayments and GPU financing cover 96% of $5.81B GPU capex. They also cite a 5.8 GW secured power portfolio with over 4.5 GW in North America, framing the proposed business expansion around funding and capacity claims rather than price structure.
Gross and bottom-line margins Prospective investors can point to a gross margin of 63% and profit margin of 20.9%, with net income of 158.1M. Those figures describe positive reported profitability, while the -64.5% operating margin means the starting business assessment remains internally uneven.
Current price context The last close at 42.21 sits against a 52-week high of 76.87 and a 52-week low of 17.22, while the 1-year return is 82.57%. This establishes the starting point within the stated annual range without resolving the business evidence.
Opposing evidence
Cash and operating gap Prospective investors would note free cash flow of -2.4B against net income of 158.1M, with FCF conversion of -27.74 and revenue growth of 0%. The combination means current reported profit is accompanied by negative cash generation and no stated revenue growth.
Valuation burden Prospective investors would counter with a trailing P/E of 54.4, price-to-sales of 19.8, and EV/EBITDA of 113.6. These measures create a demanding valuation context alongside 0% revenue growth and a -64.5% operating margin.
Price below averages The last close at 42.21 is below the 50-day moving average at 42.8698 and the 200-day at 46.30805. The trend-structure Sell signal records that the most recent 50/200 cross was bearish, 19 days ago, making the starting price structure a counterpoint to the business claims.
Transition and dilution claims Investors on X argue that a transition quarter could produce revenue decline to around $130-141M and EPS loss of $0.55, while also citing ongoing dilution via ATM and convertible notes amid capital raises for buildout. These are unverified crowd claims that frame near-term earnings and funding uncertainty around any new position.
Evidence from this report, not a recommendation.
Looking ahead
What has to go right?
What would need to stay true
Crowd-cited contract base Investors on X argue that a $9.7B Microsoft contract plus $3.4B NVIDIA and $1.6B Dell-Blackwell deals are locked in. For the forward case, that claim would need to remain credible as a source of contracted revenue visibility.
Capacity and ARR claims Investors on X argue for a 5.8 GW secured power portfolio with over 4.5 GW in North America and targeted $4.0-4.4B AI Cloud ARR by end 2026, with 85% under multi-year contracts. Those unverified claims would need to stay aligned with the cited delivery and rollout discussion for the forward business narrative to remain intact.
Scheduled earnings catalyst The next earnings date is 2026-08-27, creating a defined point at which new company information would need to address the current uncertainty. The forward read remains conditional because the available figures do not establish the report's outcome.
What could undercut it
Crowd-cited transition risk Investors on X argue that a transition quarter could produce revenue decline to around $130-141M and EPS loss of $0.55 due to mining wind-down. That unverified claim could undercut the forward narrative if the cited earnings transition becomes the dominant near-term business evidence.
Cash and leverage pressure Free cash flow of -2.4B versus net income of 158.1M, FCF conversion of -27.74, debt-to-equity of 148.8%, and an operating margin of -64.5% identify conditions that would need improvement for the business case to develop without persistent funding pressure. These figures connect operating profitability, cash generation, and balance-sheet leverage.
Crowd-cited funding overhang Investors on X argue that ongoing dilution via ATM and convertible notes is accompanying capital raises for buildout. That unverified claim could undercut the forward case if funding needs continue to weigh on ownership and capital allocation.
Range and volatility risk The last close at 42.21 remains below the 52-week high of 76.87, while the 1-year return is 82.57% and annualized volatility is 107.8%. A forward continuation would require the price picture to develop without the substantial variability and -45.1 drawdown from the 1-year high becoming more influential.
What X is saying
Voices, catalysts and arguments from public X discussion over the last 90 days: crowd opinion, not analysis.
X chatter on IREN over the last 90 days shows a mixed tone, with influential accounts emphasizing AI infrastructure progress and contracted revenue targets while noting near-term earnings transition challenges and dilution pressures. Bullish voices highlight power capacity and customer deals; bearish ones focus on share issuance and headline misses.