IREN
IREN · IREN Limited · Catalyst Calendar · as of September 18, 2026
Banded 0–3 / 3–6 / 6–12 months, earliest first. Numbering is gapless and runs straight through the bands, so a boundary never resets the count. An ID marks position in the current ordering and changes between revisions, so catalysts are named by title.
Last year the preliminary proxy was filed September 22, 2025 and the definitive proxy October 6, 2025. This year's carries the disclosure the independent chair promised in his letter of July 8, 2026: the full accounting value of the July 1, 2026 awards of 9,099,328 restricted stock units to each Co-Chief Executive, the valuation discount applied for the two-year post-vesting holding period, and the market precedent analysis conducted with the compensation consultant.
The chair states shareholders are encouraged to have their say through the advisory vote on executive compensation. The register on which that vote is taken is described in the standing condition on founder voting control (S9).
A grant-date fair value materially below the headline share value, a defensible precedent set, and the disclosure settles the governance question rather than extending it.
A very large reported expense, proxy adviser opposition, and a low advisory vote that the board is not obliged to act on.
Source: DEF 14A, October 6, 2025; DEFA14A, July 9, 2026; Form 8-K, July 1, 2026. Filed
Cadence estimate from a 37-day lag last year, the widest of the three quarterly lags on record. This is the first quarter in which meaningful AI Cloud revenue from the Childress build could appear, and the first clean read on whether the revenue decline of the last three quarters has turned. AI Cloud revenue ran $17.3M then $33.6M in the December and March quarters against a target measured in billions.
AI Cloud revenue steps up by an order of magnitude and total revenue rises for the first time in four quarters.
Mining revenue is largely gone, AI Cloud has not replaced it, and the quarter is the trough with depreciation now running above $120M.
Source: Form 10-Q, November 6, 2025, and the filing lags on the three quarterly reports to date. Filed
Cadence estimate from the 2025 meeting held November 19, 2025. Directors now stand for election at each annual general meeting following the constitutional amendment approved at that meeting, so the whole board faces a vote. Voting results are reported under Item 5.07 of Form 8-K within four business days.
Broad support on the compensation vote and director elections removes the governance overhang ahead of the 2027 capital program.
A weak advisory result or meaningful votes against directors, with the founder voting block making the ordinary-shareholder split hard to read from the totals alone.
Source: Form 8-K, November 24, 2025, Items 3.03, 5.02 and 5.07. Filed
The four liquid-cooled data centers at Childress carrying roughly 200MW of critical IT load are stated as on track for delivery by year end, inside a 480MW gross AI Cloud target for the same date. The company states the same four facilities as 300MW. Page 9 of its Q3 FY26 results presentation of May 7, 2026 heads them “Horizon 1-4 (+300MW)”, and page 27 reconciles it: Childress contributes 350MW in 2026, being that 300MW plus a 50MW air-cooled retrofit. Estimate That is the same buildings gross rather than at critical IT load, which is the basis the 480MW target already uses, so the two agree once the basis is said aloud. The deck also names an earlier checkpoint this row does not carry: Horizon 1 was scheduled for handoff to Microsoft in Q3 CY2026, with Horizons 2 to 4 on track for delivery by the end of CY2026. Estimate Nothing in this calendar records whether that handoff happened, and the presentation is three months old, so it is carried as a stated May intention and not as a dated catalyst. This is the physical event on which the Microsoft contract, the project financing and the revenue recognition all depend, and the company's own contract terms give Microsoft a termination right, subject to cure, for missed delivery dates.
Delivery is not the same event as acceptance, and the calendar keeps them apart: acceptance is the standing condition on Microsoft tranche acceptance (S1).
All four facilities delivered inside the window, commissioning begins, and the first tranches move toward acceptance in the March 2027 quarter.
A slip pushes acceptance into the second half of 2027, delays the drawdown schedule, and puts the delivery-date cure provisions into play.
Source: Results release, May 7, 2026; Form 8-K, November 3, 2025, Item 1.01. Filed
The date is fixed by the metric's own definition rather than by a company announcement, which is why timing confidence is High while the value is entirely open. The company defines the measure as GPU-hour pricing for commissioned GPUs as of December 31, 2026, multiplied by 8,760 hours, plus annualised storage and ancillaries. The target moved from $3.7bn to more than $4bn on July 20, 2026, with approximately 85% stated as under contract.
Two figures in circulation are on different bases and should not be netted. The $4.4bn published on May 26, 2026 is a post-commissioning construct that includes the Childress Blackwell deployment expected in early 2027; the $4bn published on July 20, 2026 is measured at December 31, 2026. The first is a later date and a larger number, the second is the one that lands inside this window.
Commissioned capacity at the measurement date supports a figure at or near $4bn, converting the target into an observed metric.
Commissioning slips past the measurement date, and a metric defined on commissioned GPUs registers a fraction of the target through no change in the contract book.
Source: Company releases of May 26, 2026 and July 20, 2026, assumptions and notes. Filed
Cadence estimate from a 36-day lag last year. The first report published after the December 31, 2026 measurement date, so it is where the year-end capacity target is reconciled against what was actually commissioned, and where the remaining performance obligation should first reflect accepted Microsoft tranches if delivery held.
Remaining performance obligations step up by billions rather than millions, and quarterly revenue reflects a commissioned fleet.
Backlog is still measured in hundreds of millions a year after the largest contract was signed, with a full year of depreciation now running against it.
Source: Form 10-Q, February 5, 2026, and the filing lags on the three quarterly reports to date. Filed
Air-cooled Blackwell systems bought from Dell for approximately $1.6bn, deployed across existing data centers at Childress within 60MW, serving the five-year $3.4bn NVIDIA contract. Commissioning is targeted for early 2027 and the company states it would take run-rate revenue from $3.7bn to $4.4bn. Timing confidence is Low because "early 2027" is the company's own phrasing and no month is given.
Commissioning inside the first quarter of 2027 validates the retrofit route, which is faster and cheaper per megawatt than greenfield liquid-cooled build.
Retrofit of data centers designed for mining hardware proves slower than expected, and $1.6bn of hardware sits uncommissioned while depreciation runs.
Source: Form 8-K and company release, May 26, 2026, Item 1.01. Filed
Cadence estimate from a 38-day lag last year. By this report the transition should be complete on both sides: no Bitcoin mining revenue at Childress and a full quarter of contracted AI Cloud revenue. It is the first period that can be compared against the March 2026 quarter on a like basis, which showed $144.8M of revenue and a $247.8M net loss.
A clean quarter of contracted cloud revenue at a margin that supports the fixed cost base, with the mining comparison finally out of the way.
Utilization below contract assumptions, or pricing below the GPU-hour rates the run-rate metric was built on, with no mining revenue left to cushion it.
Source: Form 10-Q, May 8, 2026, and the filing lags on the three quarterly reports to date. Filed
A contractual date, not an estimate. Borrowings under the approximately $1.5bn delayed draw term loan and issuances of the $2.1bn of 5.96% senior notes are available until May 29, 2027, subject to certain extensions. A commitment fee of 0.40% per annum runs on the undrawn portion throughout. Anything not drawn by then must be funded another way.
The full $3.6bn is drawn against delivered tranches, and the Microsoft build is funded without further recourse to equity.
Delivery delay leaves commitments undrawn at expiry, the commitment fee has been paid for capacity never used, and replacement funding is sought on 2027 terms.
Source: Form 8-K, June 1, 2026, Items 1.01 and 2.03. Filed
Structural items that shape the backdrop but do not trade in the window.
Rights over 30,000,000 ordinary shares at $70.00, for gross proceeds of up to approximately $2.1bn, exercisable through May 7, 2031 subject to terms and conditions. Vesting is tied to deliveries of up to 600,000 GPUs, so the rights and the delivery schedule move together.
Deliveries vest the tranches and the supplier funds up to $2.1bn of primary capital at a price well above the current level.
Deliveries fall short, the rights never vest, and a funding source counted in the plan is not there.
Source: Form 10-Q, May 8, 2026, subsequent events; results release, May 7, 2026. Filed
Four series mature in sequence: $1,000M of zero-coupon notes on July 1, 2031, $1,150M at 0.25% on June 1, 2032, $1,150M at 1.00% on June 1, 2033, and $3,000M at 1.00% on December 1, 2033, alongside a $445.7M residual of the 2029 and 2030 series. Conversion prices are $85.63, $51.40, $51.40 and $73.07 against a $43.48 close, so none is presently in the money and each is a cash maturity unless the price recovers.
The shares trade above the conversion prices and $6.7bn of principal settles in equity that has already been substantially hedged by the capped calls.
The shares stay below, and $6.7bn falls due in cash from a business that generated $75.3M of operating cash flow in the March 2026 quarter, which is the last quarter this card was struck against; the FY2026 cash flow statement filed on August 27, 2026 is not read into this figure.
Source: Forms 8-K of October 14, 2025, December 8, 2025 and May 14, 2026; Form 10-Q, May 8, 2026. Filed
The delayed draw term loan and the 5.96% senior notes mature on December 31, 2031, or earlier if the final service fee under the Microsoft contract has been paid in full. The debt is sized and dated to the contract it funds, which is the point of the structure.
Amortisation tracks contract cash flows and the facility retires itself without a refinancing event.
A shortened contract leaves debt outstanding against hardware seven years into its life.
Source: Form 8-K, June 1, 2026. Filed
The July 2026 awards vest in four equal annual tranches, each locked for a further two years, so the final tranche cannot be sold until fiscal 2033. Neither Co-Chief Executive receives a further equity grant until fiscal 2031. The structure fixes the timing of any founder selling pressure years in advance, which is unusual enough to be worth knowing.
No founder supply reaches the market before fiscal 2029 on the first tranche, and the alignment argument the board makes is structurally real.
A known and dated supply schedule from fiscal 2029 onward, on 18,198,656 units from the 2026 award alone.
Source: Form 8-K, July 1, 2026, Item 5.02; DEFA14A, July 9, 2026. Filed
Ongoing and undated, most material first. These take “Why undated” in place of timing confidence.
The most important line in the accounts is a negative one. The Form 10-Q states that amounts enter unsatisfied remaining performance obligations only for tranches delivered and accepted, "of which there have been nil as of the reporting date". Until that changes, none of the $9.7bn contract is booked backlog. Acceptance also releases the drawdowns, starts the coverage ratio, and closes the one circumstance in which the parent guarantee bites.
Each tranche is separate, so this resolves in pieces rather than at once, and no schedule of tranche dates is published.
The first accepted tranche converts a headline into recognized backlog and starts the revenue clock on a five-year term.
Non-acceptance of a tranche triggers the parent shortfall guarantee and leaves the associated hardware to be remarketed.
Source: Form 10-Q, May 8, 2026, revenue note; Form 8-K, November 3, 2025, Item 1.01. Filed
The financing subsidiary must maintain a debt service coverage ratio of at least 1.05 to 1.00 at each quarterly determination date, subject to equity cure rights. Mandatory prepayment can be required if the ratio falls below 1.10 to 1.00 for six consecutive months, if the projected ratio for the third and fourth tranches would be below 1.20 to 1.00, or if loan-to-cost exceeds 65%.
Direction is Down because the covenant has no upside case: meeting it is the expected state and only failure is an event. The parent guarantee covers any shortfall attributable to a tranche Microsoft does not accept or terminates, to the extent not satisfied by disposing of or remarketing the hardware, which is the same trigger as the standing condition on tranche acceptance (S1).
Coverage is met comfortably from contract cash flows and the ring fence works as designed, insulating the parent.
A missed test forces an equity cure or prepayment at the moment the parent is also funding the 2027 build.
Source: Form 8-K, June 1, 2026, Item 1.01. Filed
Commitments were $11,902.5M at March 31, 2026 against $368.8M nine months earlier. In the last ten months the company has raised $1.0bn, $2.3bn and $3.0bn of convertibles, $3.6bn of project debt, and $683.5M through the at-the-market program after March 31, 2026 alone. Investing outflows ran $1,477.1M in the March quarter against $75.3M of operating cash flow.
Every financing to date has been completed on announcement, so the record is one of access rather than of attempts. That is a fact about the past twelve months and not a commitment about the next twelve.
Customer prepayments at the 45% level stated on July 20, 2026 become normal and the equity component of each megawatt falls sharply.
A closed window with $13.6bn of commitments outstanding forces issuance at a depressed price or the deferral of committed capacity.
Source: Form 10-Q, May 8, 2026, contractual obligations and subsequent events; company release, July 20, 2026. Filed
Sweetwater 1 at 1,400MW and Sweetwater 2 at 600MW are 44% of the 4,510MW under executed connection documents, and both sit in ERCOT. On July 11, 2026 large load interconnection moved from individual studies to the Batch Zero process, which evaluates requests system-wide and allocates available transmission capacity among studied and committed loads. The previous process ran only through the end of July 10, 2026. It did not run between August 3 and September 8, 2026. ERCOT suspended that process on August 3, 2026 in market notice M-A080326-01: it would not notify how any large load is classified in the Batch Zero study by August 7, 2026, gave no replacement date, and filed for a good cause exception on the Batch Zero timelines on August 10, 2026, at item 42 of Project 59142. The Public Utility Commission of Texas GRANTED that request at its open meeting of August 20, 2026, in the Order at item 53. The suspension follows the Governor of Texas directing the Commission and ERCOT, on August 3, 2026, to audit every data center advancing through the interconnection process, with any project failing to comply to be denied connection to the grid. The Texas audit of ERCOT data center interconnections (R18) carries the dated point. The process resumed and Sweetwater has now been classified. On September 8, 2026 the company announced that the 2GW Sweetwater Hub, Sweetwater 1 at 1,400MW and Sweetwater 2 at 600MW, has been conditionally included in Batch Zero as Base Load, and that additional large-scale projects in its broader pipeline were included as well, unnamed and unquantified. The classification is conditional and subject to ongoing approval processes, in the company's own words, and projects enter its announced development portfolio only once the relevant grid connection agreements are executed. Sweetwater 1's high-voltage substation was energised earlier this year and 300MW gross is under construction there, with delivery targeted for the fourth quarter of 2027.
The company names this exposure in its own risk disclosure, referring to a process that may batch multiple large load interconnection requests. An individual queue rewards being early; a batch process rewards being mature and committed when the batch closes.
Both sites clear with their full allocation and the 2027 and 2028 build proceeds on the stated capacity. The September 8 inclusion is the first evidence in that direction, and it names the full 2,000MW rather than a part of it.
The inclusion is conditional and the conditions are not published, so it is not an allocation. Partial allocation on final approval would still cut the usable megawatts at Sweetwater, and the 1,210MW target for 2027 would lose its largest single component.
Source: ERCOT Market Notice M-B062326-01, June 23, 2026; ERCOT market notice M-A080326-01, August 3, 2026; PUCT Project 59142, Order granting good cause exceptions at item 53, August 20, 2026; IREN Limited press release, September 8, 2026; results release, May 7, 2026. Filed
All Bitcoin mining at Childress is expected to cease over time as data centers are redeployed. The company estimates additional impairment charges of approximately $520M from the transition and describes that estimate as preliminary and subject to further evaluation, including final project scope, deployment timing and recoverability. Impairment of $140.4M was already taken in the March 2026 quarter and $188.4M across the nine months.
Direction is Down because the accounting consequence is a charge in every scenario; only the size and timing are open. The strategic consequence is treated separately in the growth case.
This branch is closed against. The FY2026 Form 10-K reports $638.8M of asset impairments, 23% above the roughly $520M the company estimated on May 8, 2026, so the charge did not land at or below the estimate. What remains open is whether redeployment proves faster than a greenfield build and cheaper per megawatt.
The charge exceeds the estimate, and mining revenue is removed before AI Cloud revenue is in place to replace it.
Source: Form 10-Q, May 8, 2026, subsequent events and impairment note. Filed
One of the two acquisitions signed in May 2026 is still unclosed. Ingenostrum, S.L., trading as Nostrum Group, a Spanish data center developer adding 490MW and a gigawatt-plus pipeline, for approximately EUR 165M in a 65% cash and 35% share mix. Purchase price allocation was unfinished at the last report and the share portion is not disclosed as a count. The other of the two completed on August 3, 2026 and is carried as the Mirantis acquisition completes (R17).
It closes, adding a European platform and 490MW without a cash-dominant outlay.
A regulatory block or a failed condition removes the European entry, and the cash portion is committed against an asset not received.
Source: Form 10-Q, May 8, 2026, business combinations note; complete submissions index to August 4, 2026, which records no closing filing for it. Filed
The putative class action in the District of New Jersey was dismissed in full and with prejudice on February 18, 2026, after a hearing on 4 February. Lead plaintiffs filed a notice of appeal on March 13, 2026 and the matter was docketed at the Third Circuit as number 26-1560 on March 20, 2026. The parties are awaiting a briefing schedule. The putative class covers purchasers traceable to the November 2021 initial public offering and purchasers of securities between November 17, 2021 and November 1, 2022.
Affirmance closes a matter that has run since December 2022 and removes it from the risk disclosure.
Reversal revives a claim over the listing period, with discovery and management time against a company in the middle of a $12bn build.
Source: Form 10-Q, May 8, 2026, commitments and contingencies; CourtListener federal docket index, searched August 2, 2026. Filed
The rights vest in tranches on achieving certain volumes of deliveries of up to 600,000 NVIDIA GPUs. Neither the volume thresholds per tranche nor cumulative deliveries to date are disclosed, so a reader cannot tell how much has vested. Exercise brings primary capital at $70.00 against a $43.48 close, so exercise would be a positive price signal as well as a funding event.
Vesting confirms delivery volumes the company does not otherwise report, and exercise supplies capital at a premium.
Nothing vests, which would itself indicate deliveries below plan, and the shares are held in a supplier's hands with a six-month restriction on any issued.
Source: Form 10-Q, May 8, 2026, subsequent events. Filed
Two B Class shares are outstanding, held by Awassi Capital Holdings 1 Pty Ltd and Awassi Capital Holdings 2 Pty Ltd as trustees. Each carries fifteen votes per ordinary share held by that holder, giving the Co-Founders and Co-Chief Executives approximately 35.4% of voting power at August 15, 2025. Each holder may designate a nominee for election to the board. B Class shares carry no dividend entitlement.
This is the register on which the advisory vote at the 2026 annual general meeting (D3) will be counted, and on which the compensation vote in the 2026 proxy statement (D1) will be decided.
Founders with locked equity and durable control can commit to a seven-year build without regard to quarterly pressure.
Ordinary shareholders have limited practical recourse on compensation or strategy, and the constitution's proportional takeover provisions further limit a change of control premium.
Source: Exhibit describing securities registered under Exchange Act Section 12, filed with the Form 10-K, August 28, 2025. Filed
93.71 million shares were reported short at the July 15, 2026 settlement, 23.78% of the 394,058,648 shares outstanding at August 14, 2026 and 30.34% of float. It was 26.22% while this card divided by the superseded April 30 count, which is what put the word above in its title; on the settled count it is below a quarter. Against that, the issuer's investor relations page names sixteen covering firms, read August 4, 2026, and they do not converge. Fifteen publish a target and they run from $46 to $105, the high 2.28 times the low; the sixteenth declines to publish one. Ratings run from Underweight through Neutral and Hold to Buy, Overweight and Market Outperform. Half the actions predate the 20 July contract announcement, the oldest by ten months. Two data providers publish an aggregate and disagree about it: $81.07 over sixteen contributors with a $41 to $126 range as reported August 2, 2026, and $82.71 over twenty-one with a $46 to $105 range read August 4, 2026. No center is computed here from any of it.
None of that is evidence about the business, and none is treated here as such. Two things follow for timing. A short position of this size means news resolving the delivery question in either direction moves the price by more than the news alone would justify. And a coverage set that disagrees this widely about the same disclosed contracts will re-rate in steps as commissioning dates are confirmed, rather than at one moment.
Confirmation of tranche acceptance forces covering into an already thin float and pulls the cautious half of the coverage toward the constructive half.
A delivery slip meets a crowded long side and a published target range whose upper end is more than double the current price.
Source: FINRA semi-monthly short interest, July 15, 2026 settlement; the company's investor relations coverage page, read August 4, 2026, for the sixteen firms; research notes published July 20 to 22, 2026 by Goldman Sachs, Cantor Fitzgerald, Needham, Compass Point and H.C. Wainwright, and named data services read August 4, 2026 for the other eleven firms, all cited for rating, target and date only; two provider aggregates as reported August 2, 2026 and read August 4, 2026. Market
A Notice of Appeal was filed with the Tax Court of Canada on June 23, 2025 disputing the agency's determination that the company has a permanent establishment in Canada, and the related goods and services tax assessment. The Crown filed a reply on November 3, 2025 and the parties are preparing a timetabling order. The amount at issue is not quantified in the filings read for this document.
Direction is Down because the company is the appellant against an assessment already made: success restores the status quo rather than creating a gain.
The determination is overturned and the assessment vacated, removing an unquantified contingency from the three British Columbia sites.
A permanent establishment is confirmed, bringing Canadian tax exposure on historical operations and an ongoing compliance obligation.
Source: Form 10-Q, May 8, 2026, commitments and contingencies. Filed
Two subsidiaries defaulted on limited recourse equipment financing in 2022 and 2023, producing receivership and bankruptcy proceedings in the Supreme Court of British Columbia and recognition proceedings in the Federal Court of Australia. A settlement agreement of August 12, 2025 resolves all claims, with a payment to NYDIG stated as $20 million in the most recent report and as exceeding prior accruals by $18.2 million in the annual report, the two figures measuring different things. Dismissal remains subject to court approval, and the annual report states the Canadian bankruptcy termination requires steps expected to take around six months and potentially longer.
Final discharge closes a matter that has run since 2023 and removes it from the litigation disclosure.
Approval is withheld or delayed, and a matter recorded as settled stays open on the docket in two jurisdictions.
Source: Form 10-K, August 28, 2025, Item 3; Form 10-Q, May 8, 2026. Filed
Closed items, kept for the record, ordered by resolution date. A resolved catalyst takes the next free R number; it does not carry its old D number over.
The company ceased to meet the foreign private issuer definition as of the December 31, 2024 determination date, and from July 1, 2025 was required to file on domestic forms. The last Form 6-K was filed June 30, 2025 and the first Form 8-K on July 1, 2025. Accounts moved from International Financial Reporting Standards to United States generally accepted accounting principles, restating three years.
Source: Form 8-K, July 3, 2025, Item 8.01; Form 10-K, August 28, 2025. Filed
Anthony Lewis, previously Co-Treasurer of Macquarie Group and the company's Chief Capital Officer since July 1, 2025, was appointed Chief Financial Officer. The change came two months before the largest financing program in the company's history began.
Source: Form 8-K, September 8, 2025, Items 5.02 and 7.01. Filed
Priced off a $60.09 close on October 8, 2025. A zero-coupon note at a 42% conversion premium, sold before the Microsoft contract was announced, and the cheapest capital the company has raised.
Source: Form 8-K, October 14, 2025, Items 1.01, 2.03 and 3.02. Filed
A five-year Partner Statement of Work for dedicated NVIDIA GB300 capacity across Horizon 1 to 4 at Childress, roughly 200MW of critical IT load, with 20% of each tranche paid before delivery and credited against fees after the twenty-fourth month. Matched by a Dell purchase agreement of approximately $5.8bn payable within 30 days of each tranche shipping, unconditionally guaranteed by the parent. The transformative event for this company, and the one whose revenue has yet to begin.
Source: Form 8-K, November 3, 2025, Items 1.01 and 7.01; Partner Statement of Work filed as an exhibit to the Form 10-Q of February 5, 2026. Filed
Shareholders approved five constitutional amendments, including annual election of all directors, a forum selection provision and updated universal proxy notice provisions; the 2025 Omnibus Incentive Plan under which the July 2026 founder awards were later granted; repurchases pursuant to the Prepaid Forward and Capped Call Transactions; and, on an advisory basis, executive compensation and an annual frequency for that vote.
Source: Form 8-K, November 24, 2025, Items 3.03, 5.02 and 5.07. Filed
No disagreements were reported. The only reportable event was the prior auditor's communication of a material weakness in internal control over financial reporting disclosed in the FY2024 Form 20-F, and the FY2024 audit report carried an explanatory paragraph expressing significant doubt about the ability to continue as a going concern. The FY2026 annual report (R19), filed August 27, 2026, is KPMG's first opinion. It reports none. Item 9A, read in full on September 18, 2026, states disclosure controls effective, internal control over financial reporting effective, and an attestation by KPMG on that effectiveness, with Nostrum Group excluded from the assessment as a June 12, 2026 acquisition representing about 2% of total assets.
Source: Form 8-K, November 28, 2025, Item 4.01, and the letter from Raymond Chabot Grant Thornton filed as Exhibit 16.1. Filed
Two series of $1.15bn each, at 0.25% and 1.00%, both converting at $51.40 off a $41.12 close on December 2, 2025, with capped calls costing $201.0M. Proceeds and a concurrent equity offering repurchased approximately $227.7M principal of the 2030 notes for $608.2M and approximately $316.6M principal of the 2029 notes for $1,024.2M. The premium paid produced the $111.8M debt conversion inducement expense in the December quarter.
Source: Form 8-K, December 8, 2025, Items 1.01, 2.03, 3.02 and 8.01. Filed
Filed December 14, 2022 in the District of New Jersey and terminated on the federal docket on February 18, 2026, after a hearing on 4 February. The claims were brought under Exchange Act Sections 10(b) and 20(a) and Securities Act Sections 11, 12(a)(2) and 15. Resolved at first instance only: the appeal is carried as the standing condition on the Third Circuit appeal (S7).
Source: Form 10-Q, May 8, 2026; CourtListener federal docket index, searched August 2, 2026. Filed
Hardware for the British Columbia and further Childress deployments, payable within 30 days of each tranche shipping and unconditionally guaranteed by the parent. Accompanied by a prospectus supplement the same day.
Source: Form 8-K, March 4, 2026, Items 1.01 and 7.01. Filed
A five-year cloud services contract for air-cooled Blackwell capacity within 60MW at Childress, a partnership covering the 5GW pipeline, and a securities purchase agreement granting rights over 30 million ordinary shares at $70.00 for gross proceeds of up to approximately $2.1bn, vesting on deliveries of up to 600,000 GPUs. A chip supplier taking equity that vests on how much it ships is a different arrangement from a purchase order.
Source: Form 10-Q, May 8, 2026, subsequent events; results release, May 7, 2026. Filed
The largest single raise in the company's history, priced off a $55.15 close on May 11, 2026 with the initial purchasers' $400M option exercised in full. A maximum of 54,396,900 shares may be issued on conversion. Note that a second series also carries a 1.00% coupon and a 2033 maturity; they differ in maturity day, conversion price and cap.
Source: Form 8-K, May 14, 2026, Items 1.01, 2.03, 3.02 and 8.01. Filed
Air-cooled Blackwell systems for the NVIDIA contract, inclusive of GPUs, servers, storage, networking, integration and warranties. Announced with a stated run-rate revenue increase from $3.7bn to $4.4bn on commissioning, which is the construct discussed under the year-end measurement catalyst (D5).
Source: Form 8-K, May 26, 2026, Items 1.01 and 7.01. Filed
Arranged by Goldman Sachs Bank USA and JPMorgan Chase Bank as joint lead arrangers, secured on the subsidiary's assets including the GPUs and the Microsoft cash flows, with a pledge of 100% of its equity and narrow parent guarantees. Interest rate and power hedges were entered alongside. The agreements themselves are due to be filed as exhibits to the FY2026 annual report (R19).
Source: Form 8-K, June 1, 2026, Items 1.01 and 2.03. Filed
Announced by the company on June 29, 2026 in a release published on its investor site and never lodged with the Securities and Exchange Commission, which is worth noting for anyone sweeping filings alone. Membership follows from inclusion in the Russell 3000. The company does not appear among the additions in the December 2025 Nasdaq-100 reconstitution.
Source: Company release, June 29, 2026, IREN investor site. Filed
Approved by the board on June 30, 2026 on the unanimous recommendation of the independent directors and granted on or about July 1, 2026, vesting in four equal annual tranches with a two-year holding period on each and no further equity grants until fiscal 2031. The independent chair wrote to shareholders on July 8, 2026 stating that across the 2025 and 2026 awards each Co-Chief Executive has received units representing approximately 3% of the company. Granted, but not yet tested: the advisory vote is carried as a dated catalyst (D1).
Source: Form 8-K, July 1, 2026, Item 5.02; DEFA14A, July 9, 2026. Filed
Multi-year cloud services contracts with leading AI developers totalling $2.8bn of contract value, taking the named customer base to Microsoft, NVIDIA, Perplexity, Figure AI, Together AI, Fluidstack, Fireworks AI, Fal AI, Hume AI and one further developer. Recent contracts carry customer prepayments of approximately 45% of associated GPU capital expenditure, and the portfolio's weighted average term is stated as approximately four years. Cash at June 30, 2026 was reported as approximately $7.6bn including $1.7bn restricted, unaudited and preliminary.
Source: Form 8-K, July 20, 2026, Items 2.02 and 9.01. Filed
The merger agreement of May 4, 2026 among the company, Kube Merger Sub Inc. and Mirantis, Inc. closed on August 3, 2026 and was announced the following morning. A prospectus supplement filed the same day registers the resale of up to 11,981,668 of the shares issued, to satisfy registration rights granted under that agreement; the company sells nothing under it and receives no proceeds from it. Mirantis is described as serving more than 1,500 enterprise customers and as an inaugural partner of the NVIDIA AI Cloud Ready Initiative, and the company states the business has already facilitated several of its announced and prospective AI Cloud contracts. The share issue is roughly 3.2% of the 394,058,648 ordinary shares last filed, on the FY2026 Form 10-K cover at August 14, 2026. It was 3.5% of the 357,378,674 filed at April 30, which is the count this card carried before that filing settled it.
Source: Form 8-K, August 4, 2026, Items 7.01, 8.01 and 9.01, with Exhibit 5.1 and Exhibit 99.1; Form 424B7 prospectus supplement, August 4, 2026. Filed
The Batch Zero process this file's Sweetwater condition rests on has been suspended. ERCOT suspended that process on August 3, 2026 in market notice M-A080326-01: it would not notify how any large load is classified in the Batch Zero study by August 7, 2026, gave no replacement date, and filed for a good cause exception on the Batch Zero timelines on August 10, 2026, at item 42 of Project 59142. The Public Utility Commission of Texas GRANTED that request at its open meeting of August 20, 2026, in the Order at item 53. The suspension follows the Governor of Texas directing the Commission and ERCOT, on August 3, 2026, to audit every data center advancing through the interconnection process, with any project failing to comply to be denied connection to the grid. The audit does have named completion milestones. ERCOT's presentation to that meeting sets them twice, at pages 12 and 15: December 10 to file the Batch Zero Eligibility Verification Report and the Community Impact Review Report, and December 17 for the Commission open meeting that receives them. The year is not printed on either slide and 2026 is read from the surrounding schedule. Loads that fail verification, or do not respond, are disqualified from Batch Zero.
Sweetwater 1 at 1,400MW and Sweetwater 2 at 600MW are 44% of the 4,510MW under executed connection documents, and both sit in ERCOT. Three of the seven sites are in that market and 2,750MW of the 4,510MW total is Texas, so this is the largest single regulatory exposure in the file.
This branch fired. The exception was granted ten days after ERCOT asked for it, and an allocation decision followed for this issuer nineteen days after the meeting: Sweetwater was conditionally included as Base Load on September 8, 2026. An audit that thins a queue the operator has described at more than 438 GW favours committed, mature load over speculative requests, which is the position the company's own risk disclosure says a batch process rewards.
The timetable is reset rather than extended and the batch slips behind an audit that reports on December 10 and goes to the Commission on December 17. The September 8 inclusion is conditional, and the conditions are not published. The 1,210MW target for 2027 has Sweetwater as its largest single component, and a pause is a delay to the capacity behind that target rather than to a filing.
Whether the Sweetwater sites fall inside the audit's scope is not established here. The directive names projects advancing through the interconnection process and both sites are in it, but which projects the verification reaches, and on what test, is not on any record read. The date is the Commission's own; the outcome for this issuer is unknown and is not guessed at.
Source: ERCOT market notice M-A080326-01, August 3, 2026; Office of the Governor of Texas, directive of August 3, 2026. Filed Neither appears in an SEC filing.
Filed August 27, 2026, two days inside the statutory deadline of August 29. This card named six things that would resolve at once, and the filing answers five of them outright.
The impairment took the downside branch. The card set the test at whether the roughly $520M estimated on May 8, 2026 was taken, revised or deferred, and named impairment above $520M as the adverse case. $638.8M was taken, 23% above the estimate, non-cash and falling primarily on Bitcoin mining hardware decommissioned as sites convert to AI Cloud.
The remaining performance obligation took the upside branch, decisively. The card asked whether any Microsoft tranche was accepted in the June quarter, against nil at 31 March, and set the adverse case at obligations that barely move. They moved from $710.3M to $5,100.0M, a 7.2 times increase in one quarter.
The share count is settled and the cash is reconciled. The cover page gives 394,058,648 ordinary shares at August 14, 2026 against the 30 April figure the multiples had rested on. The $7.6bn of cash reported as preliminary on July 20 is confirmed rather than restated: the audited figure is $5,895.6M and the difference is the $1.7bn of restricted cash the release itself named.
The financing agreements are filed as exhibits, which is what the card said would make the covenant detail readable: the credit agreement, the note purchase agreement, the common terms agreement and two parent guarantees. They are not read here, so nothing is asserted about covenants.
A second financing, of $2.4bn, was disclosed in the same annual report and neither document carried it until this revision. Item 9B describes the August 2026 Financing Agreements of August 25, 2026: an approximately $1.2bn master financing and security agreement and approximately $1.2bn of senior notes, with Blue Owl Capital as administrative, collateral and intercreditor agent and a lender, and PIMCO as adviser to certain purchasers. Both legs bear 9.0%. Each borrowing matures 30 months from its own funding date, availability runs to December 31, 2026, and the security is GPUs and ancillary equipment at the Mackenzie facilities in British Columbia, taken in stages to the end of 2026. IREN Limited guarantees the borrower's payment obligations unconditionally, and the borrower's own obligations are stated as absolute and unconditional. Filed Form 10-K, August 27, 2026, Item 9B.
This is a different agreement from the one this file already describes. The facility carried above is the May 29 project financing arranged by Deutsche Bank and JPMorgan against the Microsoft contract, with the 1.05 coverage covenant. The August agreements are secured on different assets at a different site and carry no coverage ratio that is disclosed here. Whether the two share covenants or cross-default is not established: the August agreements themselves were not read, only Item 9B's description of them.
One of the six was only half answered, and is now answered in full. KPMG's consent is filed alongside the prior auditor's, so the transition is confirmed, and Item 9A has since been read: controls effective, internal control over financial reporting effective, KPMG attesting, Nostrum Group excluded as a recent acquisition. What follows was the position before that reading, and is kept because it records what the file did not then know: the audit opinion itself and the Item 9A assessment of internal control were not read in this revision, so no statement is made about either. That remains open.
Source: Form 10-K, August 27, 2026, cover page, financial statements and exhibit index; results release of the same date. Filed
Every category reviewed appears as a row, including those that produced catalysts, which read across by title and ID. A category checked and found empty is recorded rather than omitted.
| Category | Status | Basis |
|---|---|---|
| Earnings | Covered above | FY2026 results and annual report on Form 10-K (R19), Q1 FY2027 results (D2), Q2 FY2027 results (D6), Q3 FY2027 results (D8). |
| Product launches | Covered above | Capacity commissioning stands in for product launch in this business: Horizon 1 to 4 delivery and the 480MW year-end target (D4), Childress air-cooled Blackwell commissioning (D7). |
| Investor days | None | No investor day or capital markets day has been announced. The supporting statement here was wrong and is corrected. This row said that page lists results webcasts only, checked August 2, 2026. The page was read again on August 20, 2026 and carries a downloadable Q3 FY26 results presentation dated May 7, 2026, which was already published when the August 2 check was made. Estimate The status is unchanged: a presentation accompanying a quarterly release is not an investor day, and none has been announced. |
| Regulatory decisions | Covered above | Sweetwater under the ERCOT Batch Zero process (S4), the Texas audit of ERCOT data center interconnections, resolved at the Commission's open meeting of August 20, 2026 (R18), and the Canada Revenue Agency permanent establishment appeal (S11). |
| Lawsuits | Covered above | Third Circuit appeal in the securities class action (S7), discharge of the equipment financing proceedings (S12), and the securities class action dismissed with prejudice at first instance (R8). The federal docket index was searched on August 2, 2026, as described in section 9. |
| Macro events | None | No macro event is carried as a catalyst. Bitcoin price exposure is being removed rather than managed, and the ERCOT change is treated as a named regulatory item rather than as macro. Interest rate exposure on the delayed draw term loan is hedged under the May 2026 arrangements. |
| Industry conferences | Not established | Not examined. No conference schedule published by an organizer was checked. Also named in what was not checked. |
| Management changes | Covered above | Chief Financial Officer transition (R2). No change has been announced since; the eight Forms 3 and eighteen Forms 4 in the index to July 1, 2026 were enumerated on August 2, 2026 and disclose no further officer appointment. |
| Buybacks | Covered above | Not a conventional program, and not None. Shareholders approved repurchases pursuant to the Prepaid Forward Transactions and the Capped Call Transactions at the 2025 annual general meeting (R5), and the capital overlay in section 5 describes both. |
| Dividends | None | No dividend has been paid or declared on the ordinary shares. The annual report states any future dividend is at the board's absolute discretion, and B Class shares carry no dividend entitlement. Checked against the complete filing index on August 2, 2026. |
| Major contracts | Covered above | Microsoft and Dell (R4), Dell Canada and Dell USA (R9), NVIDIA (R10), Dell Blackwell (R12), and the July contracts (R16), with delivery and acceptance carried as a standing condition (S1). |
| Index membership | Covered above | Russell 1000 inclusion (R14). Nasdaq-100 membership is separately recorded below. |
| Nasdaq-100 membership | None | The company does not appear among the six additions in Nasdaq's announcement of the annual reconstitution effective December 22, 2025. Secondary commentary asserting membership was not corroborated by any index publication located on August 2, 2026. |
| Convertible and other financings | Covered above | Zero-coupon 2031 notes (R3), 2032 and 2033 notes with the earlier repurchase (R7), December 2033 notes (R11), project financing (R13), with the maturity ladder (D11) and the raising cadence (S3). |
| Mergers and acquisitions | Covered above | Mirantis acquisition completes (R17) and Nostrum closing (S6). |
| Analyst coverage and short interest | Covered above | Short interest near a quarter of shares outstanding, against divided coverage (S10), which carries the sixteen covering firms the issuer names, read August 4, 2026, and the two provider aggregates alongside. |
| Stock split or reverse split | None | No split or consolidation has been effected or proposed. The 2025 annual general meeting proposals, read in full, contain none. |
| Credit rating actions | Not established | Not examined. No rating agency publication was checked, and the filings read do not state whether the senior notes carry a rating. Also named in what was not checked. |
| Exchange listing deficiency | None | No deficiency, compliance or listing determination notice appears anywhere in the complete submissions index of 312 filings to August 4, 2026, searched August 4, 2026. |
Sits across every other catalyst rather than beside them.
Almost every catalyst in this file is a capital event wearing a different hat. The build is funded ahead of the revenue it produces, so the sequence is: commit, raise, build, deliver, accept, recognize. A reader tracking dilution should treat the delivery catalysts and the financing catalysts as one chain.
| Instrument | Size | Effect and trigger |
|---|---|---|
| Ordinary shares outstanding | 394,058,648 | Filed cover-page count at August 14, 2026 on the FY2026 Form 10-K, the most recent on any document lodged with the Securities and Exchange Commission, from 357,378,674 at April 30, 2026. Filed |
| At-the-market program | 15,877,502 | Issued after March 31, 2026 for approximately $683.5M gross. Overlap with the count above is not disclosed. Continuous and at management's discretion. Filed |
| Convertible notes | $6,745.7M | Five series. Maximum 127,062,300 shares on conversion as stated at issue, at conversion prices of $85.63, $51.40, $51.40 and $73.07 against a $43.48 close. None is in the money. Estimate |
| Capped call transactions | $459.0M | Cash paid across three issues to raise the effective dilution threshold to $120.18, $82.24 and $110.30. Cash out now against dilution avoided later. Estimate |
| Prepaid forward contracts | n/a | Entered alongside the 2029 and 2030 notes; partly unwound in connection with the December 2025 equitisation and the May 2026 issue. Filed |
| NVIDIA investment rights | 30,000,000 | At $70.00, up to approximately $2.1bn, vesting on GPU delivery volumes, exercisable to May 7, 2031, six-month restriction on shares issued. Filed |
| Founder restricted stock units, July 2026 | 18,198,656 | Vesting in four equal annual tranches with a further two-year hold on each. Roughly 4.6% of the 394,058,648 outstanding at August 14, 2026, and 5.1% of the April count this row previously used. Estimate |
| Acquisition consideration | not stated | A fixed number of shares determined at signing for Mirantis, and 35% of EUR 165M for Nostrum. Neither is disclosed as a share count. Filed |
| Project financing | $3,600M | Non-dilutive and ring-fenced at the subsidiary, available to May 29, 2027. The alternative to equity for the Microsoft build, and the reason the equity component is smaller than the capital program implies. Filed |
The dilution that matters over the next twelve months is not the convertibles. All five series sit 17% to 95% above the current price, and the capped calls sit above them again. What actually issues shares in this window is the at-the-market program, which put out roughly 15.9 million shares in a single quarter, and the two acquisitions settling in stock. A reader watching the conversion prices for dilution is watching the wrong instrument until the shares approach $51.40.
What would prove this read wrong, stated in advance. Each trigger is settleable from a document; an unquantified threshold is not a test.
| # | If this happens… | …this was wrong | Status |
|---|---|---|---|
| 1 | The FY2026 Form 10-K, due August 29, 2026, reports unsatisfied remaining performance obligations at June 30, 2026 of $1.0bn or more. | The reading that no Microsoft tranche had been accepted as at the June quarter end, and that booked backlog is still measured in hundreds of millions. | Triggered on August 27, 2026: the Form 10-K reports $5,100.0M at June 30, 2026, from $710.3M three months earlier. Backlog is not measured in hundreds of millions and this reading was wrong |
| 2 | The FY2026 Form 10-K reports transition-related impairment above $520M, the figure the company estimated on May 8, 2026. | The reading that the mining write-down is bounded and already disclosed. | Triggered on August 27, 2026: $638.8M of asset impairments were taken, 23% above the roughly $520M the company estimated on May 8, 2026, so the write-down was not bounded by that estimate |
| 3 | Any Form 8-K reports that Microsoft has terminated the Partner Statement of Work, or that agreed delivery dates were not met and a cure period has begun. | The base case in full, and the assumption that the ring-fenced financing insulates the parent. | Untriggered |
| 4 | A Form 8-K or Form 10-Q discloses that the debt service coverage ratio at the financing subsidiary fell below 1.05 to 1.00 at a quarterly determination date, or that a mandatory prepayment was triggered. | The reading that the covenant package is comfortable while the contract performs. | Untriggered |
| 5 | The FY2026 Form 10-K reports a material weakness in internal control over financial reporting under Item 9A. | The reading that the weakness disclosed in the FY2024 Form 20-F is behind the company. | Untriggered, and now on evidence. Item 9A was read in full for this revision. It reports disclosure controls and procedures effective at June 30, 2026, management's assessment of internal control over financial reporting effective, and an attestation report by KPMG LLP on that effectiveness. No material weakness is reported. Two qualifications travel with that: the assessment excludes Nostrum Group, acquired June 12, 2026, under the SEC accommodation permitting exclusion for up to a year, being about 2% of consolidated total assets and under 1% of revenue; and this is KPMG's first attestation on this company. This test was carried as untriggered when nobody had looked, then as not established, and is now untriggered with the document behind it. |
| 6 | The Q1 FY2027 Form 10-Q, expected in early November 2026, reports AI Cloud services revenue for the September 2026 quarter below $100M. The threshold is an analyst judgment, set at roughly three times the $33.6M reported for the March 2026 quarter. Estimate | The reading that the 2026 commissioning ramp is on schedule. | Untriggered |
| 7 | The 2026 proxy statement discloses an aggregate accounting grant-date fair value for the two July 1, 2026 founder awards above $1.0bn. The threshold is an analyst judgment, set near 18,198,656 units at the July 2026 trading range before any holding-period discount. Estimate | The reading that the two-year post-vesting holding restriction materially reduces the reported cost of the awards. | Untriggered |
| 8 | The Third Circuit reverses the dismissal in Network Racing Pty Ltd v. IREN Limited, number 26-1560. | The reading that securities litigation over the listing period is effectively closed. | Untriggered |
| 9 | Ordinary shares outstanding on the cover page of the FY2026 Form 10-K exceed 400,000,000. The threshold is an analyst judgment, set at roughly 12% above the 357,378,674 filed at April 30, 2026. Estimate | The reading that the 30 April share count remains a reasonable near-term basis for the valuation multiples. | Settled. The cover page gives 394,058,648 ordinary shares at August 14, 2026, below the 400,000,000 threshold, so this test did not fire. The count is nevertheless 10.3% above the 357,378,674 the multiples had rested on, and the document now uses the newer figure |
| 10 | A Form 10-K or Form 10-Q removes Sweetwater 1 from the stated 2027 capacity, or discloses that a Sweetwater site did not receive an allocation under the ERCOT Batch Zero process. | The reading that the 1,210MW target for 2027 is secured on the power side. | Untriggered |
Every trigger above names an event settleable from a document a reader can obtain: a filing, a docket entry, or a disclosed figure crossing a stated threshold. Where a threshold is an analyst judgment rather than a filed figure, it is tagged and the basis for the number is given in the same cell.
Every ID in one table, gapless within each class. Must match the cards above exactly: same IDs, same count, same order. Links point at title slugs so they survive renumbering.
| Tag | What it asserts |
|---|---|
| Filed | Stated in an SEC filing or company release, cited by form and date. Also covers a dated official publication by a named non-SEC issuer, with the issuer named in the Source line. Used here for an ERCOT market notice and for a company release published on the investor site but not lodged with the Securities and Exchange Commission. |
| Estimate | Derived or inferred here. The arithmetic is shown. |
| Open | Expected but unconfirmed. Nothing filed either way. |
| Market | Price, volume, float, short interest, published targets and ratings. Stamped with the close or publication date. |
| Press | Reported by a named publication that is neither the issuer nor an analyst, cited by outlet and date. Corroborates; never the sole basis for a material claim. |
| Social | Publicly posted by a named account, cited by handle and date. Asserts that the statement was made, never that it is true. No catalyst here rests on it. |
| Level | Means |
|---|---|
| High | Date is company-announced, protocol-defined, or statutorily fixed. |
| Medium | Date inferred from filing cadence or a stated deadline window. |
| Low | Date is a judgment call. Could move by a quarter or more. |
Two of the High ratings in this file rest on something other than an announcement, and both are worth naming. The annual report deadline is statutory: the cover page checks Large accelerated filer, and that category files within 60 days of the 30 June year end. The year-end run-rate measurement date is fixed by the definition of the metric itself, which measures commissioned GPUs as of December 31, 2026, so the date is certain while the value is entirely open. That is the clearest example in this file of the two axes coming apart.
Confidence rates timing, never outcome. A High-confidence catalyst can be a coin flip; a Low-confidence one can be near-certain in direction.
Impact is independent of confidence. A High-impact, Low-confidence item is the most important kind here: it matters enormously and could land any time. The Childress air-cooled Blackwell commissioning (D7) is this file's example, and the acceptance of Microsoft tranches (S1) is the undated version of the same problem.
Primary filings and company releases first, with form type and date.
The filing sweep. Run on 2, August 3 and 4, 2026 against the complete submissions index for Central Index Key 1878848, swept by that identifier rather than by ticker: 312 filings, August 26, 2021 to August 4, 2026, with no supplementary index holding older material back. The index grew between each sweep, so every earlier count is superseded rather than confirmed. The two filings of August 4, 2026 are a Form 8-K under Items 7.01, 8.01 and 9.01 announcing that the Mirantis acquisition closed on 3 August, carrying Australian counsel's validity opinion at Exhibit 5.1 and the closing release at Exhibit 99.1, and a Form 424B7 prospectus supplement registering resale of 11,981,668 shares issued for it. The form string is normalized before the index is filtered: the register filings sit under four spellings, 9 as SCHEDULE 13G, 2 as SC 13G, 7 as SCHEDULE 13G/A and 2 as SC 13G/A, and a filter written to one of them would return a partial view and read as a complete one. All eighteen form families were checked for presence and for absence. No filing of type NT 10-K, NT 10-Q, NT 20-F or NT 40-F has ever been made, and no Form 40-F, S-1 or S-3 either, the last three because the company used the foreign-issuer equivalents and then amended its automatic shelf by post-effective amendment. Exhibit lists were opened rather than form types counted: the Microsoft Partner Statement of Work, the Dell purchase agreements, five indentures, the capped call confirmations and the outgoing auditor's letter all sit in exhibits rather than in the covering form.
The fiscal calendar. The year ends 30 June, confirmed from the submissions index and from the annual report cover page, which reads "For the fiscal year ended June 30, 2025". Quarterly periods end 30 September, 31 December and 31 March, filed at lags of 37, 36 and 38 days respectively, and the annual report was filed at a lag of 59 days. Every cadence estimate in this file is built from those four observed lags rather than from a generic assumption.
Full-text search. Run on August 2, 2026 against the underlying index. Searching the current name alone would have produced a false negative for this issuer: the company was Iris Energy Limited until November 2024, and most third-party references still use the former name. Under both names, 59 filings by other registrants named the company between January 2025 and August 2026, almost all as a named competitor or index constituent. The one substantive relationship located is a shared director, Michael Alfred, who has served on this board since 2021 and joined the board of Bakkt Holdings in September 2025.
Court dockets. The CourtListener federal docket index was searched on August 2, 2026 under both names. It confirms the District of New Jersey matter terminated February 18, 2026 and the Third Circuit appeal docketed March 20, 2026. It also returns a matter the filings do not describe, In re Iris Energy Limited Securities Litigation in the Eastern District of New York, 1:24-cv-07046, filed October 7, 2024 and terminated March 19, 2025, whose disposition was not retrieved.
A name collision to know about before it is repeated. The same index returns IRIS ENERGY LIMITED, case 26-90567 in the United States Bankruptcy Court for the Southern District of Texas, petitioned May 29, 2026. It is not this company. It is one of thirty-nine debtors jointly administered under GoldenPeaks Poland Holding Limited, whose other members are named Alpha, Bravo, Charlie, Delta, Echo, Foxtrot, Gamma, Helios, Juno, Leto, Rhea, Sierra and Whiskey Energy. This company renamed in November 2024, signed $3.6bn of financing on the petition date, reported $7.6bn of cash a month later, and filed nothing under Item 1.03 of Form 8-K, which a registrant entering bankruptcy must.
Grid operator data. ERCOT's Large Load Integration page and Market Notice M-B062326-01 of June 23, 2026 were read on August 2, 2026. ERCOT publishes the Batch Zero process documents, forms and attestations, but does not publish a large load interconnection queue naming the requesting entity, so the 750MW at Childress and the 2,000MW at Sweetwater cannot be corroborated site by site against the grid operator and rest on company disclosure.
Registries outside the SEC. The company is an Australian public company and lodges annual financial reports and directors' reports with the Australian Securities and Investments Commission under the Australian Corporations Act 2001, as its own exhibit describing securities registered under Exchange Act Section 12 states. That registry's published company register extract for July 2026 was read in full, 4,418,335 rows, on August 2, 2026: it records IREN LIMITED, Australian Company Number 629 842 799, an Australian public company limited by shares, sub-class unlisted, registered since November 6, 2018, with the current name effective November 28, 2024. The Australian Securities Exchange returns no entity for the code IREN, against three controls that resolve. The research report carries the full account of what that means for a reader.
Categories, date ranges and filing families the sweep did not reach. An unexamined area is a gap, not a clean bill.
Newest first. The original build entry is never removed or rewritten.
Falsification test 5 is settled and untriggered. Item 9A of the FY2026 Form 10-K, read in full for this revision, reports disclosure controls effective, internal control over financial reporting effective, and an attestation by KPMG LLP. No material weakness. The assessment excludes Nostrum Group, acquired June 12, 2026, as about 2% of total assets, and the card says so. This test was carried as untriggered when nobody had looked, then as not established, and is now untriggered with the document behind it. That closes the last item owed on ledger 4.215(l).
No catalyst changes state. Counts are unchanged at 13, 12 and 19.
A $2.4bn financing was disclosed in the same annual report and neither document carried it. Item 9B describes the August 2026 Financing Agreements of August 25, 2026: approximately $1.2bn of master financing and $1.2bn of senior notes, Blue Owl Capital as agent and lender and PIMCO as adviser to certain purchasers, both legs at 9.0%, each borrowing maturing 30 months from its own funding, availability to December 31, 2026, secured on GPUs at the Mackenzie facilities and guaranteed unconditionally by IREN Limited. It is a different agreement from the May 29 project financing this file already describes, which is Microsoft-linked, arranged by Deutsche Bank and JPMorgan, and carries the 1.05 coverage covenant. Whether the two cross-default is not established: only Item 9B's description was read, not the agreements. It postdates the June 30 balance sheet, so it is in none of the debt figures here.
Four dated catalysts were in the wrong horizon band, and this was checked only because the same defect was found in another file today. Measured from this as-of against the boundaries the bands themselves declare: D2 at ~Nov 5 is 1.6 months and D3 at Nov 24 is 2.2 months, both banded 3 to 6 and both belonging in 0 to 3; D6 at ~Feb 4, 2027 is 4.6 months and D7 in early 2027 about 5.4, both banded 6 to 12 and both belonging in 3 to 6. The bands now read R18 to D3, D4 to D7 and D8 to D9. No card moves, so this is a correction and not the renumbering that 4.212(l) declined to make.
The annual general meeting had an estimate where a filed date existed. D3 carried ~Nov 19, 2026 tagged Estimate. Item 9B of the annual report states the 2026 annual general meeting will be held November 24, 2026 at 4:30pm ET, virtually. Timing and provenance both move, and the confidence rises to High. That date change is itself what moved D3 between bands.
The reprice. $43.83 to $43.48, down 0.80%. The interval is not the move: the stock closed $41.58 on September 15, 5.13% below the basis, before recovering. No convertible series is in the money at the new close, the conversion prices being $85.63, $51.40, $51.40 and $73.07, which was checked rather than carried over.
The newsroom was not unreachable, and the instrument was wrong rather than the host. The previous revision recorded the feed dead on eight attempts across three endpoints and carried the limitation that nothing could be said about announcements. The feed returns HTTP 200 in a tenth of a second. Measured this revision, three trials per variant with every other header held identical: the instrument's Chrome/126 User-Agent times out every time, Chrome/131 and Chrome/140 succeed every time. The host stalls an aged browser version string and nothing else, which is the precise failure the protocol warns of: several platforms stall a non-browser client rather than refusing it, so a rejection arrives looking exactly like a dead host. The feed's newest item is September 8, 2026, the Sweetwater Batch Zero release this file already carries. So nothing was announced between September 9 and 17, and the gap the last revision could not close is closed negatively. The instrument itself is not changed here: its header policy belongs to an upstream project this pass may not edit, and the defect is recorded for the session that owns it.
Four figures in this calendar were argued from a share count and a quarter that the FY2026 Form 10-K, recorded here as R19, had already settled. The dilution overlay gave 357,378,674 as the most recent filed count, against the 394,058,648 on that filing’s cover at August 14. The August share issue was put at 3.5% of the count and is 3.2% of the settled one; the founder award at 5.1% and is 4.6%. The sources section said the most recent reviewed statements were those to March 31 and the $7.6bn cash figure preliminary, both closed by the audited $5,895.6M. S3 was titled and argued on $11.9bn of commitments, the March figure, against $13.6bn at June 30. And S5 offered an upside branch reading the charge lands at or below $520M when the filing reports $638.8M taken, 23% above the estimate: the branch is closed against, not open.
S10 asserted in its own title something its own body disproves on the settled count. The title read Short interest above a quarter of shares outstanding, and it appeared three times: the card, the null-categories read-across and the summary table. The 93.71 million shares short are 23.78% of the 394,058,648 outstanding, which is below a quarter; the above came from dividing by the superseded April count, which gave 26.22%. All three now read near. A claim in the same card survives and is deliberately untouched: the published target range’s upper end of $105 is more than double the current price, at 2.40 times, and remains true.
Repriced to the September 11, 2026 close, and the interval is not the move. The basis goes from the 4 September close of $44.68 to $43.83, down 1.90% over four sessions, and the capitalisation from $17,606.5M to $17,271.6M on an unchanged 394,058,648 shares. But the path was $44.68, then $46.93 on 8 September, up 5.04% on the day this file recorded the Sweetwater classification, then $45.37, $43.64 and $43.83. The market gave its answer to this file’s newest catalyst and withdrew it within three sessions, which a reader told only that the price fell 1.9% would miss. The instrument refused the old basis before this pass began, naming September 11 as newer, which is the test that a completed session was being skipped.
The convertible premium band reproduced at no basis this document has ever carried. It read 40% to 133% above the current price, which the strikes of $51.40 and $85.63 give only against a close near $36.71, two bases back. At $43.83 they sit 17% to 95% above.
Two tenses were wrong about a filing this calendar itself records as filed. The auditor card said the FY2026 annual report will be KPMG's first opinion; it was filed on August 27 and is recorded as R19. Whether it reports a material weakness under Item 9A remains not established, which falsification test 5 already says. And a convertible card cited operating cash flow in its most recent quarter without naming it; it is the March 2026 quarter, and the FY2026 cash flow statement is not read into that figure.
The issuer newsroom could not be read, and this document carries that limitation. The RSS feed, the news-releases index and the site root were each tried twice, and a further attempt was made for the record: eight failures across three endpoints, returning ConnectionResetError and TimeoutError. EDGAR was read and holds nothing since September 8, the latest filing being the Form 10-K of August 27. So this revision can say nothing was FILED and cannot say nothing was ANNOUNCED. That gap is not theoretical here: the last time it existed, four days ago, it held the Sweetwater Batch Zero classification.
The as-of moves September 8, 2026 → September 12, 2026. No catalyst changed state, so the counts stand at 13 dated, 12 standing and 19 resolved.
This document said ERCOT would seek a good cause exception on the Batch Zero timelines, and that no completion deadline for the audit had been named. Both were false when published. ERCOT filed the request on August 10, 2026, at item 42 of PUCT Project 59142, and the Commission granted it at the open meeting of August 20, 2026, in the Order at item 53. ERCOT’s presentation to that meeting names the completion milestones twice, at pages 12 and 15: December 10 to file the Batch Zero Eligibility Verification Report and the Community Impact Review Report, and December 17 for the Commission open meeting that receives them. The year is not printed on either slide and 2026 is read from the surrounding schedule. Loads that fail verification, or do not respond, are disqualified from Batch Zero. These were the last two tickers in the covered set carrying this error.
Sweetwater has been classified, one day after this file was last stamped. On September 8, 2026 the company announced that the 2GW Sweetwater Hub, Sweetwater 1 at 1,400MW and Sweetwater 2 at 600MW, has been conditionally included in Batch Zero as Base Load, with additional large-scale pipeline projects included as well, unnamed and unquantified. S4 said the process has not run since August 3, 2026. It ran. S4 is updated and not resolved: the company calls the classification conditional and subject to ongoing approval processes, and says projects enter its announced portfolio only once grid connection agreements execute, so the condition has moved rather than closed. The verification that can disqualify a load still reports on December 10, so both are live at once.
The upside branch of the audit card fired, which is rare enough to record. It read The Commission grants an exception on a short timetable and allocation decisions follow within weeks. The exception was granted ten days after ERCOT asked, and a classification for this issuer's largest Texas exposure followed nineteen days after the meeting. Rewriting it as a prediction that failed would have been as wrong as leaving it pending.
D1 has resolved and becomes R18, and that moved an existing identifier. R17 resolved on August 3 and the previous R18 on August 27, so the August 20 resolution falls between them: the new card takes R18 and the FY2026 annual report becomes R19. Dated catalysts move 14 → 13 and resolved 18 → 19.
The previous revision resolved a card and left four consequences undone, and this pass could not renumber around them. Its own entry below records D2 resolved as R18. After it, the dated cards ran D1, D3 ... D15, fourteen cards numbered to fifteen; three live cross references still called the resolved card D2, in the auditor card, the project financing card and the null categories table; the summary table still carried a dated D2 row reading By Aug 29, 2026 and pointing at a card that had already resolved; the table had no R18 row at all; and the card itself sat at the top of section 3, before R1, where every other calendar in this set orders resolved cards oldest first. The card also carried an Impact line, which no other resolved card here has. All of it is repaired: the sequence is gapless, the table equals the cards, every link resolves and no identifier reference dangles.
Four falsification tests turned on a Form 10-K this file had already read, and all four still said Untriggered. Test 1 set its trigger at remaining performance obligations of $1.0bn or more and the filing reports $5,100.0M: triggered. Test 2 set it at transition impairment above $520M and $638.8M was taken: triggered. Test 9 set it at a cover-page share count above 400,000,000 and the cover gives 394,058,648: settled, did not fire. Test 5 is the one that matters. It asks whether the 10-K reports a material weakness under Item 9A, and the resolved card states plainly that Item 9A was not read. It now says Not established rather than Untriggered, because reporting an unread test as untriggered asserts that a trigger did not occur when nobody looked.
Restamped without a reprice, and the difference is tested rather than assumed. Section 9 obliges a restamp for any pass that earns a log entry, and a restamp obliges recomputing every stamp-derived figure. Here that recomputation changes nothing: this document was already struck on the September 4, 2026 close before this pass began, and September 4 is still the last completed session, 5 and 6 September being the weekend and the exchange closed on Monday 7 September for Labor Day. The test was to run the price instrument for September 4 and see whether it refused, which is what it does when a newer completed session exists. It did not refuse, and it returned the close this document already carries.
Two cross references were corrected after this entry was first written, on the same day and under the same stamp. An adversarial assessment running alongside this pass finished after it closed; of 132 findings, 46 survived three refuters each, and two bore on cards this pass had just changed. S4’s source line cited only the June 23 market notice and the May 7 results release, omitting M-A080326-01 on which its own body wholly depends, the Order of August 20, and the September 8 release this pass had just added to that very card; D1’s line did cite M-A080326-01, so the two cards disagreed about their own basis. And the null categories Regulatory decisions row named S4 and S11 but not the ERCOT card this pass had just resolved, which the section’s own rule requires it to read across to. Both corrected.
The as-of moves September 7, 2026 → September 8, 2026.
The FY2026 annual report is filed and this document was built on the quarter before it. The Form 10-K of August 27, 2026 supersedes the March 31, 2026 base this revision replaces. Revenue for the year to June 30, 2026 is $707.0M, being AI Cloud $128.8M and Bitcoin mining $578.2M, against $501.0M in FY2025. The operating loss is $1,046.7M and the net loss $702.6M, against net income of $86.9M a year earlier. That is not an operating-cost story: depreciation of $417.7M and impairments of $638.8M together come to $1,056.5M against revenue of $707.0M, and the impairment is non-cash and falls primarily on Bitcoin mining hardware decommissioned as sites convert to AI Cloud.
The largest single move is the backlog, and it is the figure this document was built around. Unsatisfied remaining performance obligations move $710.3M at March 31 to $5,100.0M at June 30, a 7.2 times increase in one quarter. The framing item, the snapshot, the revenue-streams table and the research summary all carried the small number and all now carry the large one. Capitalisation to booked backlog falls from 22.0x to 3.45x.
A count this document said the 10-K would settle is settled. The previous revision recorded that at-the-market activity since 30 April was undisclosed and that the FY2026 cover page would resolve it. It gives 394,058,648 ordinary shares at August 14, 2026, against 357,378,674 at April 30, an increase of 36,679,974 or 10.3%. Capitalisation moves $15,606.7M to $17,606.5M, and only 2.3 points of that 12.8% is the price: the rest is the count.
The cash figure is reconciled rather than replaced. The preliminary $7.6bn reported on July 20 included $1.7bn of restricted cash, implying $5.9bn unrestricted, and the audited figure is $5,895.6M. They agree. Long-term debt is $7,592.9M against $962.8M a year earlier, and commitments $13,611.0M against $11,902.5M at March 31. The gap between commitments and cash narrows from 5.4 times to 2.3 times, which is stated in the risk card; the severity rating is not changed, because re-rating a risk is a judgement and this revision absorbs facts.
An enterprise value can now be struck where the previous revision declined to. The 10-K collapses five separately dated components into one audited balance sheet, giving approximately $19,303.8M. One date still differs and is stated: the capitalisation is on the September 4 close against an August 14 count, while debt and cash are at June 30.
Repriced to the September 4, 2026 close, $43.67 to $44.68, up 2.31%, on volume of 36,266,190 shares, about 0.81 times the mean of the nine preceding sessions. Every multiple is restruck on the new capitalisation and the new revenue base.
Three operational rows were not re-read and say so. Installed hashrate, GPUs installed or on order, and grid-connected power stand at their March 31 basis, because this revision read the financial statements and the exhibit index rather than the operational disclosures. The audit opinion and the Item 9A internal control assessment were also not read, so nothing is asserted about either.
This calendar described a source page it had checked, and the description was wrong. The investor-days row said the events and presentations page lists results webcasts only. That page carries a downloadable results presentation dated May 7, 2026, which was already on it when the August 2 check was made. The row's status does not change, because a presentation accompanying a quarterly release is not an investor day, and none has been announced. Only the sentence supporting it changes.
The year-end delivery row now carries the company's own basis and an earlier checkpoint. The four liquid-cooled facilities are stated by the company at 300MW gross against the roughly 200MW of critical IT load carried here, which is one estate on two bases rather than a disagreement. The deck also scheduled the first of them for handoff to Microsoft in Q3 CY2026. No catalyst changes state and no date moves: nothing here establishes whether that handoff occurred, so it is recorded as a stated intention from May rather than as a dated item.
The presentation predates this calendar by three months, May 7 against a build of August 13. Nothing here is newer information and nothing is repriced.
A standing condition rested on a process that had stopped. The Sweetwater condition (S4) was timed "Ongoing from Jul 11, 2026" at Impact High, over 2,000MW that is 44% of capacity under executed connection documents. ERCOT suspended Batch Zero classification on August 3, 2026, one day before this file was stamped, in market notice M-A080326-01, following the Governor's directive of the same day to audit every data center advancing through the interconnection process. None of it is on EDGAR, and the sweeps behind this file read filings. The condition now records the suspension and stays standing, because its own reason for being undated, that batch timing is set by the grid operator rather than the issuer, is more true than when it was written, not less.
A dated catalyst is added rather than forcing a date onto the standing condition. The Texas audit of ERCOT data center interconnections enters at the Commission's open meeting of August 20, 2026, at Impact High, ahead of the annual report. Every dated item shifted one place, and the in-document cross-references and band ranges were swept against the new numbering in the same build.
Repriced to the 12 August close. $39.75 → $43.67, up 9.86% on the session against the one before, on volume of 48,616,710 shares, about 1.10 times the mean of the nine preceding sessions. The convertible series are restated against the new close: none is in the money, and the cheapest at $51.40 now sits 18% above the market against 29% before.
The Mirantis acquisition completed on August 3, 2026 and was announced the next morning, so the standing item covering both May 2026 acquisitions no longer describes two pending deals. It is retitled from Mirantis and Nostrum closings to Nostrum closing (S6) and now covers the Spanish acquisition alone, which the complete index to August 4, 2026 records no closing filing for. The completion is added as Mirantis acquisition completes (R17), resolved August 3, 2026: approximately 12.6 million ordinary shares fixed at signing plus about $40M of cash, restricted stock units and other consideration, with a prospectus supplement of 4 August registering resale of 11,981,668 of those shares by the selling holders. That is roughly 3.5% of the 357,378,674 shares last filed at April 30, 2026, a count the same supplement repeats unchanged.
One identifier was added and none moved. The resolved list is ordered by resolution date and the new item carries the latest, so it takes the last position and every existing R number stays where it was. The Nostrum closing (S6) keeps its identifier, its position in the materiality order being unchanged, but its anchor moves with its title, so the summary table link and the null-table row were both swept to the new one. The resolved count moves 16 → 17 in the masthead and in the summary table; the dated and standing counts are unchanged at fourteen and twelve.
Two filings added, and the index count moves 310 → 312. The submissions index for Central Index Key 1878848 was swept again on August 4, 2026: 312 filings, August 26, 2021 to August 4, 2026, no overflow pages. The additions are the two described above. The sweep paragraph now also records that the twenty register filings sit under four different form strings in the index, so a filter written to one spelling would return a partial view and read as a complete one. The finding that no exchange deficiency notice has ever been filed survives the recount, there being still none across 312 filings.
The coverage set moves from five firms to sixteen in the standing condition on short interest against divided coverage (S10). The issuer's investor relations page, read August 4, 2026, names sixteen covering firms. Fifteen publish a target and they run from $46 to $105; the sixteenth declines to publish one. Half the actions predate the 20 July contract announcement, the oldest by ten months. A second provider aggregate is carried beside the first and the two disagree, $81.07 over sixteen contributors against $82.71 over twenty-one, on ranges that do not nest. No center is computed here from any of it and no catalyst on this calendar rests on their contents. The research report carries the firm-by-firm table, the sales agency relationships the issuer's own filings establish, and the correction to a firm this file never named.
Not repriced, because the session was open. The 4 August Nasdaq session was still running when the figures were read: the exchange's own quote service returned a market status of Open at 13:55 Eastern against a 16:00 close, cumulative volume stood at roughly three fifths of the previous session's total, and two services quoted different prices minutes apart. The basis stays at the 3 August close of $39.75, which the company's own prospectus supplement of 4 August states as the last reported sale price. The horizon band boundaries do not move, for the same reason they did not on the last reprice: they are a convention this document adopted for dividing near from far, not a measurement. The as-of stamp moves 3 August → 4 August because what this document asserts changed today, and no figure in it is computed from the stamp.
Known gaps in this version. No note was read for eleven of the sixteen covering firms and twelve of their disclosure statements are unread. Everything owed by the previous version remains owed: industry conferences and credit rating actions unexamined, insider transaction codes unread, megawatt claims uncorroborated by any grid operator, no check against the Southwest Power Pool or BC Hydro, and the June 2026 quarter still unreported.
This document stated that nothing had been filed since the Form 8-K of July 20, 2026, and struck its filing-record findings against an index of 309. Both were true when written and neither is now. Bank of America Corporation filed a Schedule 13G on August 3, 2026 and the complete index holds 310. The statement reports 21,027,180 ordinary shares, 5.8% of the class, filed under Exchange Act Rule 13d-1(b) and certified as held in the ordinary course without the purpose or effect of changing or influencing control, so it adds a holder and not a contest. Both statements resting on the earlier index size have been restruck against the complete index of 310: the sweep paragraph in the sources section, and the null row recording that no exchange deficiency notice has ever been filed. That second finding survives the recount, there being still none across 310 filings. No catalyst turns on the addition and no identifier moved.
Third-party coverage added to the standing condition on short interest, which is retitled from Short interest above a quarter of shares outstanding to Short interest above a quarter of shares outstanding, against divided coverage (S10) and now carries both sides of the divide. Five firms published on the July 20, 2026 contract announcement within three days: Goldman Sachs and Cantor Fitzgerald on 20 July, Needham and Compass Point on 21 July, H.C. Wainwright on 22 July. Ratings run from Neutral and Hold to Buy and Overweight, targets from none to $105. They are cited for rating, target and date only, no center is computed from them, and no catalyst on this calendar rests on their contents. The research report carries the firm-by-firm table and the disclosed conflicts, which now name the authoring analysts at all five firms and establish four of the five disclosure statements, against two unread earlier. Compass Point's remains unestablished and is named in what was not checked.
The anchor for that item is unchanged, so existing links to it still resolve; the summary table link text and the null-table row were both swept to the new title.
No identifier moved. The fourteen dated catalysts, twelve standing conditions and sixteen resolved items are unchanged in number and in order. No catalyst crossed a band boundary on the one-day change of as-of date.
One filing added, and the file is repriced. The submissions index for Central Index Key 1878848 was swept again on August 3, 2026 and holds 310 filings, August 26, 2021 to August 3, 2026, with no overflow pages behind the current view. The addition is the Bank of America Schedule 13G described in the correction above. The 3 August session has since closed, so the pricing basis moves July 31, 2026 → August 3, 2026 and the close $36.80 → $39.75, a gain of 8.02% on 42.85 million shares against a recent average of 45.57 million. The convertible series are restated against the new close and none is in the money: the cheapest converts at $51.40, which is 29% above the price where it was 40% above the previous basis. The horizon band boundaries do not move. They are a convention this document adopted for dividing near from far, not a measurement, and shifting them to track a reprice would risk reclassifying a catalyst without telling a reader anything new.
Known gaps in this version. One remains from the coverage work: what Compass Point discloses about this issuer, which is named in what was not checked. Everything owed by the previous version remains owed: industry conferences and credit rating actions unexamined, insider transaction codes unread, megawatt claims uncorroborated by any grid operator, no check against the Southwest Power Pool or BC Hydro, and the June 2026 quarter still unreported.
Built from primary filings. The complete Securities and Exchange Commission submissions index for Central Index Key 1878848, swept by identifier rather than by ticker, 309 filings from August 26, 2021 to July 20, 2026, read on August 2, 2026 with exhibit lists opened. Catalysts are drawn from the Form 10-K of August 28, 2025, the three Forms 10-Q to May 8, 2026, and the Forms 8-K covering the domestic filer transition, the Microsoft and Dell agreements, three convertible issues, the NVIDIA contract and investment rights, the project financing, the founder equity grants and the July 2026 customer contracts.
Beyond the filings. The CourtListener federal docket index under both the current and the former company name; the Australian Securities and Investments Commission company register extract for July 2026, read in full; the Australian Securities Exchange company endpoint with controls; ERCOT's Large Load Integration page and Market Notice M-B062326-01; and the company's investor site for the Russell 1000 release of June 29, 2026, which was never lodged with the Securities and Exchange Commission.
Conventions fixed at construction. Ten sections. Dated catalysts banded 0 to 3, 3 to 6 and 6 to 12 months from the as-of date, with a fourth context-only band beyond twelve months. Identifiers gapless within each class, dated by expected date, standing by materiality, resolved by resolution date earliest first. Six fields on every forward-looking card with both outcomes stated. Cadence estimates built from the four observed filing lags rather than from a generic assumption.
Pricing basis. Nasdaq close of July 31, 2026 at $36.80. The as-of stamp is two days later and no session traded in between.
Known gaps in this version. Two null rows read Not established: industry conferences, because no organizer schedule was checked, and credit rating actions, because no agency publication was checked. Insider transaction codes were not read, so no insider catalyst is carried. Megawatt claims at Childress and Sweetwater rest on company disclosure, because ERCOT publishes no entity-named large load queue. Documents lodged with the Australian Securities and Investments Commission were not retrieved, only the company register extract. No check was made against the Southwest Power Pool or BC Hydro. The June 2026 quarter is unreported, so the most recent balance sheet in this file is three months old and the $7.6bn cash figure beside it is preliminary and unaudited.