A stage is marked complete when any of IREN Limited's
6 tracked projects has reached it —
this is the furthest the company has got anywhere, not the state of every site.
Open a stage to see which sites evidence it.
Capacity truthFour different measurements
⌁5 GWSecuredGross
§260 MWContractedCritical IT
▣50 MWEnergisedCritical IT
$~50 MWBillingN/AEstimated · not disclosed
These are four separate disclosures on different bases, not four stages of one
funnel. Secured power is measured at the utility connection; the rest are critical IT. They are
never subtracted from one another.
~50 MWEstimatedBilling50 MW formally accepted by a customer, taken as billingWhat is assumed
Capacity formally accepted by a customer is taken as billing. Acceptance is normally the milestone that starts the revenue clock, but the commercial effect is contract-specific and the company has not separately confirmed that billing has commenced.
Rule: Billing from customer acceptance. Inputs are sourced;
the assumption is T2C's. ↗ globenewswire.com
Revenue calculatorWhat billing capacity implies, and what it would be worth
The megawatts and the revenue rate come from what IREN Limited has published.
The multiple does not — it is an opinion, and it is the input that moves the answer most.
Nothing here is a price target.
Every option above is measured as critical IT, the same basis the
revenue rate is derived on. Secured power is deliberately absent: it is gross power at the
utility connection, and applying a per-MW contract rate to it would price megawatts that cannot
be sold as compute.
MW
Estimated by T2C from accepted capacity
$m
Derived from IREN’s own contracts
capacity-weighted mean of 2 disclosed contracts (260 MW total) = $10.08m per MW per year
×
An opinion — not a disclosure
m
Fetching from the provider…
Run-rate revenue—
Implied enterprise value—
Enterprise value per share—
Against the live price—
How much of that is the multiple
EV / revenue
Enterprise value
Per share
vs price
IREN Limited at a glance
Every figure below is sourced
IREN owns and operates data centres powered by a large secured electricity portfolio, and sells AI cloud capacity to hyperscalers and AI developers.
◇Full stack●Reached: Accepted%1% of controlled power switched on
How far it has actually got
Select a step for its evidence
Childress, Texas
Childress, Texas
Childress, Texas · 2026-08-13
Childress, Texas
Childress, Texas · 2026-08-13
No evidence recorded yet
Where the power goes
Each bar is drawn to the same scale. A dashed row means the company has not published
that figure — it is not zero. Where the dashed line appears, the measurement itself changes from
power at the utility connection to usable capacity inside the hall, so the step down is a change
of definition rather than capacity going missing.
What it owns, and what the customer brings
The company owns every layer from grid power through to the accelerators, and sells finished compute.
Where it operates
6 recorded sites
🇺🇸3
🇨🇦1
🇪🇸1
🇦🇺1
A filled dot is a site with a published capacity figure; an outlined dot is a
site named in filings without one. Positions are schematic, not geographic.
Capacity record
Every value with its evidence
Measure
Value and evidence
Secured powerPower capacity controlled through executed utility, interconnection, energy-service, lease or comparable arrangements. It may include capacity already operating as well as capacity awaiting development. Secured power indicates supply control, not customer demand or completed compute capacity.
5 GW●ConfirmedGross↗ sec.gov↗ sec.govas of 31 Mar 2026Evidence · 2 sources
Secured global power portfolio, quoted at the utility connection. Not critical IT and not comparable with a critical-IT figure.
"...as we scale across our global 5GW secured power portfolio." Also: "2026 expansion to 480MW on track — Horizon 1-4 on track for delivery by year-end", and "2028+ expansion across 5GW secured power underway". Confirms 480 MW is a 2026 expansion target across multiple sites, not construction at one site.
Development pipelineIdentified development opportunity that is not yet secured — sites under study, options, and applications lodged. Reported separately from secured power and never added to it.
Not disclosed—Not disclosed
Customer-contractedCompute or capacity a paying customer has committed to under a signed contract. Demand, not supply. Frequently disclosed only for individual named contracts, in which case the site total is a disclosed minimum rather than an exhaustive figure.
≥260 MW●Confirmed≥Disclosed minimumCritical IT↗ sec.gov↗ sec.govas of 1 Jun 2026Evidence · 2 sources
Microsoft 200 MW plus NVIDIA 60 MW. A disclosed minimum: the further AI developer contracts worth approximately $2.8bn do not disclose megawatts, so the true total is higher.
NVIDIA agreement for 60 MW, approximately $3.4bn over a five-year term. Additional AI developer contracts totalling approximately $2.8bn.
Under constructionCapacity with physical construction under way. Capital committed, no revenue from it yet.
Not disclosed—Not disclosedEvidence
The 480 MW previously carried here is IREN's wider 2026 gross AI Cloud capacity target across multiple sites — a target, not construction, and not attributable to one site. Held as a target below; no comparable company construction total has been located.
Verified
Not verified
Type
Actual
Coverage
Not exhaustive — may be higher
Energised critical ITCritical IT load live and drawing power. Often described by companies as "active" or "operational" capacity. It does not by itself mean a customer is paying for it.
≥50 MW●Confirmed≥Disclosed minimumCritical IT↗ globenewswire.comas of 13 Aug 2026Evidence · 1 source
Horizon 1 — 50 MW of critical IT delivered and accepted. A disclosed minimum: this is the only tranche with an explicit critical-IT figure, and no company-wide energised total has been published on a comparable basis.
Horizon 1, 50 MW of critical IT capacity, delivered to and accepted by Microsoft.
Customer-acceptedCapacity formally accepted under the relevant customer agreement. Acceptance may trigger billing or revenue recognition, but the commercial effect is contract-specific and must be separately evidenced.
50 MW●ConfirmedCritical IT↗ globenewswire.comas of 13 Aug 2026Evidence · 1 source
Horizon 1 delivered to and accepted by Microsoft on 13 August 2026.
Horizon 1, 50 MW of critical IT capacity, delivered to and accepted by Microsoft.
Revenue liveCapacity for which the company has explicitly disclosed that billing, rent commencement or revenue generation has begun. Billing, GAAP revenue recognition and cash receipt are not assumed to occur simultaneously.
Not disclosed—Not disclosedEvidence
Acceptance of Horizon 1 is confirmed, but the company has not separately disclosed that billing or revenue has commenced. Acceptance is not assumed to mean revenue-live.
Verified
Not verified
Type
Actual
Coverage
Not exhaustive — may be higher
Targets
Management goals — excluded from all current totals
Under construction target2026 gross AI Cloud capacity target across multiple sites. Excluded from every current-capacity total.
480 MW●Confirmed◇TargetGross↗ sec.govas of 31 Dec 2026Evidence · 1 source
2026 gross AI Cloud capacity target across multiple sites. Excluded from every current-capacity total.
"...as we scale across our global 5GW secured power portfolio." Also: "2026 expansion to 480MW on track — Horizon 1-4 on track for delivery by year-end", and "2028+ expansion across 5GW secured power underway". Confirms 480 MW is a 2026 expansion target across multiple sites, not construction at one site.
Projects and gates
6 recorded
Gates advance independently. Zoning can be granted while environmental approval,
financing and interconnection all remain outstanding — a single stage label would hide that.
Childress, Texas
United States
Not disclosedGross◐Reported
Hosts the Microsoft Horizon tranches and the NVIDIA deployment. The 480 MW previously shown here is IREN's wider 2026 gross AI Cloud target across multiple sites, not this site's capacity.
●Site controlComplete · 1 source
—Utility agreementNot disclosed
—Interconnection approvedNot disclosed
—Zoning approvedNot disclosed
—Regulatory approvalNot disclosed
—Environmental approvalNot disclosed
—Building permitsNot disclosed
—Financing committedNot disclosed
—Long-lead equipment orderedNot disclosed
●Construction startedComplete · 1 source
—Utility energisedNot disclosed
●Critical IT energisedComplete · 1 source13 Aug 2026
Remaining Microsoft tranches — the balance of the 200 MW contract after Horizon 1's 50 MW. Planned, not delivered, and held separately from accepted capacity.
Committed value and conditional maximum are shown apart and never added. Where a
company discloses a ceiling — "up to" — the difference depends on events that have not happened.
Five-year term. IREN has not named the site that will serve this agreement.↗ sec.gov
Other AI developer contracts
Not disclosed
Not disclosed
$2.8bn
Not disclosed
Approximately $2.8bn total contract value. Megawatts not disclosed.↗ sec.gov
Verified changes
3 events
13 Aug 2026announced 13 Aug 2026
Horizon 1 — 50 MW of critical IT — delivered to and accepted by Microsoft.
The only formally accepted hyperscaler capacity across every company tracked here. Acceptance is the milestone that normally starts the revenue clock, but IREN has not separately disclosed that billing has commenced, so it is not recorded as revenue-live.
NVIDIA agreement for 60 MW, approximately $3.4bn over a five-year term.
Takes disclosed customer-contracted capacity to a minimum of 260 MW alongside the 200 MW Microsoft contract. Still a minimum — other contracts do not disclose megawatts.
Additional AI developer contracts totalling approximately $2.8bn.
Megawatts not disclosed, which is precisely why the company's customer-contracted figure is carried as a disclosed minimum rather than an exhaustive total.
The balance of the 200 MW Microsoft contract after Horizon 1's 50 MW. No delivery date has been published for the remaining tranches, so no date is shown — the timing is genuinely unknown.
Write down what you expect IREN Limited to deliver, and by when. T2C scores it
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About IREN
Last verified 15 Aug 2026
IREN owns and operates data centres powered by a large secured electricity portfolio, and sells AI cloud capacity to hyperscalers and AI developers.
IREN is an Australian-listed operator that secures grid power at scale, builds data centres on that power, and increasingly sells finished GPU compute rather than leasing empty space. It converted from bitcoin mining infrastructure toward AI cloud, and is currently the only company tracked here with a hyperscaler tranche formally delivered and accepted.
Company facts
Legal name
IREN Limited
Ticker / exchange
IREN · NASDAQ
Founded
Not disclosed
Headquarters
Sydney, New South Wales, Australia
Business model
Full stack
Last verified
15 Aug 2026
Who leads it
This company is led by co-chief executives. Both are recorded; neither is presented as the sole CEO.
Daniel Roberts
Co-Founder and Co-Chief Executive Officer
Co-founder and co-CEO of IREN, and a director of the company. Background in finance, infrastructure and renewables.
AI cloud compute sold by contract to hyperscalers and AI developers
Owned and operated data centres built on self-secured grid power
Bitcoin mining from earlier operations
How it makes money
Owns the accelerators and sells finished compute. Captures far more revenue per megawatt, and carries the chip capital cost and obsolescence risk to match.
Where it operates
United States (Texas)
Canada (British Columbia)
Australia
Spain
Operating presence as disclosed. This is not the same as future pipeline —
a named location may hold nothing but secured power.
Publicly disclosed customers
Microsoft
NVIDIA
Only customers the company has named publicly. Several tracked companies
describe counterparties only as "investment-grade hyperscaler", and those are not guessed at here.
NVIDIA agreement for 60 MW, approximately $3.4bn over a five-year term. Additional AI developer contracts totalling approximately $2.8bn.
IREN Reports Q3 FY26 ResultsIREN Limited (SEC EDGAR) · sec-filing · published 31 Mar 2026 · accessed 15 Aug 2026 · primary
"...as we scale across our global 5GW secured power portfolio." Also: "2026 expansion to 480MW on track — Horizon 1-4 on track for delivery by year-end", and "2028+ expansion across 5GW secured power underway". Confirms 480 MW is a 2026 expansion target across multiple sites, not construction at one site.
