IREN Says 2026 Capacity Sold Out, Shifts Focus to 2027 and 2028 Deals

IREN Ltd. told investors on its Thursday earnings call that its data center capacity for this year is largely booked, turning the conversation toward construction plans for 2027 and 2028.

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IREN co-founder and co-CEO Daniel Roberts dropped that bombshell on analysts at the start of the call.

"Our 2026 capacity is essentially sold out," he said. "So the questions we're getting now are all about 2027 and 2028."

He added that talks with potential customers are well past the early stages: "We're in late-stage negotiations with a range of new customers for a significant portion of our 2027 capacity, and conversations for 2028 are also progressing actively, on both the customer and financing fronts."

IREN's Contract Strategy: Strategy Over Speed

Roberts laid out a framework for weighing new contracts carefully.

"Every contract opportunity is weighed on three dimensions," he said. "First, what does this counterparty add to the platform, i.e., strategic value, not just revenue. Second, what are the economic terms, including price, prepayments, duration, and so on. Third, what does it open up for hosting services and software over the long term."

He was blunt about the real bottleneck: "In this market, signing contracts isn't the bottleneck—getting GPUs online is."

He added that IREN won't rush announcements: "We're not chasing headlines. We're making long-term decisions about the positioning of this business for the future."

Chief Operating Officer Kent Draper provided backing for the pricing behind these future deals.

"We continue to see this in our live conversations with customers today," he said, citing contracts exceeding $20 million per megawatt of IT load. Roberts added: "These are 3- to 5-year contracts, not 2-year, and not spot capacity."

Financing Keeps Pace with Demand

On funding for the coming years, Roberts pointed to the momentum already built. A year ago, "GPU financing as an asset class barely existed," he said, "and then in the last three months, we've raised $6.5 billion across both ends of the credit spectrum."

He added that prepayments tied to new contracts are playing a dual role: "They're starting to fund our construction."

Draper said diversification efforts are extending to different geographies. "This is very much a global computing market," he said, noting that pricing in Spain and Australia is aligning with North America.

Roberts closed the call by linking the sold-out 2026 plan to the years ahead.

"2026 is essentially sold out, with $4 billion in annualized recurring revenue now contracted," he said. "2027 and beyond is our deliberate runway. So we're continuing to convert that capacity into a broader customer base and, of course, a richer mix of services."

IREN share price action: As of Friday's writing, IREN shares were down 12.7% at $35.36.