IREN
2026? Basically booked.
IREN used its earnings call to drop the kind of line investors love to hear: its 2026 data center capacity is largely sold out. Translation: the calendar is getting crowded, the GPUs are the bottleneck, and the company is already trying to turn today’s demand into tomorrow’s revenue.
The real conversation has moved on
Co-CEO Daniel Roberts said the market has already skipped ahead to 2027 and 2028. That’s where the action is now, with late-stage customer talks underway for a big chunk of 2027 capacity and early-but-serious conversations happening for 2028 too.
A few takeaways from the call:
- IREN says it’s looking at contracts with more than just revenue in mind — strategic fit, economics, and what the deal could unlock later for managed services and software.
- The company says these are 3- to 5-year deals, not quick little spot plays.
- Pricing is sounding chunky, with contracts reportedly above $20 million per megawatt of IT load.
Financing is becoming part of the business model
Roberts also said GPU financing has gone from basically a niche idea to a full-on funding machine, with $6.5 billion raised in the last three months across the credit spectrum. In other words: the buildout is no longer just about finding customers — it’s about finding enough capital to keep the shovel moving.
IREN also pointed to about $4 billion of ARR now contracted, which is a nice way of saying the future pipeline is already getting monetized. Still, the stock fell 12.7% to $35.36 on Friday, because apparently even a sold-out calendar doesn’t guarantee Wall Street throws confetti.
Big picture: IREN is trying to look less like a fast-moving miner and more like a long-duration AI infrastructure landlord. If those 2027 and 2028 talks turn into signed deals, today’s capacity crunch could become tomorrow’s growth story.