IREN
IREN Limited36.59
+1.11+3.13%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
FY Q1 '26
Details Microsoft IRRs, cloud preference.
Q&A unpacked the Microsoft deal's returns, pegging unlevered IRR at low double digits after internal colo charge, levering to 25-30% with $2.5B targeted debt—higher if leverage hits $3B or GPUs retain value. Management doubled down on AI cloud over colocation, touting 35%+ equity IRRs versus colo's recontracting risks and lower yields. They detailed 76,000 GPUs across four Childress phases, BC contracting progress to 12,000+ of 23,000, and strong demand including Sweetwater interest. Cloud trumps colo returns. Execution confidence shone through on timelines and penalties. Investors will eye demand durability across sites.
Key Stats
Market Cap
10.56BP/E (TTM)
21.03Basic EPS (TTM)
1.74Dividend Yield
0%Recent Filings
8-K
Closes $2.3B notes, refis old debt
IREN closed $2.3B in low-coupon convertible notes—$1.15B 0.25% due 2032 and $1.15B 1.00% due 2033—on December 8, 2025, alongside a $1.63B equity raise of 39.7M shares at $41.12. Proceeds refinanced $544M of higher-rate 2029/2030 notes at a premium, netting $2.27B total while capping dilution up to $82.24/share via $201M capped calls. Debt matures out to 2033.
8-K
Prices $2B notes, share offering
IREN priced $2B in low-coupon convertible notes—$1B 0.25% due 2032 and $1B 1.00% due 2033, settling December 8—while issuing 39.7M shares at $41.12 for $1.63B gross. Proceeds fund $544.3M repurchase of higher-rate existing notes due 2029/2030 and $174.8M capped calls. Deal independent. Hedges may pressure shares.
8-K
IREN launches $2B+ notes, equity
IREN announced a proposed $1B convertible notes offering due 2032, $1B due 2033—plus up to $300M options—alongside a registered direct ordinary shares offering. Proceeds will fund capped calls, repurchase portions of existing 2029/2030 convertible notes, and working capital. Deals aren't contingent. Hedging may pressure shares.
8-K
Auditor switch to KPMG
IREN Limited dismissed Raymond Chabot Grant Thornton LLP as its auditor on November 26, 2025, and appointed KPMG LLP effective November 27 upon Audit Committee recommendation. No disagreements occurred, but RCGT flagged a material weakness in internal controls and prior going concern doubts. Clean transition bolsters reporting reliability.
8-K
Shareholders approve governance updates
IREN Limited shareholders overwhelmingly approved amendments to the company's constitution at the November 19, 2025 AGM, aligning quorum with Nasdaq rules, mandating annual director elections, adding forum selection, and updating proxy notices—effective immediately. They also greenlit the 2025 Omnibus Incentive Plan and share repurchases tied to prepaid forwards and capped calls. Governance sharpened.
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