IREN Ltd. (NASDAQ:IREN) told investors on its earnings call Thursday that this year’s data center capacity is essentially spoken for, shifting the conversation toward the 2027 and 2028 buildouts.
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IREN Co-Founder and Co-CEO Daniel Roberts delivered the headline early in the call with analysts.
“Our 2026 capacity is largely sold out,” he said. “So the questions we get now are all about 2027 and 2028.”
Talks with prospective customers have already advanced well past the early stages, he added: “We’re in late-stage discussions with a range of new customers over a significant portion of 2027 capacity and 2028 conversations are well underway too, both on customers and financing.”
IREN’s Contract Playbook: Strategy Over Speed
Roberts described a deliberate framework for weighing new contracts.
“Every contract opportunity gets weighed on 3 things,” he said. “Firstly, who and what does this counterparty add to the platform, the strategic merit, not just the revenue. Second, what are the economics, price, prepayment, term, et cetera. And thirdly, what might it open up longer term for managed services and software.”
He was blunt about the real constraint: “Signing deals is not the bottleneck in this market, bringing GPUs online is.”
IREN will not rush announcements, he added: “We’re not chasing headline announcements. We’re making long-term decisions about where we want this business to be.”
COO Kent Draper backed up the pricing behind those future deals.
“We are seeing that consistently across live conversations with customers at the moment,” he said, citing contracts above $20 million per megawatt of IT load. Roberts added: “They’re 3- to 5-year deals, not 2 years, not spot capacity.”
Financing Keeps Pace with Demand
On financing for the years ahead, Roberts pointed to momentum already built. “GPU financing barely existed as an asset class” a year ago, he said, “and then in the last 3 months, we’ve raised $6.5 billion of it at both ends of the credit spectrum.”
Prepayments tied to newer contracts are doing double duty, he added: “They’re starting to finance our build-out for us.”
Draper said the diversification push extends across geographies. “This is largely a global market for compute,” he said, noting pricing in Spain and Australia has tracked with North America.
Roberts closed the call by tying the sold-out 2026 slate to the years still ahead.
“2026 is largely sold out with the $4 billion of ARR now contracted,” he said. “2027 and beyond is deliberate runway for us. So this is capacity we’re continuing to convert into a broader customer base and, of course, a richer service mix.”
IREN Stock Price Activity: IREN stock was down 12.7% at $35.36 at the time of publication Friday, according to Benzinga Pro.
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