Analyst Consensus ?
ConsensusBuy15 ratings
Bullish1280.0%
Neutral320.0%
Bearish00.0%
IREN Limited · IREN · FY2027 Q1 · Calendar Q4 2026
IREN pairs rapid AI cloud growth with a lower FY2027 CapEx plan
IREN’s AI cloud growth, contracted backlog and investment-grade customer mix support its expansion case. The counterweight is execution and funding: planned FY2027 CapEx is lower than previously outlined, and supplier delays could defer capacity. The next-year thesis depends on converting demand and contracts into commissioned, revenue-producing capacity without financing constraints.
Why did IREN fall 17.0% after beating EPS estimates in FY2027 Q1?
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Reported After market closeNASDAQTechnology
$7.30B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$-0.62
Consensus $-0.72
EPS surprise
+14.4%
Reported versus consensus
Reported revenue
$228.0M
Consensus $228.3M
Revenue surprise
-0.1%
Reported versus consensus
Market reaction
close-to-close (session unavailable)
Stock move
-17.0%
Event window
SPY move
-4.4%
Same window
Abnormal move
-12.5%
Stock minus SPY
Volume
2.2×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
IRENSPY benchmark
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Why did IREN fall 17.0% after beating EPS estimates in FY2027 Q1?What changed in IREN's guidance and outlook in FY2027 Q1?Give me the bull and bear case for IREN after FY2027 Q1 earnings.
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Transcript intelligence
What changed
The call highlighted 180% year-over-year AI cloud revenue growth and $1B of operating ARR against a $4B backlog, with two-thirds of the backlog described as investment-grade. Planned FY2027 CapEx is now $15B, down from the prior call’s $25–30B plan; management cited market funding conditions and emphasized flexibility.
Guidance delta
Planned FY2027 CapEx is $15B, versus $25–30B discussed in the prior quarter. The supplied analysis describes guidance sentiment as maintained, while identifying tighter funding conditions as the reason for the lower spending plan.
Key takeaways
- AI cloud revenue grew 180% year over year, and operating ARR reached $1B alongside a $4B backlog.
- Two-thirds of the backlog was characterized as investment-grade; customer prepayments can cover up to 90% of GPU CapEx, according to the call analysis.
- Management is targeting 0.3 GW of capacity by January–February 2027 and 0.8 GW by the end of 2027; supplier delays remain a timing risk.
Management priorities
- Commission capacity while managing supplier lead times and construction schedules.
- Scale modular and liquid-cooled data-center designs and AI cloud services.
- Preserve CapEx flexibility and use investment-grade contracts and customer prepayments to support financing.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$20.79Current
$6Low
$65.29Average
$100High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 6, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| B. Riley Securities | Buy | Buy | Maintain | Oct 30, 2026 |
| JP Morgan | Overweight | Underweight | Upgrade | Sep 14, 2026 |
| BTIG | Buy | Buy | Maintain | Sep 14, 2026 |
| Freedom Capital Markets | Buy | Buy | Maintain | Sep 2, 2026 |
| Macquarie | Outperform | Outperform | Maintain | Aug 28, 2026 |
| HC Wainwright & Co. | Buy | Buy | Maintain | Aug 28, 2026 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Aug 28, 2026 |
| Canaccord Genuity | Buy | Buy | Maintain | Aug 28, 2026 |
| Freedom Broker | Buy | Hold | Upgrade | Jul 6, 2026 |
| Roth Capital | Buy | Buy | Maintain | Sep 23, 2025 |
| Jones Trading | Hold | Buy | Downgrade | Sep 2, 2025 |
| Needham | Hold | Hold | Maintain | Feb 13, 2025 |
| Compass Point | Buy | Buy | Maintain | Aug 30, 2024 |
| Cowen & Co. | Market Perform | Outperform | Downgrade | Sep 23, 2022 |
| Citigroup | Buy | Buy | Maintain | Sep 15, 2022 |
Named analyst price targets
Upside is calculated against the persisted current price $20.78. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Redburn Partners | Alex Haissl | $40 | $46.68 | +92.4% | Sep 21, 2026 |
| Northland Securities | Nehal Chokshi | $99 | $43.48 | +376.3% | Sep 18, 2026 |
| BTIG | Gregory Lewis | $80 | $43.83 | +284.9% | Sep 14, 2026 |
| Compass Point | Michael Donovan | $85 | $37.23 | +308.9% | Aug 28, 2026 |
| Bernstein | Gautam Chhugani | $100 | $43.67 | +381.1% | Aug 13, 2026 |
| H.C. Wainwright | Mike Colonnese | $90 | $41.29 | +333.0% | Jul 22, 2026 |
| Jefferies | Jonathan Petersen | $79 | $58.11 | +280.1% | Jun 18, 2026 |
| Bernstein | Analyst unavailable | $96 | $59.88 | +361.9% | Jun 4, 2026 |
| Macquarie | Paul Golding | $90 | $65.48 | +333.0% | Jun 3, 2026 |
| Canaccord Genuity | Joseph Vafi | $79 | $66.6 | +280.1% | Jun 3, 2026 |
| Cantor Fitzgerald | Brett Knoblauch | $99 | $67.84 | +376.3% | May 28, 2026 |
| Goldman Sachs | Michael Ng | $50 | $67.84 | +140.6% | May 27, 2026 |
| Goldman Sachs | Michael Ng | $44 | $63.52 | +111.7% | May 8, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $61 | $37.06 | +193.5% | Apr 9, 2026 |
| Macquarie | Paul Golding | $70 | $43.81 | +236.8% | Feb 6, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $82 | $39.99 | +294.5% | Feb 6, 2026 |
| H.C. Wainwright | Mike Colonnese | $80 | $50.54 | +284.9% | Jan 13, 2026 |
| Goldman Sachs | Analyst unavailable | $39 | $33.78 | +87.6% | Dec 18, 2025 |
| JMP Securities | Greg Miller | $80 | $48.85 | +284.9% | Nov 19, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $136 | $61.26 | +554.3% | Nov 7, 2025 |
| Compass Point | Michael Donovan | $105 | $60.73 | +405.2% | Nov 7, 2025 |
| Roth Capital | Analyst unavailable | $94 | $67.75 | +352.2% | Nov 3, 2025 |
| H.C. Wainwright | Analyst unavailable | $45 | $62.42 | +116.5% | Oct 29, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $100 | $64.14 | +381.1% | Oct 14, 2025 |
| BTIG | Analyst unavailable | $75 | $64.14 | +260.8% | Oct 14, 2025 |
| Bernstein | Gautam Chhugani | $75 | $48.9 | +260.8% | Sep 25, 2025 |
| Roth Capital | Darren Aftahi | $82 | $41.7 | +294.5% | Sep 23, 2025 |
| Canaccord Genuity | Joseph Vafi | $42 | $37.08 | +102.1% | Sep 16, 2025 |
| BTIG | Analyst unavailable | $32 | $30.19 | +54.0% | Sep 9, 2025 |
| Macquarie | Analyst unavailable | $33 | $26.48 | +58.8% | Aug 29, 2025 |
| H.C. Wainwright | Analyst unavailable | $36 | $26.48 | +73.2% | Aug 29, 2025 |
| Roth Capital | Analyst unavailable | $35 | $26.48 | +68.4% | Aug 29, 2025 |
| Canaccord Genuity | Analyst unavailable | $37 | $26.48 | +78.0% | Aug 29, 2025 |
| Macquarie | Paul Golding | $20 | $7.75 | -3.8% | May 15, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $20 | $7.7 | -3.8% | Mar 7, 2025 |
| Roth Capital | Darren Aftahi | $14 | $7.88 | -32.6% | Oct 2, 2024 |
| B.Riley Financial | Lucas Pipes | $12 | $7.39 | -42.3% | Sep 13, 2024 |
| Macquarie | Paul Golding | $13.5 | $8.52 | -35.0% | Aug 30, 2024 |
| Compass Point | Joe Flynn | $16 | $8.52 | -23.0% | Aug 30, 2024 |
| Canaccord Genuity | Joseph Vafi | $15 | $10.89 | -27.8% | Jul 24, 2024 |
| B.Riley Financial | Lucas Pipes | $18 | $12.52 | -13.4% | Jun 24, 2024 |
| Cantor Fitzgerald | Brett Knoblauch | $23 | $10.31 | +10.7% | Jun 10, 2024 |
| Canaccord Genuity | Joseph Vafi | $12 | $5.2 | -42.3% | May 16, 2024 |
| H.C. Wainwright | Mike Colonnese | $8 | $4.4 | -61.5% | Feb 16, 2023 |
| H.C. Wainwright | Analyst unavailable | $3 | $1.55 | -85.6% | Nov 22, 2022 |
| Citigroup | Analyst unavailable | $6 | $4.22 | -71.1% | Sep 15, 2022 |
Track every rating change on IREN the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationIREN Limited, established in 2018 and based in Sydney, Australia, operates a comprehensive, vertically integrated data center business spanning Australia and Canada. The company possesses and manages all essential infrastructure, including its computing hardware, electrical systems, and the data center facilities themselves. A primary undertaking for IREN Limited is the mining of Bitcoin, a scarce digital asset created and exchanged via a decentralized, peer-to-peer computer network utilizing specialized Bitcoin software. The company was previously named Iris Energy Limited, officially adopting IREN Limited in November 2024.
Historical context
All IREN earningsTechnology peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| VRSK Verisk Analytics, Inc. | FY2026 Q3 · Calendar Q4 2026 | +2.1% | +6.9% | Verisk Q3: Subscription Growth Offsets Contractor and Weather Headwinds |
| IONQ IonQ, Inc. | FY2026 Q3 · Calendar Q4 2026 | +17.0% | -10.5% | IonQ reports record Q3 revenue and raises its 2026 outlook |
| ARW Arrow Electronics, Inc. | FY2026 Q3 · Calendar Q4 2026 | +22.9% | -12.6% | Arrow’s record Q3 reflects broad demand, with inventory and mix risks to watch |
| EPAM EPAM Systems, Inc. | FY2026 Q3 · Calendar Q4 2026 | +2.9% | +20.6% | EPAM Raises AI-Native Revenue Target After Q3 Beat; North America Still Flat |
| MTSI MACOM Technology Solutions Holdings, Inc. | FY2026 Q4 · Calendar Q4 2026 | +4.5% | -18.4% | MACOM enters FY2027 with strong data-center demand and a capacity buildout |
| MCHP Microchip Technology Incorporated | FY2027 Q2 · Calendar Q4 2026 | +3.6% | -13.9% | Microchip’s growth accelerates, but capacity limits temper near-term outlook |
Latest beats and misses
Who reports nextBeat on EPS
- FNFFY2026 Q3 · November 5, 20260.0% EPS+6.6% move
- MTDFY2026 Q3 · November 5, 2026+3.6% EPS+4.8% move
- IAGFY2026 Q3 · November 5, 2026+16.7% EPS+4.6% move
- GMABFY2026 Q3 · November 5, 2026+55.6% EPS-4.3% move
- STEFY2027 Q2 · November 4, 2026+9.7% EPS+2.5% move
- IRMFY2026 Q3 · November 5, 2026+4.6% EPS-11.1% move
Missed on EPS
- WPMFY2026 Q3 · November 5, 2026-1.1% EPS+2.2% move
- CPTFY2026 Q3 · November 5, 2026-27.2% EPS-3.1% move
- VMRKFY2026 Q3 · November 4, 2026-425.6% EPS+2.4% move
- NTRAFY2026 Q3 · November 5, 2026-49.3% EPS-15.2% move
- TIGOFY2026 Q3 · November 5, 2026-40.8% EPS+2.6% move
- UHALFY2027 Q2 · November 4, 2026-15.4% EPS-3.2% move
Get the IREN recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-11-06T06:06:59.498414+00:00
- FN2 earnings calendar · 2026-11-06T01:23:16.275024+00:00
- Polygon adjusted daily market bars · 2026-11-06T08:50:46.902555+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-06T08:50:46.899756+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-06. For educational purposes only; not investment advice.