IREN spent $3.0 billion on capital projects in the twelve months ended June 30, up 422.8% from the comparable year. That is more than four times its $707.0 million of revenue, highlighting the scale of IREN’s AI infrastructure buildout relative to reported revenue.
The surface reading is clear: revenue rose 41.1% from $501.0 million, and operating cash flow jumped to $2.1 billion from $245.9 million. Cash reached $5.9 billion. The same year produced a $1.0 billion operating loss, down from $17.3 million of operating income, and diluted shares rose 41.6% to 316.1 million.
That combination is the filing’s central tension. IREN is generating cash while spending it at a faster pace, and the accounting result is moving in the opposite direction from the cash balance. Its free-cash-flow margin fell 61.6 percentage points, landing at negative 127.0%.
Management describes the capital requirement in unusually direct terms:
"We may be unable to raise the required capital as a result of the risks described under “Our business is capital intensive, we expect to continue to incur substantial capital expenditures to acquire, maintain and upgrade our hardware over time, to acquire and construct data center facilities, and to grow our business, and we may be unable to raise additional capital needed to fulfill our needs, grow our business, or achieve our goals.”"
IREN Limited, 10-K, Aug. 27, 2026
In plain English, the $2.1 billion of operating cash is not the same thing as cash available after expansion. Capex alone exceeded operating cash flow by roughly $900 million, before considering the higher share count.
The company also links its operating exposure to tax arrangements around its facilities and equipment. Losing those benefits would affect both the cost of running the sites and the cost of adding hardware:
"Risks Related to Taxation Property tax abatements and sales and use tax exemptions from which we benefit are subject to conditions and limitations, and any loss, revocation or adverse modification of these arrangements could increase our operating costs and capital expenditures."
IREN Limited, 10-K, Aug. 27, 2026
That matters because IREN’s margin did not merely soften as the company expanded. Operating margin went from positive 3.5% to negative 148.0%, while net income swung from a profit of $86.9 million to a loss of $702.6 million. The filing does not provide a single explanation for the full operating-loss change, so the cleanest reported contrast is cash generation versus investment intensity.
The company’s supplier disclosures add a physical constraint to the numbers. IREN says its AI Cloud Services depend on timely purchases from a limited supplier group including NVIDIA, AMD, Dell Technologies, Lenovo, Supermicro, and Gigabyte. It also disclosed a partnership intended to support up to 5GW of NVIDIA-aligned infrastructure across its data-center pipeline. The buildout is not an abstract software expense; it requires GPUs, networking, storage, and facilities, all of which consume capital before revenue arrives.
At the latest close, IREN shares were $39.59, down 6.2% on Aug. 26. The filing leaves two businesses visible at once: a rapidly growing revenue line and an infrastructure program whose annual spending is several times that line. The next quarter’s capex number is the clean comparison to this year’s $3.0 billion buildout, alongside operating cash flow of $2.1 billion.
Source: IREN Limited’s 2026 Form 10-K, filed Aug. 27, 2026.