IREN Reports $13.81 Billion in Commitments, Most Due Within a Year

IREN had $13.81 billion in commitments as of June 30, 2026, with nearly all due within 12 months, as the Bitcoin miner expands its artificial intelligence data center business. The scale of those obligations comes alongside billions in cash, financing arrangements and the company’s expectation that its resources will cover near-term liquidity needs.

The commitments totaled $13.61 billion payable within a year, up from $368.8 million at the same point in 2025. They include spending commitments for AI hardware and data center development; they are not, by themselves, an unfunded cash shortfall.

IREN held $5.90 billion in cash and cash equivalents and $1.72 billion in restricted cash at the end of June. It generated $2.10 billion in operating cash inflow during fiscal 2026. The company expects its cash, future operating cash flows and financing proceeds to meet anticipated liquidity needs for at least the next 12 months.

The buildout still carries financing exposure. IREN may commit to GPU purchases and related site work before securing financing. It also cautioned that additional financing depends on market conditions, with no guarantee of its timing, size, structure or terms.

IREN has arranged financing for parts of its AI expansion. For its Microsoft contract, it secured $3.6 billion in GPU financing at a 6% weighted average rate, excluding fees. That financing, combined with customer prepayments, covered 96% of the related GPU capital spending.

The company also announced $2.8 billion in GPU financing for other customer deployments. That included $2.4 billion at a fixed 9% rate for its Mackenzie expansion, covering 90% of the associated GPU spending.

AI Cloud Services generated $128.8 million in fiscal 2026 revenue, compared with $578.2 million from Bitcoin mining. IREN posted a $702.6 million net loss for the year. It also described $4 billion in contracted annual recurring revenue for 2026 capacity and $1 billion in operating annual recurring revenue as of Aug. 26, while noting those measures are not generally accepted accounting principles revenue and recognized revenue may be materially lower.