Thanks, Mike. And thank you, everyone for joining us today.

Eight years ago, when Will and I founded this business, we spent a lot of time thinking about what the digital future actually meant for the physical world. We talked about films like The Matrix and Ready Player One, not as science fiction, but as a signal — world where digital adoption was total, instantaneous and infinite.

The insight we kept coming back to was this: digital adoption curves can go from 0 to 1 overnight. But the real world doesn't scale that way. Power infrastructure and data centers — these take years to permit, finance and build. The bigger the demand, the harder delivery becomes. That gap between exponential digital growth and the physical world's ability to service it. That structural disconnect is exactly what we set out to solve. That scarcity is now defining where AI infrastructure gets built and who can build it.

Eight years later, that thesis is playing out exactly. And this quarter, we demonstrated what disciplined execution against it looks like at a global scale.

In AI infrastructure, secured power is only valuable if it can be converted into customer-ready compute. That conversion is hard. It requires site control, grid connection work, permitting, design, procurement, construction, GPU installation, networking, commissioning, financing, and customer delivery — all coming together on tight timelines. IREN's strength is bringing those pieces together. We have experienced site teams, standardized designs, and repeatable construction processes that allow us to build across multiple sites in parallel.

That execution capability is showing up in the numbers. More capacity. More revenue. Stronger funding certainty. And in the partnerships we are announcing today.

Let me run through the highlights:

On capacity, we increased secured power to 5 gigawatts, added new sites in Europe and APAC, energized Sweetwater One on schedule and have Horizon 1 GPU commissioning now underway for Microsoft. All of our operational capacity is fully contracted. We are not chasing demand. We are racing to build supply fast enough to meet it. The moment compute comes online, it goes to work. That is the nature of the structural imbalance. And it is why time to compute is the most important metric we track.

We increased ARR under contract to $3.1 billion. We remain on track to hit $3.7 billion exiting calendar 2026. And this week signed a $3.4 billion five-year AI Cloud contract with NVIDIA. The first step in a broader strategic partnership I will come to in a moment.

On capital, we had $2.6 billion of cash at April 30, and we continue to progress GPU data center and corporate level financing initiatives to support the next phase of build out.

But the headline today is the NVIDIA partnership, and it deserves a little more than a bullet point. Let me explain what this partnership actually means.

We are working with NVIDIA to support deployment of up to 5 gigawatts of NVIDIA-aligned AI infrastructure across our global data-center platform, alongside DGX environments and the NVIDIA AI Factory reference architecture. The $2.1 billion NVIDIA investment is structured to reflect that their rights to invest only vest as NVIDIA GPU infrastructure is deployed across IREN campuses and only fully vest upon deployment of 600,000 GPUs. NVIDIA's capital is directly tied to execution. That's not a passive financial investment. NVIDIA is a partner who wins as we deliver the $3.4 billion AI Cloud contract announced today. Supporting NVIDIA's own internal workloads is the first step in that partnership.

Eight years ago, Will and I set out to build the infrastructure the digital world would need. Today, the world's leading AI infrastructure company has chosen IREN as the partner to help build it.

[Plan walkthrough — 2026 / 2027 / 2028+]

In 2026, we are targeting 480MW of AI cloud capacity, 150,000 GPUs, and $3.7 billion of ARR by year-end. In 2027, we are scaling to 1,210MW, with an additional 730MW currently under construction across British Columbia and Texas. Beyond 2027, we are building against a 5 gigawatt global power portfolio in North America, our new European platform in Spain, and an APAC pipeline anchored by large-scale Australian opportunities.

One more thing. This week we welcome Mirantis into the IREN family — 650 engineers, operators, and customer support professionals who have spent more than a decade running cloud infrastructure for over 1,500 enterprise customers globally. To Alex and the whole Mirantis team, welcome.

[2026 Build Detail]

The 300 megawatt Horizon 1-4 liquid cooled deployment at Childress, where NVIDIA GB300 NVL72 installations are now underway. Horizon 1 is scheduled for Microsoft handoff in Q3, and Horizons 2 to 4 remain on track for delivery by the end of this year. We have around 3,000 workers on site right now.

Alongside the liquid cooled build, we are also converting existing air cooled capacity into AI cloud deployments across British Columbia and Childress. At Prince George, all air-cooled GPUs have now been delivered. At Mackenzie, 80MW has been prepared for GPU installations commencing in the second half of 2026. At Childress, retrofits are underway across an initial 50MW.

We now have $3.1 billion of ARR under contract, including approximately $700 million of ARR associated with a $3.4 billion five year contract for Blackwell GPUs to be deployed across 60MW of capacity at Childress for NVIDIA. We are targeting $3.7 billion of ARR by year-end across 150,000 GPUs.

[2027 Plan]

In 2027, the pipeline platform scales to 1,210MW. Childress continues to be the largest single contributor — 100MW additional liquid cooled IT load for Horizons 5 and 6, plus 250MW of additional air cooled retrofits. Of that 250MW, approximately 60MW will be deployed to support the NVIDIA AI Cloud contract.

At Sweetwater One the high voltage substation has been energized on schedule, and construction is now underway for the initial 200MW IT load phase. Sweetwater One is being designed for next-generation chip architectures, including the NVIDIA Vera Rubin. Like Childress, we are deliberately sequencing the build so that the first phase creates the backbone for faster subsequent phases.

[5GW Global Platform — North America / Europe / APAC]

We now have 5 gigawatts of secured power. That is not a pipeline number or an aspiration — that is secured power, and it represents one of the largest portfolios assembled for AI infrastructure anywhere in the world.

North America: Sweetwater and Kiowa, our flagship gigawatt-scale campuses in Texas and Oklahoma, expected to commence ramping across 2027 and 2028. Multiple development projects advancing through connection processes, including batch 0 candidates in Texas.

Europe: Today we announced the acquisition of Nostrum Group — adding 490MW of secured power in Spain, a gigawatt-scale development pipeline, and a team of more than 50 people. Gabriel Nebreda, who spent nearly two decades in European energy at EDP Renewables, most recently as CEO of EDP Solar, is leading IREN's European platform.

APAC / Australia: Roughly 4.8 billion people, around 60% of the world's population, including some of the fastest growing AI demand markets — Indonesia, Singapore, Japan, Korea. Australia is uniquely positioned with abundant renewables, trusted jurisdiction, strong rule of law, and direct fiber links into major demand centers across the region.

[Mirantis]

This week we welcome Mirantis into the IREN family. 650 people joined IREN this week — a team that has spent more than a decade building and running cloud infrastructure for over 1,500 enterprise customers globally. Their Cordon AI platform manages AI infrastructure across bare metal, virtual machines and Kubernetes environments. They are also a founding ISV partner of the NVIDIA AI Cloud Ready initiative. They will play a central role in supporting our NVIDIA AI Cloud contract.

So what you've heard today is a company that has secured power at scale, is contracting revenue at scale, and is now building delivery capability at global scale. Anthony Lewis will now walk you through how we are funding it.

Thanks, Anthony. So eight years ago, Will and I asked a simple question: what does the world need to build the right digital future? The answer was power, land, data centers and compute — and the ability to bring them all together at scale faster than anyone else.

Today, that thesis is playing out. We are just getting started. With that, we will open the call for Q&A.

Thanks, operator. Thanks, everyone for joining us today. We remain focused on execution — delivering the 2026 plan, advancing the 2027 build out, and positioning our now global platform for the opportunity beyond that. And we look forward to updating you as we deliver. Thanks, everyone.