Home Earnings Analysis Tech  Summary IREN Limited now controls 5 GW of secured power infrastructure spanning Texas, British Columbia, Oklahoma, Spain, and Europe. Management targets 150,000 deployed GPUs and approximately $3.7 billion contracted ARR exiting calendar year 2026. Microsoft-related GPU CapEx financing covered roughly 95% of deployment costs at attractive financing rates near 3%. Mirantis adds 1,500 enterprise customers and 650 engineers, expanding IREN beyond hyperscaler GPU infrastructure hosting economics. tiero/iStock via Getty Images IREN Limited's ( IREN ) Q3 FY26 numbers seemed disappointing at first glance, but I think the market was paying attention to the wrong figure. The missed revenue target and reduced Bitcoin mining contribution are secondary to Analyst’s Disclosure: I/we have a beneficial long position in the shares of IREN either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions.…