Iren Limited · NASDAQ:IREN
Iren — Corporate Update (November 2025)
8 slides from Iren's corporate update, Nov 3, 2025
Slide 1: $9.7bn AI Cloud Contract with Microsoft
$9.7bn AI Cloud Contract with Microsoft NASDAQ: IREN November 3, 2025
Slide 2: Disclaimer: Forward-Looking Statements
DISCLAIMER Forward-Looking Statements This investor update includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”), that involve substantial
Slide 3: AI Cloud Contract Signed with Microsoft
AI CLOUD CONTRACT SIGNED WITH MICROSOFT 3 20% Prepayment 5YR Term 200MW Data Centers (IT Load) $9.7bn Contract Value
Slide 4: High Margin AI Cloud Growth
HIGH MARGIN AI CLOUD GROWTH 4 Includes deployment services, servers, InfiniBand, cabling, software and licensing costs. Annualized run-rate revenue (ARR) represents average annual revenue under the contract, assuming on-time delivery and commissioning of GPUs. Project EBITDA Margin represents expect
Slide 5: 200MW AI Data Centers
200MW AI DATA CENTERS Vertically integrated AI cloud service provider IREN builds and operates its own data centers Execution managed by in-house design, engineering and construction teams No third-party colocation costs or counterparty risk Accelerating construction with design enhancements 4 x 50M
Slide 6: Immediate Expansion Potential
IMMEDIATE EXPANSION POTENTIAL Advancing design workstreams for potential conversion of entire 750MW Childress campus to liquid-cooled AI deployments 450MW additional capacity available Rendering of Project Horizon concept – liquid cooling transformation of Childress (750MW) 6 750MW Available Power C
Slide 7: Next Phase of Growth
NEXT PHASE OF GROWTH 7 Represents $1.94bn average annual revenue under Microsoft contract plus estimated >$500m ARR from ~23k GPU deployment at Prince George, based on internal company assumptions regarding utilization and GPU pricing for those GPUs. It is not fully contracted, there can be no assur
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