{
  "schema_version": "SE-IREN-PUBLIC-SNAPSHOT-v0.1",
  "case_id": "SE-IREN-AI-CLOUD-001",
  "current_state": "SUPPORTED_AS_ATTRIBUTED_WITH_OPEN_BOUNDARIES",
  "tracker_data_version": "v0.2",
  "evidence_cutoff": "2026-10-22",
  "last_source_check_utc": "2026-10-27T20:34:45Z",
  "next_source_check": "2026-11-05",
  "reviewer_status": "OWNER_AUTHORIZED_PUBLICATION",
  "reviewed_by": "AUTHENTICATED_TASK_OWNER",
  "reviewed_at_utc": "2026-10-27T20:06:55Z",
  "publication_status": "PUBLICATION_AUTHORIZED_FOR_EXACT_SHA",
  "approval_record": "publication-approval-v0.1.json",
  "approved_candidate_head_sha": "1523c8688dfa5dd6ff7b1ae85e3a54b8412c3c8a",
  "notices": [
    "Not a recommendation, forecast, rating, certification, or securities analysis.",
    "Issuer assertions remain speaker-attributed. SEC hosting is not independent confirmation.",
    "A retrieval failure is a scope limitation, never evidence of absence.",
    "We can be wrong. We must remain auditable.",
    "Verify Your Verify — Lower the cost of knowing what you can trust."
  ],
  "rows": [
    {
      "row_id": "IREN-R001",
      "section": "SUPPORTED_AS_ATTRIBUTED",
      "claim": "IREN reported FY26 total revenue of $707.0m, AI Cloud Services revenue of $128.8m, and net loss of $702.6m.",
      "boundary": "Historic issuer financial statement amounts. They do not establish future revenue, cash collection, or AI Cloud profitability.",
      "state": "SUPPORTED_AS_ATTRIBUTED",
      "assurance": "audited_financial_statements",
      "liability": "filed",
      "source_ids": [
        "I-S04"
      ],
      "pinpoint_locators": [
        "I-S04 · Form 10-K, Item 7, p.115, Results of Operations table; p.116, AI Cloud Services revenue"
      ],
      "reading_check": "AGREED_WITH_SOURCE_NATIVE_WORDING_AND_BOUNDARY",
      "last_event_id": "IREN-EV-005",
      "next_check": "Compare with the next filed quarterly report on or after 2026-11-05.",
      "challenge_url": "https://structevidence.com/verify/?case_id=SE-IREN-AI-CLOUD-001&claim_id=IREN-R001"
    },
    {
      "row_id": "IREN-R002",
      "section": "SUPPORTED_AS_ATTRIBUTED",
      "claim": "IREN reported FY26 non-cash impairment of assets of $638.8m, primarily related to decommissioning Bitcoin mining hardware as sites were converted for AI Cloud growth.",
      "boundary": "An impairment is an accounting charge and is not equivalent to cash expenditure or total conversion cost.",
      "state": "SUPPORTED_AS_ATTRIBUTED",
      "assurance": "audited_financial_statements",
      "liability": "filed",
      "source_ids": [
        "I-S04"
      ],
      "pinpoint_locators": [
        "I-S04 · Form 10-K, Item 7, p.116, Impairment of assets; Note 14, p.F-34"
      ],
      "reading_check": "AGREED_WITH_SOURCE_NATIVE_WORDING_AND_BOUNDARY",
      "last_event_id": "IREN-EV-005",
      "next_check": "Review subsequent filed impairment and asset-disposition notes.",
      "challenge_url": "https://structevidence.com/verify/?case_id=SE-IREN-AI-CLOUD-001&claim_id=IREN-R002"
    },
    {
      "row_id": "IREN-R003",
      "section": "SUPPORTED_AS_ATTRIBUTED",
      "claim": "IREN disclosed a five-year Microsoft GPU-cloud agreement with an approximately $9.7bn headline contract value.",
      "boundary": "The disclosure was furnished by IREN. Headline contract value is not recognized revenue or cash collected.",
      "state": "SUPPORTED_AS_ATTRIBUTED",
      "assurance": "unaudited",
      "liability": "furnished_not_filed",
      "source_ids": [
        "I-S05"
      ],
      "pinpoint_locators": [
        "I-S05 · Form 8-K, Item 1.01, Commercial Agreement with Microsoft, paragraphs 1–5"
      ],
      "reading_check": "AGREED_WITH_SOURCE_NATIVE_WORDING_AND_BOUNDARY",
      "last_event_id": "IREN-EV-005",
      "next_check": "Review any amendment, termination, delivery, revenue-recognition, or collection disclosure.",
      "challenge_url": "https://structevidence.com/verify/?case_id=SE-IREN-AI-CLOUD-001&claim_id=IREN-R003"
    },
    {
      "row_id": "IREN-R004",
      "section": "SUPPORTED_AS_ATTRIBUTED",
      "claim": "IREN stated that Horizon 1 was delivered to and accepted by Microsoft in August 2026 and that NVIDIA Exemplar Cloud status was achieved on GB300 NVL72.",
      "boundary": "This is issuer-reported acceptance in a furnished exhibit, not a Microsoft-authored acceptance record or independent NVIDIA certification record captured by this tracker.",
      "state": "SUPPORTED_AS_ATTRIBUTED",
      "assurance": "unaudited",
      "liability": "furnished_not_filed",
      "source_ids": [
        "I-S08",
        "I-S09"
      ],
      "pinpoint_locators": [
        "I-S08 · Exhibit 99.1, headline and opening paragraph",
        "I-S09 · FY26 Results Exhibit 99.1, p.1, Horizon 1 highlight"
      ],
      "reading_check": "AGREED_WITH_SOURCE_NATIVE_WORDING_AND_BOUNDARY",
      "last_event_id": "IREN-EV-005",
      "next_check": "Seek a customer-authored or independently attributable acceptance artifact.",
      "challenge_url": "https://structevidence.com/verify/?case_id=SE-IREN-AI-CLOUD-001&claim_id=IREN-R004"
    },
    {
      "row_id": "IREN-R005",
      "section": "SUPPORTED_AS_ATTRIBUTED",
      "claim": "IREN reported $4bn contracted ARR for 2026 capacity and $1bn operating ARR as of August 26, 2026.",
      "boundary": "IREN defines ARR from contracted GPU-hour pricing for commissioned GPUs multiplied by 8,760 hours plus storage and ancillaries. ARR is non-GAAP and recognized revenue may be materially lower.",
      "state": "SUPPORTED_AS_ATTRIBUTED",
      "assurance": "unaudited_non_gaap_operating_metric",
      "liability": "furnished_not_filed",
      "source_ids": [
        "I-S09"
      ],
      "pinpoint_locators": [
        "I-S09 · FY26 Results Exhibit 99.1, pp.1 and 4, ARR highlights and Assumptions and Notes 1–2"
      ],
      "reading_check": "AGREED_WITH_SOURCE_NATIVE_WORDING_AND_BOUNDARY",
      "last_event_id": "IREN-EV-005",
      "next_check": "Check the Q1 FY27 release and filing for changed definitions and realized GAAP revenue.",
      "challenge_url": "https://structevidence.com/verify/?case_id=SE-IREN-AI-CLOUD-001&claim_id=IREN-R005"
    },
    {
      "row_id": "IREN-R006",
      "section": "SUPPORTED_AS_ATTRIBUTED",
      "claim": "IREN reported $3.6bn of investment-grade GPU financing for the Microsoft contract at a 6.0% weighted-average interest rate, excluding fees.",
      "boundary": "An issuer financing disclosure does not by itself establish full project funding, future drawdown, repayment economics, or returns.",
      "state": "SUPPORTED_AS_ATTRIBUTED",
      "assurance": "unaudited",
      "liability": "furnished_not_filed",
      "source_ids": [
        "I-S09"
      ],
      "pinpoint_locators": [
        "I-S09 · FY26 Results Exhibit 99.1, p.2, Capital-efficient GPU financing"
      ],
      "reading_check": "AGREED_WITH_SOURCE_NATIVE_WORDING_AND_BOUNDARY",
      "last_event_id": "IREN-EV-005",
      "next_check": "Review filed debt, collateral, drawdown, fee, covenant, and repayment disclosures.",
      "challenge_url": "https://structevidence.com/verify/?case_id=SE-IREN-AI-CLOUD-001&claim_id=IREN-R006"
    },
    {
      "row_id": "IREN-R007",
      "section": "NOT_ESTABLISHED",
      "claim": "A Microsoft-authored Horizon 1 acceptance record is present in the reviewed source set.",
      "boundary": "The reviewed acceptance statement is authored by IREN. Missing customer-authored evidence is a gap, not evidence that acceptance did not occur.",
      "state": "NOT_ESTABLISHED",
      "assurance": "unknown",
      "liability": "unknown",
      "source_ids": [
        "I-S08"
      ],
      "pinpoint_locators": [
        "I-S08 · Exhibit 99.1, headline and opening paragraph; registry scope I-S01–I-S12 contains no Microsoft-authored acceptance artifact"
      ],
      "plain_language": "Not shown in the sources reviewed: the acceptance wording is IREN-authored.",
      "reading_check": "AGREED_WITH_BOUNDED_ABSENCE_STATE",
      "last_event_id": "IREN-EV-005",
      "next_check": "Check official Microsoft publications and future IREN filings for an attributable customer record.",
      "challenge_url": "https://structevidence.com/verify/?case_id=SE-IREN-AI-CLOUD-001&claim_id=IREN-R007"
    },
    {
      "row_id": "IREN-R008",
      "section": "NOT_ESTABLISHED",
      "claim": "Horizons 2, 3, and 4 had been delivered and accepted by the evidence cutoff.",
      "boundary": "IREN reported Horizon 2 commissioning and Horizons 3–4 in late-stage construction, targeting Q4 2026 delivery. Its Form 10-K says contractual delivery grace periods extend from mid-Q4 2026 to the beginning of Q2 2027. A target or outer bound is not a completed acceptance event.",
      "state": "NOT_ESTABLISHED",
      "assurance": "unaudited",
      "liability": "furnished_not_filed",
      "source_ids": [
        "I-S04",
        "I-S09"
      ],
      "pinpoint_locators": [
        "I-S09 · FY26 Results Exhibit 99.1, p.1, Horizon 2–4 status",
        "I-S04 · Form 10-K, Item 7, pp.109–110, AI Cloud Services Contracts"
      ],
      "plain_language": "Not shown in the sources reviewed by the cutoff: completed delivery and acceptance for Horizons 2–4.",
      "reading_check": "AGREED_WITH_BOUNDED_ABSENCE_STATE",
      "last_event_id": "IREN-EV-005",
      "next_check": "2026-11-05 Q1 FY27 results, then any later 8-K or customer-authored acceptance record.",
      "challenge_url": "https://structevidence.com/verify/?case_id=SE-IREN-AI-CLOUD-001&claim_id=IREN-R008"
    },
    {
      "row_id": "IREN-R009",
      "section": "NOT_ESTABLISHED",
      "claim": "Contracted ARR has converted into the same amount of GAAP recognized revenue.",
      "boundary": "Contracted ARR, operating ARR, recognized revenue, deferred revenue, prepayments, and cash are different measures.",
      "state": "NOT_ESTABLISHED",
      "assurance": "unknown",
      "liability": "unknown",
      "source_ids": [
        "I-S04",
        "I-S09",
        "I-S11"
      ],
      "pinpoint_locators": [
        "I-S04 · Form 10-K, Note 4, pp.F-27–F-28, Revenue",
        "I-S09 · FY26 Results Exhibit 99.1, p.4, Assumptions and Notes 1–2",
        "I-S11 · Exhibit 99.1, Assumptions and Notes 1–2"
      ],
      "plain_language": "Not shown in the sources reviewed: contracted ARR converting dollar-for-dollar into GAAP revenue.",
      "reading_check": "AGREED_WITH_BOUNDED_ABSENCE_STATE",
      "last_event_id": "IREN-EV-005",
      "next_check": "Compare subsequent filed AI Cloud revenue and notes with the exact ARR definition then in use.",
      "challenge_url": "https://structevidence.com/verify/?case_id=SE-IREN-AI-CLOUD-001&claim_id=IREN-R009"
    },
    {
      "row_id": "IREN-R010",
      "section": "NOT_ESTABLISHED",
      "claim": "The approximately $9.7bn Microsoft headline contract value has been collected in cash.",
      "boundary": "The reviewed materials disclose contract value, prepayments, deferred revenue, and financing but do not establish collection of the full headline value.",
      "state": "NOT_ESTABLISHED",
      "assurance": "unknown",
      "liability": "unknown",
      "source_ids": [
        "I-S04",
        "I-S05"
      ],
      "pinpoint_locators": [
        "I-S05 · Form 8-K, Item 1.01, payment terms and delivery acceptance process",
        "I-S04 · Form 10-K, Note 4, Contract Balances; Note 20, Deferred revenue"
      ],
      "plain_language": "Not shown in the sources reviewed: collection of the full $9.7bn headline value in cash.",
      "reading_check": "AGREED_WITH_BOUNDED_ABSENCE_STATE",
      "last_event_id": "IREN-EV-005",
      "next_check": "Review filed cash-flow, deferred-revenue, receivable, and contract-liability disclosures.",
      "challenge_url": "https://structevidence.com/verify/?case_id=SE-IREN-AI-CLOUD-001&claim_id=IREN-R010"
    },
    {
      "row_id": "IREN-R011",
      "section": "NOT_ESTABLISHED",
      "claim": "The mining-to-AI transition is complete and produces positive returns after operating costs, financing, and capital investment.",
      "boundary": "Historic revenue growth, one reported acceptance event, impairment, financing, and construction targets do not establish completion or full-life economic returns.",
      "state": "NOT_ESTABLISHED",
      "assurance": "unknown",
      "liability": "unknown",
      "source_ids": [
        "I-S04",
        "I-S09",
        "I-S12"
      ],
      "pinpoint_locators": [
        "I-S04 · Form 10-K, Item 7, pp.109–116; Notes 4, 14 and 20",
        "I-S09 · FY26 Results Exhibit 99.1, pp.1–4",
        "I-S12 · Definitive Proxy, pp.12–14, Fiscal 2026 highlights"
      ],
      "plain_language": "Not shown in the sources reviewed: a completed transition with positive full-life returns after all costs and capital.",
      "reading_check": "AGREED_WITH_BOUNDED_ABSENCE_STATE",
      "last_event_id": "IREN-EV-005",
      "next_check": "Review subsequent segment results, costs, capex, impairment, operating capacity, and transition language.",
      "challenge_url": "https://structevidence.com/verify/?case_id=SE-IREN-AI-CLOUD-001&claim_id=IREN-R011"
    }
  ],
  "watch_items": [
    {
      "watch_id": "IREN-W001",
      "item": "Q1 FY27 results",
      "date_or_window": "2026-11-05",
      "status": "CONFIRMED_ON_ISSUER_INVESTOR_NEWS_INDEX",
      "source_ids": [
        "I-S10"
      ],
      "what_to_check": "Changed ARR definition, AI Cloud recognized revenue, and any Horizon 2–4 delivery or acceptance statement."
    },
    {
      "watch_id": "IREN-W002",
      "item": "Horizons 2–4 delivery and acceptance",
      "date_or_window": "Q4 2026 target; contractual grace periods extend from mid-Q4 2026 to the beginning of Q2 2027",
      "status": "TARGET_NOT_COMPLETION",
      "source_ids": [
        "I-S09"
      ],
      "what_to_check": "Form 10-K, Item 7, pp.109–110. Separate construction, commissioning, delivery, issuer-reported acceptance, and customer-authored acceptance."
    },
    {
      "watch_id": "IREN-W003",
      "item": "New 8-K, 10-Q, amendment, or definition change",
      "date_or_window": "On filing",
      "status": "OPEN",
      "source_ids": [],
      "what_to_check": "Append a review event; never silently rewrite an earlier state."
    }
  ],
  "sources": [
    {
      "source_id": "I-S01",
      "publisher": "IREN Limited (then Iris Energy Limited)",
      "title": "September 2023 Monthly Investor Update",
      "url": "https://www.sec.gov/Archives/edgar/data/1878848/000114036123047077/ef20012021_ex99-1.htm",
      "accession": "0001140361-23-047077",
      "publication_date": "2023-10-05",
      "source_type": "sec_exhibit_99_1_form_6_k",
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      "assurance": "promotional",
      "liability": "furnished_not_filed",
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      "review_state": "PENDING_HUMAN_REVIEW"
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    {
      "source_id": "I-S02",
      "publisher": "IREN Limited",
      "title": "Initial Poolside H100 GPU cloud services agreement (Exhibit 99.1)",
      "url": "https://www.sec.gov/Archives/edgar/data/1878848/000114036124006216/ef20021117_ex99-1.htm",
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      "title": "Poolside H100 GPU cloud services expansion (Exhibit 99.1)",
      "url": "https://www.sec.gov/Archives/edgar/data/1878848/000114036124018471/ef20026364_ex99-1.htm",
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      "publisher": "IREN Limited",
      "title": "Annual Report on Form 10-K for the year ended June 30, 2026",
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      "title": "Horizon 1 delivery and issuer-reported Microsoft acceptance (Exhibit 99.1)",
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      "title": "FY26 Results release (Exhibit 99.1)",
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      "publisher": "IREN Limited",
      "title": "IREN to Release Q1 FY27 Results on November 5, 2026",
      "url": "https://www.iren.com/investors/news",
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      "access_state": "METADATA_VERIFIED_BODY_RETRIEVAL_INCOMPLETE_HTTP_403",
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    },
    {
      "source_id": "I-S11",
      "publisher": "IREN Limited",
      "title": "July 2026 customer contracts and ARR target update (Exhibit 99.1)",
      "url": "https://www.sec.gov/Archives/edgar/data/1878848/000114036126028871/ef20078253_ex99-1.htm",
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      "access_state": "CAPTURED",
      "capture_utc": "2026-10-27T19:37:00Z",
      "sha256": "fd4ef1caf35a496340e8976b3b148f3c0bab8dc7d26d621e59a5f87948c29a8c",
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      "source_id": "I-S12",
      "publisher": "IREN Limited",
      "title": "2026 Definitive Proxy Statement",
      "url": "https://www.sec.gov/Archives/edgar/data/1878848/000114036126039451/ny20078226x1_def14a.htm",
      "accession": "0001140361-26-039451",
      "publication_date": "2026-10-06",
      "source_type": "sec_def_14a",
      "dependency_class": "issuer_authored_sec_hosted",
      "assurance": "unaudited",
      "liability": "filed",
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      "recorded_at_utc": "2026-10-27T19:38:39Z",
      "event_type": "INITIAL_PUBLIC_SAFE_SNAPSHOT",
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        "IREN-R007",
        "IREN-R008",
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      "reason": "Create a bounded release candidate from captured official sources without human approval or publication.",
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      "event_type": "DEFINITION_DRIFT_RECORDED",
      "affected_row_ids": [
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      "reason": "The July 20 release described an ARR target over $4bn with about 85% under contract; the August 27 release described $4bn contracted ARR for 2026 capacity and $1bn operating ARR. Preserve them as different source-native measures until reconciled.",
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    {
      "event_id": "IREN-EV-003",
      "recorded_at_utc": "2026-10-27T19:38:39Z",
      "event_type": "NEXT_CHECK_CONFIRMED",
      "affected_row_ids": [
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        "IREN-R009"
      ],
      "reason": "Official IREN investor news index listed Q1 FY27 results for November 5, 2026; direct body download remained HTTP 403.",
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    {
      "event_id": "IREN-EV-004",
      "recorded_at_utc": "2026-10-27T20:06:55Z",
      "event_type": "OWNER_PUBLICATION_AUTHORIZED",
      "affected_row_ids": [
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        "IREN-R005",
        "IREN-R006",
        "IREN-R007",
        "IREN-R008",
        "IREN-R009",
        "IREN-R010",
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      "reason": "The authenticated task owner authorized publication of the exact reviewed candidate and requested a research disclaimer at the bottom of the page. No separate reviewer identities are inferred.",
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      "event_id": "IREN-EV-005",
      "recorded_at_utc": "2026-10-27T20:34:45Z",
      "event_type": "EDITORIAL_VERIFICATION_UPDATE",
      "affected_row_ids": [
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        "IREN-R002",
        "IREN-R003",
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        "IREN-R009",
        "IREN-R010",
        "IREN-R011"
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      "reason": "After owner-directed review of CC feedback, add a first-screen evidence ladder, pinpoint locators, documented second-pass checks, plain-language absence wording, a traceable 18.2% calculation, remediated SEC-hosted source captures, and bounded context notes. No row evidence state changes; D0-D4 remains proposed and is not applied to rows.",
      "previous_event_digest": "sha256:fb50373f63321964eb0a75076b75d82288a263494c3b245c259c6b07bf227d77",
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      "evidence_digest": "sha256:e699dbd165bc6835830223fb1b5964e329071b3503d0f3c6af5137bab0f23434",
      "review_state": "OWNER_AUTHORIZED_PUBLICATION",
      "change_authorization": "AUTHENTICATED_TASK_OWNER_REQUEST_2026-10-28",
      "event_digest": "sha256:7ca94dbd85ebe405178457489028dbf17fd099d6bf5506e034bbde2a8fd68d72"
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  "history": [
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    "IREN-EV-002",
    "IREN-EV-003",
    "IREN-EV-004",
    "IREN-EV-005"
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  "commercial_boundary": {
    "verify_url": "https://structevidence.com/verify/?case_id=SE-IREN-AI-CLOUD-001",
    "decision_pack_url": "https://structevidence.com/decision-pack/?case_id=SE-IREN-AI-CLOUD-001",
    "allowed_query_keys": [
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      "claim_id"
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    "privacy_notice": "Customer content is private. Submission does not authorize research or public release. Challenges never update the tracker automatically.",
    "production_post_authorized": false
  },
  "current_page_revision": "IREN-EV-005",
  "editorial_update_authorization": "AUTHENTICATED_TASK_OWNER_REQUEST_2026-10-28",
  "editorial_updated_at_utc": "2026-10-27T20:34:45Z",
  "reading_check_policy": {
    "method": "DOCUMENTED_AUTOMATED_PRIMARY_TEXT_AND_BOUNDARY_SECOND_PASS",
    "checked_at_utc": "2026-10-27T20:34:45Z",
    "result_vocabulary": [
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      "AGREED_WITH_BOUNDED_ABSENCE_STATE"
    ],
    "independence_boundary": "This second pass is not an external endorsement or independent financial, legal, accounting, or customer review."
  },
  "computed_metrics": [
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      "metric_id": "IREN-M001",
      "label": "AI Cloud share of FY26 total revenue",
      "formula": "128.8 / 707.0 × 100",
      "value": "18.2%",
      "source_ids": [
        "I-S04"
      ],
      "locator": "Form 10-K, Item 7, p.115, Results of Operations table",
      "boundary": "StructEvidence calculation from rounded issuer-reported figures. It is not a measure of transition completion, profitability, or Microsoft-contract revenue."
    }
  ],
  "context_notes": [
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      "context_id": "IREN-C001",
      "title": "Conditional NVIDIA investment right",
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      "source_ids": [
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      "locator": "Form 10-K, Item 7, p.109, Recent Developments; Note 24, p.F-50, Investment Rights",
      "boundary": "This is an issuer-reported conditional right linked to GPU supply, not a completed $2.1bn investment. The 10-K says it is accounted for separately from the NVIDIA cloud-services customer contract."
    },
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      "context_id": "IREN-C002",
      "title": "Figure AI named in IREN customer disclosures",
      "statement": "IREN included Figure AI among recent signings and within its disclosed customer base.",
      "source_ids": [
        "I-S09",
        "I-S11"
      ],
      "locator": "FY26 Results Exhibit 99.1, p.1, Highlights; July 20, 2026 Exhibit 99.1, opening customer-base paragraph",
      "boundary": "This issuer-attributed customer mention does not identify contract value, deployed capacity, workload, operating outcome, or any relationship to the separate Figure AI × BMW evidence study."
    }
  ],
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}