Most of what IREN owns has not been built yet

Is IREN still a bitcoin miner?

IREN has $3.7B of half-built data centre sitting on its balance sheet and $597M of mining rigs. Seventy per cent of everything it owns is unfinished.

That is the largest change in what a company owns anywhere in the 201 companies on this site - and it is not close. The next biggest shift we found moved 22 points; IREN's moved 58.

So the answer is no, not really. A bitcoin miner owns machines. IREN owns a construction site.

IRENIREN

Mining rigs or AI hardwareBreakdown

IREN was a bitcoin miner - what is it buying now?

$% of mix

Construction in progressBitcoin mining hardwareAI & HPC hardwareBuildingsLandPlant & equipmentLeasehold improvements

→70% of IREN's $5.3B of hardware and property is not finished yet - $3.7B of construction in progress against $597M of mining rigs and - of AI hardware already installed. Almost everything IREN owns is still a promise.

Source: SEC filings - segment disclosures (XBRL notes) · as at 2026-08-26

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What does "construction in progress" actually mean?

It is where a company parks money it has spent on something not yet finished. Buy a finished server and the cost goes into property and starts depreciating; build a data centre and the spending waits in construction in progress until the day it is switched on.

Two things follow, and both matter more than they sound.

It earns nothing. That $3.7B has left the company and has not yet come back as anything a customer can buy. And it does not depreciate, which means a business mid-build reports better margins than the same business will report next year running the same assets. Not a trick - just the rules - but worth knowing before comparing this year's margin to next.

The second bar on the chart above is the other half of the story: mining hardware peaked at $1.1B and is down to $597M. Riot Platforms is making the same turn and is less far through it, with mining still 65% of revenue against IREN's 77%.

Who is paying for it

Not mining profits. $3.7B of convertible notes are, the largest a $1.1B tranche due 2032.

A convertible is a loan the lender can swap for shares instead of repayment. The interest rate is low because the lender is really buying an option on the share price - which is cheap until it is not. For a company worth $15.4B carrying $3.7B of them, the real cost of capital is the coupon plus the shares that may change hands later, and only the first of those shows up in the accounts.

IRENIREN

How the build-out is financedBreakdown

Who is paying for IREN's data centres?

$% of mix

2032 notes2033 notes2031 notes2029 notes2030 notes

→$3.7B of the build-out is funded by convertible notes, the largest being $1.1B due 2032. Converts are cheap because the lender is really buying an option on the shares - this is future dilution, priced as debt.

Source: SEC filings - segment disclosures (XBRL notes) · as at 2026-08-26

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What would tell you it is working

$2.2B of revenue is contractually committed in the filings. After the quarter closed IREN signed a five-year GPU deal with Microsoft worth about $9.7B including a 20% prepayment, agreed to buy roughly $5.8B of GPUs from Dell, and said it is targeting $3.4B of annual recurring revenue by the end of 2026 across about 140,000 GPUs at its 750MW Texas campus.

None of that is in the chart yet, and will not be until IREN files a quarter containing it. Hold both numbers: $2.2B is what a customer is currently obliged to pay, $9.7B is what has been announced.

Three things in the next filings would settle it. Construction in progress falling while property rises - that is capacity switching on, and depreciation starting. Remaining performance obligations climbing toward the announced figure, because a signed contract becomes an RPO disclosure and its absence would be information. And the note balance: converts growing faster than delivered capacity means the build is being financed by future dilution rather than by the business.

The AI cloud segment already earns an 86% gross margin against 68% for mining, so every dollar that moves is worth more - which is the whole reason for the exercise. Following IREN means the next quarter's answer arrives without going looking for it.

IRENIREN

Contracted backlog (RPO)Breakdown

How much future revenue is already under contract?

→$2.2B of revenue is contractually locked in - a forward signal straight from the filings, no analyst required. A further $9.7B contract was signed just after quarter-end.

Source: SEC filings - segment disclosures (XBRL notes) · as at 2026-08-26

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Sources

• IREN Ltd, annual report on Form 10-K, filed 27 August 2026 (SEC EDGAR)
• IREN, "IREN Secures $9.7bn AI Cloud Contract with Microsoft" (company announcement)
• Data Center Dynamics, "Microsoft signs $9.7bn cloud capacity deal with Iren"