IREN Says $6 Billion of Fiscal 2027 AI Expansion Funding Depends on Markets

IREN expects to finance $6 billion of its fiscal 2027 expansion spending through sources tied to market conditions, leaving part of a $15 billion buildout dependent on financing availability.

IREN, a Bitcoin (BTC) miner and AI cloud provider, said Thursday that about $9 billion of its $15 billion in remaining planned capital spending for fiscal 2027 is covered by cash, committed GPU financing and customer prepayments. Its fiscal 2027 ends in June.

The company expects the other $6 billion to come from GPU financing, customer prepayments, data-center financing and other sources. IREN said access to that funding depends on market conditions.

The additional capital would support capacity beyond the program behind IREN’s more than $4 billion annualized run-rate revenue target. The company said that program is already fully funded. IREN previously moved the target into 2027 in an update on its AI cloud expansion.