IREN Has $4B of Contracted ARR, but Only $1B Is Operating. How Much Will Reach GAAP Revenue?

IREN Limited disclosed substantial contracted capacity metrics while reporting more modest realized financial performance in its fiscal 2026 results. The company identified $4 billion in contracted annualized run-rate revenue for calendar 2026 capacity, yet only $1 billion had commenced operations as of August 26. The remaining capacity is expected to transition to active service as deployments are completed, commissioned, tested, and formally accepted by customers.
The gap between contracted m