For the quarter ended March 31, 2026, analysts expect consensus revenue of $219.87 million and an EPS loss of $0.18, with the stock trading at $54.74 against a mean target of $73.30. Investors are primarily tracking the growth of AI Cloud Annual Recurring Revenue (ARR) as IREN pivots its power pipeline toward high-performance computing.
Recent momentum is driven by a $9.7 billion Microsoft contract and the May 5 acquisition of Mirantis for $625 million to bolster orchestration capabilities. Additionally, the market is awaiting updates on the 1.4-gigawatt Sweetwater 1 substation energization, a critical milestone for scaling the GPU fleet to 140,000 units by year-end.