0001878848-26-000066 | 10-Q | XBRL Viewer

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Revenue - Schedule of Minimum Lease Payments (Details) $ in Millions	Sep. 30, 2026 USD ($)
Revenue from Contract with Customer [Abstract]
Remainder of Financial Year 2027	$ 271
Financial Year 2028	363
Financial Year 2029	362
Financial Year 2030	362
Financial Year 2031	362
Financial Year 2032	121
Thereafter	0
Total	$ 1,841

Derivatives

3 Months Ended

Sep. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

Note 13. Derivatives

The following table presents the Group’s Condensed Consolidated Balance Sheets classification of derivatives carried at fair value:


(in USD millions)		September 30, 2026				June 30, 2026
Derivative	Balance Sheet Line	Asset		Liability		Asset		Liability
Derivatives designated as hedging instruments:
Interest-rate swaps — cash flow hedges	Derivative assets - Current	$	8	$	—	$	—	$	—
Interest-rate swaps — cash flow hedges	Derivative assets - Non-current	18		—		3		—
Derivatives not designated as hedging instruments:
Capped Call Transactions	Derivative assets - Non-current	384		—		412		—
Total derivatives		$	410	$	—	$	416	$	—

The following table presents the effect of derivatives on the Group’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss):


(in USD millions)		Three Months Ended September 30,
Derivative	Statement of Operations Line	2026		2025
Derivatives not designated as hedging instruments:
Capped Call Transactions	Unrealized gain (loss) on financial instruments	$	(28)	$	192
Bitcoin purchase option	Realized gain (loss) on financial instruments	—		(6)
Bitcoin purchase option	Unrealized gain (loss) on financial instruments	—		3
Total gain (loss) on derivatives		$	(28)	$	189

Capped Call Transactions

In conjunction with the offering of the Group’s convertible notes, the Group entered into the capped call transactions with certain financial institutions (collectively, the “Capped Call Transactions”). The Capped Call Transactions are generally expected to reduce potential dilution to holders of the Group’s Ordinary shares upon conversion of the related convertible notes and/or offset cash payments the Group may be required to make in excess of the principal amount upon conversion, subject to a cap. No Capped Call Transactions were entered into, modified or settled during the three months ended September 30, 2026. The 2029 and 2030 Capped Call Transactions have been classified within stockholders’ equity since November 19, 2025 and are not subsequently remeasured. The remaining Capped Call Transactions are accounted for as derivative assets measured at fair value, with changes in fair value recognized within unrealized gain (loss) on financial instruments.

Level 3 derivative assets

The Group determined that the remaining Capped Call Transactions are Level 3 derivative assets given significant unobservable inputs are included in their valuation. The Group estimates the fair value of the derivative using the Black-Scholes-Merton pricing model, which includes several inputs and assumptions including the risk-free interest rate, dividend

yield, and the expected stock-price volatility. The following table represents the significant fair value assumptions used for Capped Call Transactions as of September 30, 2026:


	2031 Capped Call			2032 Capped Call			2033 (Jun) Capped Call			2033 (Dec) Capped Call
Closing share price	$	40.88		$	40.88		$	40.88		$	40.88
Long strike price	$	85.63		$	51.40		$	51.40		$	73.07
Short strike price	$	120.18		$	82.24		$	82.24		$	110.30
Risk free interest rate	4.95		%	4.99		%	5.04		%	5.06		%
Dividend yield	nil			nil			nil			nil
Expected volatility	65.0		%	62.5		%	60.0		%	60.0		%

Volatility is a measure of the expected change in variables over a fixed period of time. Some financial instruments benefit from an increase in volatility and others benefit from a decrease in volatility. Generally, for a long position in an option, an increase in volatility would result in an increase in the fair values of financial instruments.

The following table reconciles the movement in the fair value of the Capped Call Transactions:


(in USD millions)	Total Capped Call Transactions
Balance as of July 1, 2026	$	412
Unrealized gain (loss) recognized	(28)
Balance as of September 30, 2026	$	384

Cash flow hedges

In May 2026, in connection with the Group’s delayed draw term loan facility (the “DDTL Facility”, see Note 19. Debt), the Group entered into pay-fixed, receive-Term-SOFR interest-rate swaps with an aggregate notional amount of $1,478 million as of September 30, 2026, designated as cash flow hedges of the variability in interest payments on the facility. The swaps mature in October 2031 and amortize in line with the scheduled principal of the facility.

For the three months ended September 30, 2026, the Group recognized a gain of $23 million in other comprehensive income on the effective portion of its cash flow hedges. The Group estimates that approximately $8 million of the amount recorded in accumulated other comprehensive income as of September 30, 2026 will be reclassified into finance expense within the next 12 months.

Goodwill and Intangible assets, net - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Millions	Sep. 30, 2026	Jun. 30, 2026
Intangible Asset, Finite-Lived [Line Items]
Acquired Intangibles, Gross	$ 245	$ 318
Accumulated Amortization	(6)	(1)
Acquired Intangibles, Net	239	317
Intangible assets not subject to amortization	218
Foreign currency translation	(1)
Intangible assets not subject to amortization	217
Total intangible assets	463
Acquired Intangibles, Net	456	317
In-process research and development
Intangible Asset, Finite-Lived [Line Items]
Intangible assets not subject to amortization	70
Intangible assets not subject to amortization	70
Connection rights for electricity services
Intangible Asset, Finite-Lived [Line Items]
Intangible assets not subject to amortization	148
Foreign currency translation	(1)
Intangible assets not subject to amortization	147
Connection rights for electricity services
Intangible Asset, Finite-Lived [Line Items]
Acquired Intangibles, Gross	105	253
Accumulated Amortization	0	0
Acquired Intangibles, Net	$ 105	$ 253
Weighted-Average Finite Lives (in years)	12 years	12 years
Software licenses
Intangible Asset, Finite-Lived [Line Items]
Acquired Intangibles, Gross	$ 65	$ 65
Accumulated Amortization	(4)	(1)
Acquired Intangibles, Net	$ 61	$ 64
Weighted-Average Finite Lives (in years)	5 years 6 months	5 years 6 months
Developed technology
Intangible Asset, Finite-Lived [Line Items]
Acquired Intangibles, Gross	$ 35
Accumulated Amortization	(1)
Acquired Intangibles, Net	$ 34
Weighted-Average Finite Lives (in years)	6 years
Customer contracts and related relationships
Intangible Asset, Finite-Lived [Line Items]
Acquired Intangibles, Gross	$ 40
Accumulated Amortization	(1)
Acquired Intangibles, Net	$ 39
Weighted-Average Finite Lives (in years)	8 years

Finance leases - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Millions	Sep. 30, 2026	Jun. 30, 2026
Leases [Abstract]
Remainder of Financial Year 2027	$ 152
Financial Year 2028	152
Financial Year 2029	37
Financial Year 2030	0
Financial Year 2031	0
Financial Year 2032	0
Thereafter	0
Total undiscounted lease payments	341
Less present value discount	(30)
Present value of lease liabilities	$ 311	$ 244

Debt - Schedule of Future Principal Payments of Long-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2026	Jun. 30, 2026
Debt Disclosure [Abstract]
Remainder of Financial Year 2027	$ 723
Financial Year 2028	1,059
Financial Year 2029	821
Financial Year 2030	733
Financial Year 2031	274
Thereafter	6,431
Total	$ 10,041	$ 7,706

Revenue - Schedule of Concentration of Risk (Details) - Revenue Benchmark - Customer Concentration Risk	3 Months Ended
	Sep. 30, 2026
Customer A
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	28.00%
Customer B
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	24.00%
Customer C
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	18.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Stock-based compensation - Narrative (Details) - USD ($) $ in Millions		3 Months Ended
	Jul. 01, 2026	Sep. 30, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense, options		$ 22
Granted (in shares)		0
Service-based RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense, RSUs		$ 594
Weighted-average remaining vesting period (in years)		2 years 2 months 1 day
Granted (in shares)		20,372,928
Performance-based RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense, RSUs		$ 47
Weighted-average remaining vesting period (in years)		1 year 10 months 2 days
Granted (in shares)		448,547
Performance-based RSUs \| Tranche one
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)		448,547
Vesting period (in years)		3 years
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted-average remaining vesting period (in years)		3 years 10 months 24 days
2025 Omnibus Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized (in shares)	8,000,000.0
Number of ordinary shares authorized (in shares)		25,500,000

Goodwill and intangible assets, net

3 Months Ended

Sep. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Goodwill and intangible assets, net

Note 12. Goodwill and intangible assets, net

Goodwill

The following table summarizes the changes to goodwill:


(in USD millions)	Total
Balance at June 30, 2026	$	36
Additions	414


Balance at September 30, 2026	$	450

During the three months ended September 30, 2026, the Group recognized goodwill of $414 million in connection with the acquisition of Mirantis. Refer to Note 7. Business combination for more information.

There were no impairment charges recorded to goodwill for any of the periods presented.

Intangible Assets, Net

The components of intangible assets are as follows:


	September 30, 2026
(in USD millions, except years)		Acquired Intangibles, Gross		Accumulated Amortization		Foreign currency translation		Acquired Intangibles, Net		Weighted-Average Finite Lives (in years)
Connection rights for electricity services		$	105	$	—	$	—	$	105	12
Software licenses		65		(4)		—		61		5.5
Developed technology		35		(1)		—		34		6
Customer contracts and related relationships		40		(1)		—		39		8
Intangible assets subject to amortization		245		(6)		—		239
In-process research and development		70		—		—		70		N/A
Connection rights for electricity services		148		—		(1)		147		N/A
Intangible assets not subject to amortization		218		—		(1)		217
Total intangible assets		$	463	$	(6)	$	(1)	$	456


	June 30, 2026
(in USD millions)		Acquired Intangibles, Gross		Accumulated Amortization		Foreign currency translation		Acquired Intangibles, Net		Weighted-Average Finite Lives (in years)
Connection rights for electricity services		$	253	$	—	$	—	$	253	12
Software licenses		65		(1)		—		64		5.5
Total intangible assets		$	318	$	(1)	$	—	$	317

During the three months ended September 30, 2026, the Group acquired developed technology of $35 million, customer contracts and related relationships of $40 million and in-process research and development of $70 million in connection with the acquisition of Mirantis (refer to Note 7. Business combination). The developed technology is amortized on a straight-line basis over 6 years, its estimated useful life, and the customer contracts and related relationships are amortized on a straight-line basis over 8 years, the expected period of benefit from the underlying customer relationships. Amortization of these assets commenced on August 3, 2026, and the estimated amortization expense is approximately $11 million for each full financial year. The in-process research and development is not subject to amortization until the related development project is completed and the technology is available for its intended use, at which point it will be amortized on a straight-line basis over its estimated useful life of 6 years; until then it is tested for impairment at least annually and when indicators of impairment arise.

Amortization expense related to finite-lived intangible assets was $5 million and nil for the three months ended September 30, 2026 and 2025, respectively.

As of September 30, 2026, the expected future amortization expense related to intangible assets was as follows:


(in USD millions)	Total
Remainder of Financial Year 2027	$	17
Financial Year 2028	23
Financial Year 2029	31
Financial Year 2030	31
Financial Year 2031	31
Financial Year 2032	25
Thereafter	81
Total expected future amortization expense	$	239

Net income (loss) per share of Ordinary shares (Tables)

3 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table presents potentially dilutive securities that were not included in the computation of diluted net income (loss) per share of Ordinary shares as their inclusion would have been anti-dilutive:


	Three Months Ended September 30,
	2026	2025
Stock options	5,050,763	4,832,406
Restricted stock units	31,720,097	67,070
Investment Rights	30,000,000	—
Convertible notes	127,225,107	—
Total	193,995,967	4,899,476

Schedule of Reconciliation of the Denominator of the Basic and Diluted Net Income (Loss) Per Share

The following is a reconciliation of the numerator and denominator of the basic and diluted net income (loss) per share of Ordinary shares for the periods presented:


(in USD millions, except share and per share amounts)	Three Months Ended September 30,
	2026		2025
Numerator:
Net income (loss)	$	(263)	$	385
Convertible notes interest expense, net of tax	—		7
Numerator for diluted net income (loss) per share of Ordinary shares	$	(263)	$	392

Denominator:
Basic weighted-average shares used in computing net income (loss) per share of Ordinary shares	398,557,846		270,696,733
Effects of dilutive securities:
Options	—		2,088,098
Restricted stock units	—		22,387,881
Convertible notes	—		66,507,881
Dilutive potential Ordinary shares	—		90,983,860
Diluted weighted-average shares used in computing net income (loss) per share of Ordinary shares	398,557,846		361,680,593

Basic net income (loss) per share of Ordinary shares	$	(0.66)	$	1.42
Diluted net income (loss) per share of Ordinary shares	$	(0.66)	$	1.08

Subsequent events (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
Subsequent events (Details) - USD ($) $ in Millions	Nov. 05, 2026	Sep. 30, 2026	Sep. 30, 2025
Subsequent Event [Line Items]
Proceeds from issuance of ordinary shares		$ 498	$ 618
Subsequent event
Subsequent Event [Line Items]
Issuance of ordinary shares (in shares)	17,374,990
Proceeds from issuance of ordinary shares	$ 630

- Definition

Number of new stock issued during the period.

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+ Details

Finance leases - Schedule of Supplemental Lease Information (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Leases [Abstract]
Operating cash flows – interest paid	$ 6	$ 0
Financing cash flows – principal repaid	$ 30	$ 0
Weighted-average remaining lease term (in years) – finance leases	1 year 9 months 18 days	0 years
Weighted-average discount rate – finance leases	9.90%	0.00%

Cover Page - shares	3 Months Ended
Cover Page - shares	Sep. 30, 2026	Oct. 30, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2026
Document Transition Report	false
Entity File Number	001-41072
Registrant Name	IREN Limited
Entity Incorporation, State or Country Code	C3
Entity Address, Address Line One	Level 5, 55 Market Street
Entity Address, City or Town	Sydney
Entity Address, Country	AU
Entity Address, Postal Zip Code	2000
City Area Code	61 2
Local Phone Number	7906 8301
Title of 12(b) Security	Ordinary shares, no par value
Trading Symbol	IREN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Central Index Key	0001878848
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2027
Document Fiscal Period Focus	Q1
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		424,357,381
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2

Derivatives - Schedule of Effect of Derivatives on the Consolidated Statement of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Derivatives not designated as hedging instruments:
Total gain (loss) on derivatives	$ (28)	$ 189
Capped Call Transactions \| Location, Statement of Income, Balance [Axis]: us-gaap:UnrealizedGainLossOnInvestments
Derivatives not designated as hedging instruments:
Total gain (loss) on derivatives	(28)	192
Bitcoin purchase option \| Location, Statement of Income, Balance [Axis]: us-gaap:RealizedInvestmentGainsLosses
Derivatives not designated as hedging instruments:
Total gain (loss) on derivatives	0	(6)
Bitcoin purchase option \| Location, Statement of Income, Balance [Axis]: us-gaap:UnrealizedGainLossOnInvestments
Derivatives not designated as hedging instruments:
Total gain (loss) on derivatives	$ 0	$ 3

Accounts payable and accrued expenses

3 Months Ended

Sep. 30, 2026

Payables and Accruals [Abstract]

Accounts payable and accrued expenses

Note 15. Accounts payable and accrued expenses

The components of accounts payable and accrued expenses are as follows:


(in USD millions)	September 30, 2026		June 30, 2026
Accounts payable	$	2,117	$	1,297
Accrued expenses	466		527

Other payables	—		1
Total accounts payable and accrued expenses	$	2,583	$	1,825

Goodwill and Intangible assets, net - Narrative (Details) - USD ($) $ in Millions		3 Months Ended		12 Months Ended
	Aug. 03, 2026	Sep. 30, 2026	Sep. 30, 2025	Jun. 30, 2026
Intangible Asset, Finite-Lived [Line Items]
Additions		$ 414
Impairment losses		0		$ 0
Acquired Intangibles, Gross		245		$ 318
Intangible assets not subject to amortization		218
Estimated amortization expense	$ 11
Amortization expense		5	$ 0
In-process research and development
Intangible Asset, Finite-Lived [Line Items]
Intangible assets not subject to amortization		70
Developed technology
Intangible Asset, Finite-Lived [Line Items]
Acquired Intangibles, Gross		$ 35
Weighted-Average Finite Lives (in years)		6 years
Customer contracts and related relationships
Intangible Asset, Finite-Lived [Line Items]
Acquired Intangibles, Gross		$ 40
Weighted-Average Finite Lives (in years)		8 years
In-process research and development
Intangible Asset, Finite-Lived [Line Items]
Weighted-Average Finite Lives (in years)		6 years
Mirantis, Inc.
Intangible Asset, Finite-Lived [Line Items]
Additions		$ 414

Finance leases (Tables)

3 Months Ended

Sep. 30, 2026

Leases [Abstract]

Schedule of Right-of-Use Assets and Lease Liabilities

The following table shows the right-of-use assets and lease liabilities as of September 30, 2026 and June 30, 2026:


(in USD millions)	September 30, 2026		June 30, 2026
Right-of-use assets:
Finance leases	$	353	$	274
Total right-of-use assets	$	353	$	274

Lease liabilities:
Finance leases - Current	$	179	$	125
Finance leases - Non-current	132		118
Total lease liabilities	$	311	$	244

Schedule of Lease Cost

The Group’s lease costs are comprised of the following:


	Three Months Ended September 30,
(in USD millions)	2026		2025
Finance lease cost:
Amortization of ROU asset	$	17	$	—
Interest on lease liabilities	7		—
Total lease expense	$	24	$	—

Schedule of Supplemental Lease Information

The following table presents supplemental lease information:


	Three Months Ended September 30,
(in USD millions)	2026			2025
Operating cash flows – interest paid	$	6		$	—

Financing cash flows – principal repaid	$	30		$	—


Weighted-average remaining lease term (in years) – finance leases	1.8			0

Weighted-average discount rate – finance leases	9.9		%	—		%

Schedule of Future Minimum Lease Payments

The following table presents the Group’s future minimum lease payments as of September 30, 2026:


(in USD millions)	Finance Leases
Remainder of Financial Year 2027	$	152
Financial Year 2028	152
Financial Year 2029	37
Financial Year 2030	—
Financial Year 2031	—
Financial Year 2032	—
Thereafter	—
Total undiscounted lease payments	341
Less present value discount	(30)
Present value of lease liabilities	$	311

Other liabilities

3 Months Ended

Sep. 30, 2026

Other Liabilities Disclosure [Abstract]

Other liabilities

Note 18. Other liabilities

The components of other liabilities are as follows:


(in USD millions)	September 30, 2026		June 30, 2026
Current
Employee benefits	$	23	$	8
Payroll taxes	30		28
Accrued interest payable	33		8
Other liabilities	18		10
Total current other liabilities	104		54

Non-current

Payroll taxes	8		8
Total non-current other liabilities	8		8

Total other liabilities	$	112	$	62

Cost of revenue

3 Months Ended

Sep. 30, 2026

Other Income and Expenses [Abstract]

Cost of revenue

Note 5. Cost of revenue

The components of cost of revenue (exclusive of depreciation and amortization) are as follows:


	Three Months Ended September 30, 2026
(in USD millions)	AI Cloud Services		AI Cloud Lease		Total AI Cloud		Bitcoin Mining		Total
Electricity	$	3	$	4	$	7	$	14	$	21
Employee benefits	9		3		12		2		14
Other direct expenses	5		4		9		2		11
Total cost of revenue	$	17	$	11	$	28	$	18	$	46


	Three Months Ended September 30, 2025
(in USD millions)	AI Cloud Services		AI Cloud Lease		Total AI Cloud		Bitcoin Mining		Total
Electricity	$	—	$	—	$	—	$	76	$	76
Employee benefits	1		—		1		3		4
Other direct expenses	—		—		—		1		1
Total cost of revenue	$	1	$	—	$	1	$	80	$	81

Deferred revenue

3 Months Ended

Sep. 30, 2026

Revenue Recognition and Deferred Revenue [Abstract]

Deferred revenue

Note 4. Revenue

Disaggregation of Revenue

The Group generates revenue from Bitcoin Mining, AI Cloud Services and AI Cloud Lease. Revenue is disaggregated by geographical region based on the location of the contracting entity and type of service or goods.

The disaggregation of revenue by type of service or goods is as follows:


	Three Months Ended September 30,
(in USD millions)	2026		2025
AI Cloud Services	$	135	$	7
AI Cloud Lease1	65		—
Total AI Cloud revenue	200		7
Bitcoin Mining	28		233
Total revenue	$	228	$	240

1 The Group’s AI Cloud Lease arrangements include availability commitments and related service-level credits. Revenue from these arrangements is accounted for under ASC 842, with fixed and in-substance fixed payments recognized on a straight-line basis over the lease term and amounts subject to availability-related conditions recognized as those conditions are satisfied. For the three months ended September 30, 2026, the Group recognized $49 million of fixed and in-substance fixed lease revenue and $16 million lease revenue subject to availability-related conditions.

The disaggregation of revenue by geographical region based on the location of the contracting entity is as follows:


	Three Months Ended September 30,
(in USD millions)	2026		2025
Australia	$	30	$	233
Canada	118		7
United States	72		—
All other countries	8		—
Total revenue	$	228	$	240

Significant customers

The following customers accounted for 10% or more of the Group’s revenue for the periods presented:


	Three Months Ended September 30,
	2026	2025
Customer A	28%	*
Customer B	24%	*
Customer C	18%	*

* Customer did not represent 10% or more of revenue. Revenue from Customers A, B and C is reported within the AI Cloud segment.

Contract Balances

Payment terms are generally 30 days or less for AI Cloud Services and AI Cloud Lease customers and between 30 and 90 days for software subscription and services customers.

Accounts receivable, net, was $192 million and $21 million as of September 30, 2026 and June 30, 2026, respectively. As of September 30, 2026, $127 million related to revenue from contracts with customers and $65 million related to lease revenue; the balance as of June 30, 2026 related entirely to revenue from contracts with customers.

The Group had no contract assets as of September 30, 2026 or June 30, 2026.

Deferred revenue from AI Cloud Services, including current and non-current balances as of September 30, 2026 and June 30, 2026, was $448 million and $219 million, respectively. For the three months ended September 30, 2026 and 2025, revenue recognized from deferred revenue at the beginning of the period, including deferred revenue assumed in the acquisition of Mirantis, was $28 million and $1 million, respectively.

Remaining Performance Obligations (“RPO”)

Remaining performance obligations under contracts accounted for under ASC 606 were $6,347 million as of September 30, 2026, of which $1,529 million is expected to be recognized within 12 months, $1,652 million between months 13 and 24, and the remainder between months 25 and 60, inclusive of $50 million as a result of the significant financing component on upfront customer prepayments.

For contracts accounted for under ASC 842, a summary of minimum lease payments, comprising estimated fixed and in-substance fixed lease revenue under ASC 842, due from our customers under operating lease arrangements with lease periods of greater than one year is shown below. Amounts exclude lease revenue subject to availability-related conditions.


(in USD millions)	September 30, 2026
Remainder of Financial Year 2027	$	271
Financial Year 2028	363
Financial Year 2029	362
Financial Year 2030	362
Financial Year 2031	362
Financial Year 2032	121
Thereafter	—
Total	$	1,841

As of September 30, 2026, the Group’s remaining aggregate contracted value of lease arrangements, including contracted capacity not yet available for customer use, totaled approximately $13,957 million.

Note 16. Deferred revenue

Deferred revenue comprises consideration received in advance of the Group’s satisfaction of the related performance obligations under contracts with customers, and consideration received in advance of lease income earned under arrangements accounted for as leases. Deferred revenue is disaggregated as follows:


(in USD millions)	September 30, 2026		June 30, 2026
Current
Deferred revenue — contracts with customers	$	127	$	46
Deferred lease revenue — operating leases	—		—
	127		46
Non-current
Deferred revenue — contracts with customers	321		173
Deferred lease revenue — operating leases	2,096		1,623
	2,417		1,796
Total deferred revenue	$	2,544	$	1,843

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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+ Details

Basis of presentation, summary of significant accounting policies and recent accounting pronouncements	3 Months Ended
	Sep. 30, 2026
Accounting Policies [Abstract]
Basis of presentation, summary of significant accounting policies and recent accounting pronouncements	Note 2. Basis of presentation, summary of significant accounting policies and recent accounting pronouncements Basis of presentation and principles of consolidation The accompanying Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial reporting. While these statements reflect all normal recurring adjustments which are, in the opinion of management, necessary for fair presentation of the results of the interim period, they do not include all the information and notes required by GAAP for complete financial statements. As such, the information included in this Quarterly Report should be read in conjunction with the Group’s Consolidated Financial Statements for the year ended June 30, 2026, and related notes thereto, included in the Annual Report. The results of operations for the interim periods are not necessarily indicative of the results to be expected for any future fiscal periods. These Unaudited Condensed Consolidated Financial Statements of the Group include the accounts of the Company and its controlled subsidiaries. Consolidated subsidiaries’ results are included from the date the subsidiary was formed or acquired. Intercompany balances and transactions have been eliminated in consolidation. The U.S. Dollar is the functional and presentation currency of the Company. Beginning with the quarter ended September 30, 2026, the Group has changed the presentation of monetary amounts in its Unaudited Condensed Consolidated Financial Statements and accompanying notes from thousands to millions of U.S. dollars, except per share amounts and unless otherwise indicated. Comparative amounts included in these financial statements have been presented on the same basis. The change affects presentation only and has no effect on the underlying financial position, results of operations or cash flows. Certain displayed amounts may differ from previously reported amounts solely due to rounding, and totals may not equal the sum of individual amounts. Liquidity As of September 30, 2026, the Group had cash and cash equivalents of $3,522 million and restricted cash of $2,256 million. For the three months ended September 30, 2026, the Group generated net cash from operating activities of $529 million. The Group operates a capital-intensive business and expects to continue to incur significant capital expenditures associated with the development and expansion of its data center platform and the acquisition of GPUs and related infrastructure. As of September 30, 2026, the Group had capital commitments of $18,947 million as outlined in Note 24. Commitments and contingencies. The Group has evaluated its anticipated liquidity requirements, including its contractual commitments and planned capital expenditures. Based on this assessment, which included consideration of the timing of contractual commitments, the Group believes that its existing cash and cash equivalents, expected cash flows from operations and proceeds from financing activities in the normal course of business will be sufficient to satisfy its obligations as they become due for at least 12 months from the date of these Unaudited Condensed Consolidated Financial Statements. The Group may also access debt, equity or other financing sources from time to time to fund additional growth and development initiatives. Use of estimates and assumptions The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions about future events that affect the amounts reported in the financial statements and accompanying notes. Future events and their effects cannot be determined with absolute certainty. Therefore, the determination of estimates requires the exercise of judgment. Management bases its estimates on historical experience and on various other assumptions believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates, and such differences may be material to the financial statements. The most significant accounting estimates inherent in the preparation of the Group’s Unaudited Condensed Consolidated Financial Statements include estimates associated with determining the useful lives and recoverability of long-lived assets, valuation of derivatives and financial assets classified under Level 3 of the fair value hierarchy, stock-based compensation, legal accruals and contingent liabilities, and current and deferred income tax assets (including the associated valuation allowance) and liabilities. Significant accounting policies Except as described below, there have been no material changes to the Group’s significant accounting policies disclosed in Note 2. Basis of presentation, summary of significant accounting policies and recent accounting pronouncements, of the Notes to the Consolidated Financial Statements included in the Annual Report. Revenue recognition AI Cloud Services revenue Following the acquisition of Mirantis in the quarter ended September 30, 2026, the Group’s revenue includes software subscriptions comprising term-based software licenses and related support, cloud-based platform services, and professional services. These offerings are integrated with the Group’s existing AI Cloud Services and presented within “AI Cloud Services revenue”. The Group does not currently expect Mirantis’ revenue to be material to the consolidated results for fiscal year 2027. Certain customer contracts include significant advance prepayments. For arrangements accounted for under ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), the Group assesses at contract inception whether the payment terms provide a significant financing benefit. This assessment considers the interval between payment and delivery of the related services, any difference between the contractual consideration and the cash selling price, prevailing market interest rates and the commercial reasons for the payment terms. As a practical expedient, the Group does not adjust consideration for financing effects where it expects, at contract inception, that the interval between payment and delivery of the corresponding services will be one year or less. Where a contract is determined to contain a significant financing component, the resulting interest expense is presented separately from revenue within finance expense in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Advance payments attributable to arrangements accounted for under ASC 842 are recognized as deferred lease revenue and are subject to the Group’s lease accounting policy. AI Cloud Lease revenue At contract inception, the Group assesses whether an arrangement is, or contains, a lease. An arrangement contains a lease where it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where the Group is the lessor, each lease is classified at commencement as a sales-type, direct financing or operating lease. Leases that do not meet the criteria for sales-type or direct financing classification, and leases with variable payments not based on an index or rate for which such classification would result in a selling loss at commencement, are classified as operating leases. For operating leases, the underlying assets remain within property, plant and equipment and continue to be depreciated, and no net investment in the lease is recognized. For arrangements that contain both lease and non-lease components, the Group has elected, by class of underlying asset, the practical expedient to combine the non-lease components with the associated lease component where the timing and pattern of transfer are the same and the lease component would be classified as an operating lease. The combined component is accounted for under ASC 842 where the lease component is predominant, and under ASC 606 where the non-lease components are predominant. Lease commencement is the date on which the underlying asset is made available for the customer’s use. Fixed lease payments under operating leases are recognized as lease revenue on a straight-line basis over the lease term from commencement, provided it is probable that substantially all of the lease payments will be collected. Where collectibility is not probable, lease revenue is limited to the lesser of the straight-line amount and the cash received. Variable payments, including service credits under availability commitments and reductions for delivery delays, are recognized in the period in which the underlying facts and circumstances occur and are presented as a reduction of lease revenue where applicable. Amounts received in advance are recorded as deferred lease revenue and recognized consistent with the pattern of lease revenue. Cash receipts under operating leases are classified within operating activities. Finite-lived intangible assets Intangible assets acquired in a business combination are initially recognized at fair value as of the acquisition date. Developed technology and customer contracts and related relationships are classified as finite-lived intangible assets and are amortized on a straight-line basis over the shorter of their contractual term and their estimated period of economic benefit. The Group reviews the useful lives, residual values and amortization methods at least annually, and adjusts them prospectively if expectations change. In-process research and development (“IPR&D”) represents acquired projects that have not yet reached technological feasibility. IPR&D is indefinite-lived and not amortized until the related project is completed and the technology is available for its intended use, at which point it is reclassified to developed technology and amortized over its determined useful life. Subsequent development costs are expensed as incurred and abandoned projects are written off. Finite-lived intangible assets are carried at cost (or acquisition-date fair value) less accumulated amortization and impairment, and are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. When such indicators exist, the Group compares the carrying amount of the asset (or asset group) with its estimated undiscounted future cash flows. If the carrying amount exceeds the undiscounted cash flows, an impairment loss is recognized for the excess of the carrying amount over the asset’s fair value, with the loss recorded in “Impairment of assets” in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Research and development expenses The Group’s research and development expenses consist primarily of employee compensation and benefits, professional fees and allocated costs attributable to the Group’s research and development activities. Research and development costs are expensed as incurred. Recent accounting pronouncements The Group continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Group’s financial reporting, the Group undertakes a study to determine the consequences of the change to its Unaudited Condensed Consolidated Financial Statements and ensures that there are proper controls in place to ascertain that the Group’s Unaudited Condensed Consolidated Financial Statements properly reflect the change. In November 2024, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires more detailed disclosures, on an annual and interim basis, about specified categories of expenses (including employee compensation, depreciation, and amortization) included in certain expense captions presented on the condensed consolidated statements of operations and comprehensive income (loss). This guidance as further clarified by ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), will be effective for annual periods beginning after December 15, 2026, and for interim periods within financial years beginning after December 15, 2027. Early adoption is permitted. Upon adoption, the guidance can be applied either prospectively or retrospectively. The Group is currently assessing the impact of adopting the standard. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”). ASU 2025-11 updates the guidance in Topic 270 by improving navigability of the required interim disclosures, clarifying when that guidance is applicable and requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for annual and interim periods beginning after December 15, 2027; early adoption is permitted. The Group is currently assessing the impact of adopting the standard.

Other assets - Schedule of Other Assets (Details) - USD ($) $ in Millions	Sep. 30, 2026	Jun. 30, 2026
Current
GST receivables	$ 100	$ 30
Interest receivables	4	1
Share issuance proceeds receivables	50	0
Other receivables	2	6
Total current other assets	156	36
Non-current
Debt issuance cost	39	57
Other assets	0	2
Total non-current other assets	39	59
Total other assets	$ 195	$ 95

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2026	Sep. 30, 2025	Jun. 30, 2026
Disaggregation of Revenue [Line Items]
Accounts receivable, net	$ 192		$ 21
Deferred revenue	448		$ 219
Recognition of revenue from deferred revenue	28	$ 1
Revenue, remaining performance obligation, amount	6,347
Remaining performance obligation, significant financing component, amount	50
Remaining aggregate contracted value of lease arrangements, including leases not yet commenced	13,957
AI Cloud Services
Disaggregation of Revenue [Line Items]
Accounts receivable, net	127
AI Cloud Lease
Disaggregation of Revenue [Line Items]
Accounts receivable, net	65
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, amount	$ 1,529
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-10-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, amount	$ 1,652
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-10-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, period	2 years

Business Combination - Schedule of Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Sep. 30, 2026	Aug. 03, 2026	Jun. 30, 2026
Business Combination [Line Items]
Goodwill	$ 450.0		$ 36.0
Mirantis, Inc.
Business Combination [Line Items]
Cash and cash equivalents		$ 25.0
Accounts receivable, net		14.0
Deposits and prepaid expenses		6.0
Property, plant and equipment, net		4.0
Intangible assets, net		145.0
Operating lease right-of-use asset, net		3.0
Total identifiable assets acquired		197.0
Accounts payable and accrued expenses		(3.0)
Operating lease liability		(3.0)
Deferred revenue		(57.0)
Other liabilities		(4.0)
Deferred tax liabilities		(6.0)
Total liabilities assumed		(73.0)
Net identifiable assets acquired		124.0
Goodwill		414.0
Total consideration transferred		$ 538.0

Income taxes	3 Months Ended
Income taxes	Sep. 30, 2026
Income Tax Disclosure [Abstract]
Income taxes	Note 23. Income taxes The effective income tax rate was (0.8)% for the three months ended September 30, 2026 compared to 33.1% for the three months ended September 30, 2025. The movement in the effective tax rate for the three months ended September 30, 2026 is primarily attributable to the prior period reflecting deferred tax recognized at the Australian statutory rate on an unrealized gain on financial instruments, compared with a pre-tax loss in the current period on which a tax expense was recognized due to movements in valuation allowances against deferred tax assets and certain other permanent differences. The Company’s effective tax rate may vary from quarter to quarter due to both recurring and non‑recurring factors, including the geographical mix of income or losses, changes in valuation allowances, stock‑based compensation, and changes in tax laws or rates. These items can create volatility in the effective tax rate because they may be recognized discretely in a particular period or may not scale proportionately with pre‑tax earnings. The Company had no material unrecognized tax benefits as of September 30, 2026.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Selling, general and administrative expenses (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Other Income and Expenses [Abstract]
Employee benefits	$ 33	$ 8
Payroll taxes	6	33
Professional fees	20	7
Stock-based compensation	106	72
Insurance	7	5
Renewable energy certificates	3	3
Property taxes	6	2
Non-refundable provincial sales tax	4	1
Marketing expenses	11	3
Other selling, general and administrative expenses	21	4
Total selling, general and administrative expenses	$ 217	$ 138

Fair value measurement (Details) - USD ($) $ in Millions	Sep. 30, 2026	Jun. 30, 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	$ 410	$ 415
Debt instrument	9,483	7,167
Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument	6,657	6,653
USPP Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument	1,542	515
GPU Financing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument	1,284
Capped Call Transactions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	384	412
Interest-rate Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	26	3
Quoted prices in active markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	0	0
Debt instrument	6,489	7,484
Quoted prices in active markets (Level 1) \| Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument	6,489	7,484
Quoted prices in active markets (Level 1) \| USPP Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument	0	0
Quoted prices in active markets (Level 1) \| GPU Financing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument	0
Quoted prices in active markets (Level 1) \| Capped Call Transactions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	0	0
Quoted prices in active markets (Level 1) \| Interest-rate Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	0	0
Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	26	3
Debt instrument	2,839	524
Significant other observable inputs (Level 2) \| Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument	0	0
Significant other observable inputs (Level 2) \| USPP Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument	1,547	524
Significant other observable inputs (Level 2) \| GPU Financing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument	1,292
Significant other observable inputs (Level 2) \| Capped Call Transactions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	0	0
Significant other observable inputs (Level 2) \| Interest-rate Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	26	3
Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	384	412
Debt instrument	0	0
Significant unobservable inputs (Level 3) \| Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument	0	0
Significant unobservable inputs (Level 3) \| USPP Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument	0	0
Significant unobservable inputs (Level 3) \| GPU Financing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument	0
Significant unobservable inputs (Level 3) \| Capped Call Transactions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	384	412
Significant unobservable inputs (Level 3) \| Interest-rate Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	$ 0	$ 0

Debt - Schedule of Debt Instruments (Details) - Secured Debt - USD ($) $ in Millions	Sep. 30, 2026	Aug. 31, 2026
GPU Financing 2.0
Debt Instrument, Redemption [Line Items]
Stated interest rate	9.00%	9.00%
Remaining principal	$ 2,447	$ 2,400
GPU Financing 3.0
Debt Instrument, Redemption [Line Items]
Stated interest rate	9.51%	9.51%
Remaining principal	$ 363	$ 363

Fair value measurement

3 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

Fair value measurement

Note 14. Fair value measurement

Assets and liabilities that are measured in the Condensed Consolidated Balance Sheets at fair value are categorized into a three-level hierarchy based on the priority of the inputs to the valuation. The categorization within the hierarchy is based on the lowest level input that is significant to the fair value measurement, being:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date.

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3: Unobservable inputs for the asset or liability.

The following tables present the Group’s assets and liabilities measured at fair value on a recurring basis:


			Fair value measured as of September 30, 2026
(in USD millions)	Total carrying value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Derivative assets
Capped Call Transactions	$	384	$	—	$	—	$	384
Interest-rate Swaps	26		—		26		—
Total derivative assets	$	410	$	—	$	26	$	384


			Fair value measured as of June 30, 2026
(in USD millions)	Total carrying value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Derivative assets
Capped Call Transactions	$	412	$	—	$	—	$	412
Interest-rate Swaps	3		—		3		—
Total derivative assets	$	415	$	—	$	3	$	412

Fair value of financial instruments not recognized at fair value

The following tables present information about the Group’s financial instruments that are not recognized at fair value on the Condensed Consolidated Balance Sheets:


	Fair value measured as of September 30, 2026
(in USD millions)	Total carrying value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Convertible Notes	$	6,657	$	6,489	$	—	$	—
USPP Senior Notes	1,542		—		1,547		—
GPU Financing	1,284		—		1,292		—
Total	$	9,483	$	6,489	$	2,839	$	—


	Fair value measured as of June 30, 2026
(in USD millions)	Total carrying value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Convertible Notes	$	6,653	$	7,484	$	—	$	—
USPP Senior Notes	515		—		524		—
Total	$	7,167	$	7,484	$	524	$	—

Debt instruments that bear interest at variable market rates are not included in the table above, as the carrying value of such instruments approximates fair value due to the variable interest rates resetting to reflect current market conditions.

There were no transfers between Level 1, 2 or 3 during the periods presented.

Refer to Note 13. Derivatives for the significant fair value assumptions and the related movements and balances of financial instruments measured and recorded at fair value on a recurring basis.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 2
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net income (loss) per share of Ordinary shares - Schedule of Reconciliation of the Denominator of the Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Numerator:
Net income (loss)	$ (263)	$ 385
Convertible notes interest expense, net of tax	0	7
Numerator for diluted net income (loss) per share of Ordinary shares	$ (263)	$ 392
Denominator:
Basic weighted-average shares used in computing net income (loss) per share of Ordinary shares (in shares)	398,557,846	270,696,733
Effects of dilutive securities:
Convertible notes (in shares)	0	66,507,881
Dilutive potential Ordinary shares (in shares)	0	90,983,860
Diluted weighted-average shares used in computing net income (loss) per share of Ordinary shares (in shares)	398,557,846	361,680,593
Basic net income (loss) per share of Ordinary shares ( in USD per share)	$ (0.66)	$ 1.42
Diluted net income (loss) per share of Ordinary shares (in USD per share)	$ (0.66)	$ 1.08
Options
Effects of dilutive securities:
Dilutive potential Ordinary shares (in shares)	0	2,088,098
Restricted stock units
Effects of dilutive securities:
Dilutive potential Ordinary shares (in shares)	0	22,387,881

Commitments and contingencies - Narrative (Details) - USD ($)	Sep. 30, 2026	Jun. 30, 2026	Apr. 30, 2025
Loss Contingencies [Line Items]
Capital expenditure commitments	$ 18,947,000,000	$ 13,810,000,000
NOA hardware imported
Loss Contingencies [Line Items]
Estimate of possible loss			$ 100,000,000
GST under dispute
Loss Contingencies [Line Items]
Estimate of possible loss	28,000,000
Loss contingencies	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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+ Details

- Definition

Reflects the estimated amount of loss from the specified contingency as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
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+ Details

Commitments and contingencies	3 Months Ended
Commitments and contingencies	Sep. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Note 24. Commitments and contingencies Commitments As of September 30, 2026 and June 30, 2026, the Group had commitments of $18,947 million and $13,810 million, respectively. These commitments include committed capital expenditure on AI hardware and infrastructure related to site development and construction. Certain of the Group’s purchase commitments provide cancellation flexibility, subject to contractual terms that may include cancellation charges or reimbursement of supplier costs. Cancellation rights vary by supplier, agreement and stage of order fulfilment. Legal and regulatory matters The Group is subject at times to various claims, lawsuits and governmental proceedings relating to the Group’s business and transactions arising in the ordinary course of business. The Group cannot predict the final outcome of such proceedings. Where appropriate, the Group vigorously defends such claims, lawsuits and proceedings. Some of these claims, lawsuits and proceedings seek damages, including, consequential, exemplary or punitive damages, in amounts that could, if awarded, be significant. Certain of the claims, lawsuits and proceedings arising in the ordinary course of business are covered by the Group’s insurance program. The Group maintains property and various types of liability insurance in an effort to protect the Group from such claims. In terms of any matters where there is no insurance coverage available to the Group, or where coverage is available and the Group maintains a retention or deductible associated with such insurance, the Group may establish an accrual for such loss, retention or deductible based on currently available information. In accordance with accounting guidance, if it is probable that a liability has been incurred as of the date of the financial statements, and the amount of loss is reasonably estimable, then an accrual for the cost to resolve or settle these claims is recorded by the Group in the accompanying Condensed Consolidated Balance Sheets. Expenses related to the defense of such claims are recorded by the Group as incurred and included in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Management, with the assistance of outside counsel, may from time to time adjust such accruals according to new developments in the matter, court rulings, or changes in the strategy affecting the Group’s defense of such matters. On the basis of current information, the Group does not believe there is a reasonable possibility that any material loss will result from any claims, lawsuits and proceedings to which the Group is subject either individually or in the aggregate. Contingencies U.S. importation tariff In April 2025, the Group received a Notice of Action (“NOA”) from U.S. Customs and Border Protection (“CBP”) challenging the country of origin of mining hardware imported by the Group to the U.S. between April 2024 and February 2025. The NOA asserted that the country of origin of the mining hardware is China and notified the Group of an assessment of a U.S. importation tariff of 25%. The seller has represented to the Group that the country of origin of the mining hardware was not China. Certificates of origin and/or commercial invoices and shipping documents for all mining hardware shipments assessed in the NOA have been provided to the Group to support this claim. The Group had contested the NOA and the associated tariff cost of approximately $100 million. No loss contingency had been recognized in respect of this assessment. In October 2026, CBP approved the Group’s protests and accepted the declared country of origin of the mining hardware covered by those protests. Accordingly, no additional tariff, administrative fee or interest is payable in respect of the above matter. Non-Refundable Sales Tax The Canada Revenue Agency (“CRA”) asserts that 5% Goods and Services Tax (“GST”) should be applied to services exported to the Australian parent under an intercompany services agreement. The CRA’s position is based on its determination that the Australian parent has a permanent establishment in Canada, thereby requiring the Canadian subsidiaries to charge and remit GST on those services. On March 31, 2025, the Group received a Notice of Confirmation from the CRA upholding this assessment. In response, the Group filed a Notice of Appeal with the Tax Court of Canada to dispute the assessment. As of September 30, 2026, the total amount of GST under dispute related to the services supplied to the Australian parent entity is approximately $28 million. Based on the current status of the dispute and the strength of the Group’s legal position, the Group has concluded that it is reasonably possible, but not probable, that an outflow of economic resources will be required as of September 30, 2026. Accordingly, the Group has not recorded a loss contingency as of September 30, 2026, in respect of this matter.

Revenue (Tables)

3 Months Ended

Sep. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The disaggregation of revenue by type of service or goods is as follows:


	Three Months Ended September 30,
(in USD millions)	2026		2025
AI Cloud Services	$	135	$	7
AI Cloud Lease1	65		—
Total AI Cloud revenue	200		7
Bitcoin Mining	28		233
Total revenue	$	228	$	240

The disaggregation of revenue by geographical region based on the location of the contracting entity is as follows:


	Three Months Ended September 30,
(in USD millions)	2026		2025
Australia	$	30	$	233
Canada	118		7
United States	72		—
All other countries	8		—
Total revenue	$	228	$	240

Schedule of Concentration of Risk

The following customers accounted for 10% or more of the Group’s revenue for the periods presented:


	Three Months Ended September 30,
	2026	2025
Customer A	28%	*
Customer B	24%	*
Customer C	18%	*

* Customer did not represent 10% or more of revenue. Revenue from Customers A, B and C is reported within the AI Cloud segment.

Schedule of Minimum Lease Payments

Amounts exclude lease revenue subject to availability-related conditions.


(in USD millions)	September 30, 2026
Remainder of Financial Year 2027	$	271
Financial Year 2028	363
Financial Year 2029	362
Financial Year 2030	362
Financial Year 2031	362
Financial Year 2032	121
Thereafter	—
Total	$	1,841

Property, plant and equipment, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Jun. 30, 2026
Property, Plant, and Equipment [Line Items]
Depreciation, excluding ROU	$ 143	$ 85
Impairment loss	2	16
Impairment of assets		16
Gain (loss) on asset impairment charges	(21)	$ 0
Assets held for sale	70		$ 73
GPU hardware
Property, Plant, and Equipment [Line Items]
Pledged as security	$ 4,769		$ 1,487

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 905
-SubTopic 360
-Name Accounting Standards Codification
-Section 25
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478704/905-360-25-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 05
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482338/360-10-05-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 30
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482222/360-10-30-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 360
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-Name Accounting Standards Codification
-Section 05
-Paragraph 3
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147482338/360-10-05-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-1

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 360
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-Name Accounting Standards Codification
-Section 05
-Paragraph 3
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482338/360-10-05-3

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 05
-Paragraph 3
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147482338/360-10-05-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482558/350-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A

+ Details

Debt - Schedule of Debt Obligations (Details) - USD ($) $ in Millions	Sep. 30, 2026	Jun. 30, 2026
Debt Instrument, Redemption [Line Items]
Total principal of debt	$ 10,041	$ 7,706
Less: unamortized issuance costs	(144)	(113)
Total debt, net of unamortized issuance costs	9,897	7,593
Less: debt, current	(950)	(169)
Debt, non-current	8,947	7,424
Non-recourse debt
Debt Instrument, Redemption [Line Items]
Total principal of debt	1,980	938
Recourse debt
Debt Instrument, Redemption [Line Items]
Total principal of debt	$ 8,061	6,768
2030 Convertible Senior Notes [Member] \| Convertible debt \| Recourse debt
Debt Instrument, Redemption [Line Items]
Effective Interest Rates	3.87%
Total principal of debt	$ 212	212
2029 Convertible Notes \| Convertible debt \| Recourse debt
Debt Instrument, Redemption [Line Items]
Effective Interest Rates	4.22%
Total principal of debt	$ 233	233
2031 Convertible Notes \| Convertible debt \| Recourse debt
Debt Instrument, Redemption [Line Items]
Effective Interest Rates	0.37%
Total principal of debt	$ 1,000	1,000
2032 Convertible Notes \| Convertible debt \| Recourse debt
Debt Instrument, Redemption [Line Items]
Effective Interest Rates	0.45%
Total principal of debt	$ 1,150	1,150
2033 (Jun) Convertible Notes \| Convertible debt \| Recourse debt
Debt Instrument, Redemption [Line Items]
Effective Interest Rates	1.18%
Total principal of debt	$ 1,150	1,150
2033 (Dec) Convertible Notes \| Convertible debt \| Recourse debt
Debt Instrument, Redemption [Line Items]
Effective Interest Rates	1.18%
Total principal of debt	$ 3,000	3,000
GPU Financing 2.0 \| Secured Debt
Debt Instrument, Redemption [Line Items]
Total principal of debt	$ 947
GPU Financing 2.0 \| Secured Debt \| Recourse debt
Debt Instrument, Redemption [Line Items]
Effective Interest Rates	10.70%
Total principal of debt	$ 947	0
GPU Financing 3.0 \| Secured Debt
Debt Instrument, Redemption [Line Items]
Total principal of debt	$ 363
GPU Financing 3.0 \| Secured Debt \| Recourse debt
Debt Instrument, Redemption [Line Items]
Effective Interest Rates	10.38%
Total principal of debt	$ 355	0
Other debt \| Other debt \| Recourse debt
Debt Instrument, Redemption [Line Items]
Total principal of debt	$ 14	22
DDTL Facility \| Non-recourse debt
Debt Instrument, Redemption [Line Items]
Effective Interest Rates	7.22%
Total principal of debt	$ 409	413
USPP Senior Notes \| Non-recourse debt
Debt Instrument, Redemption [Line Items]
Effective Interest Rates	7.09%
Total principal of debt	$ 1,571	$ 525

Cost of revenue (Details) - USD ($) $ in Millions	3 Months Ended
Cost of revenue (Details) - USD ($) $ in Millions	Sep. 30, 2026	Sep. 30, 2025
Disaggregation of Revenue [Line Items]
Electricity	$ 21	$ 76
Employee benefits	14	4
Other direct expenses	11	1
Total cost of revenue	46	81
Total AI Cloud
Disaggregation of Revenue [Line Items]
Electricity	7	0
Employee benefits	12	1
Other direct expenses	9	0
Total cost of revenue	28	1
AI Cloud Services
Disaggregation of Revenue [Line Items]
Electricity	3	0
Employee benefits	9	1
Other direct expenses	5	0
Total cost of revenue	17	1
AI Cloud Lease
Disaggregation of Revenue [Line Items]
Electricity	4	0
Employee benefits	3	0
Other direct expenses	4	0
Total cost of revenue	11	0
Bitcoin Mining
Disaggregation of Revenue [Line Items]
Electricity	14	76
Employee benefits	2	3
Other direct expenses	2	1
Total cost of revenue	$ 18	$ 80

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Segment information (Details) $ in Millions	3 Months Ended
Segment information (Details) $ in Millions	Sep. 30, 2026 USD ($) segment	Sep. 30, 2025 USD ($)
Reportable segment revenue
Total segment and consolidated revenue	$ 200	$ 7
Reportable segment cost of revenue (exclusive of depreciation and amortization shown below):
Total segment and consolidated cost of revenue	(46)	(81)
Reconciling items:
Selling, general and administrative expenses	(217)	(138)
Research and development expenses	(7)	0
Depreciation and amortization	(148)	(85)
Impairment of assets	(2)	(16)
Gain (loss) on disposal of property, plant and equipment	8	0
Other operating expenses	(4)	0
Other operating income	2	4
Finance expense	(73)	(9)
Interest income	51	7
Increase (decrease) in fair value of assets held for sale	(21)	0
Realized gain (loss) on financial instruments	0	(6)
Unrealized gain (loss) on financial instruments	(28)	665
Foreign exchange gain (loss)	(4)	(5)
Income tax (expense) benefit	(2)	(191)
Net income (loss)	$ (263)	385
Number of reportable segments \| segment	2
Operating segments
Reportable segment revenue
Total segment and consolidated revenue	$ 228	240
Reportable segment cost of revenue (exclusive of depreciation and amortization shown below):
Total segment and consolidated cost of revenue	(46)	(81)
Total segment gross profit (loss)	182	160
Reconciling items:
Selling, general and administrative expenses	(217)	(138)
Research and development expenses	(7)	0
Depreciation and amortization	(148)	(85)
Impairment of assets	(2)	(16)
Gain (loss) on disposal of property, plant and equipment	8	0
Other operating expenses	(4)	0
Other operating income	2	4
Finance expense	(73)	(9)
Interest income	51	7
Increase (decrease) in fair value of assets held for sale	(21)	0
Realized gain (loss) on financial instruments	0	(6)
Unrealized gain (loss) on financial instruments	(28)	665
Foreign exchange gain (loss)	(4)	(5)
Income tax (expense) benefit	(2)	(191)
Net income (loss)	(263)	385
Operating segments \| AI Cloud
Reportable segment revenue
Total segment and consolidated revenue	200	7
Reportable segment cost of revenue (exclusive of depreciation and amortization shown below):
Total segment and consolidated cost of revenue	(28)	(1)
Operating segments \| Bitcoin Mining
Reportable segment revenue
Total segment and consolidated revenue	28	233
Reportable segment cost of revenue (exclusive of depreciation and amortization shown below):
Total segment and consolidated cost of revenue	$ (18)	$ (80)

Derivatives (Tables)

3 Months Ended

Sep. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Consolidated Balance Sheet Classification of Derivatives

The following table presents the Group’s Condensed Consolidated Balance Sheets classification of derivatives carried at fair value:


(in USD millions)		September 30, 2026				June 30, 2026
Derivative	Balance Sheet Line	Asset		Liability		Asset		Liability
Derivatives designated as hedging instruments:
Interest-rate swaps — cash flow hedges	Derivative assets - Current	$	8	$	—	$	—	$	—
Interest-rate swaps — cash flow hedges	Derivative assets - Non-current	18		—		3		—
Derivatives not designated as hedging instruments:
Capped Call Transactions	Derivative assets - Non-current	384		—		412		—
Total derivatives		$	410	$	—	$	416	$	—

Schedule of Effect of Derivatives on the Consolidated Statement of Operations and Comprehensive Income (Loss)

The following table presents the effect of derivatives on the Group’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss):


(in USD millions)		Three Months Ended September 30,
Derivative	Statement of Operations Line	2026		2025
Derivatives not designated as hedging instruments:
Capped Call Transactions	Unrealized gain (loss) on financial instruments	$	(28)	$	192
Bitcoin purchase option	Realized gain (loss) on financial instruments	—		(6)
Bitcoin purchase option	Unrealized gain (loss) on financial instruments	—		3
Total gain (loss) on derivatives		$	(28)	$	189

Schedule of Significant Fair Value Assumptions

The following table represents the significant fair value assumptions used for Capped Call Transactions as of September 30, 2026:


	2031 Capped Call			2032 Capped Call			2033 (Jun) Capped Call			2033 (Dec) Capped Call
Closing share price	$	40.88		$	40.88		$	40.88		$	40.88
Long strike price	$	85.63		$	51.40		$	51.40		$	73.07
Short strike price	$	120.18		$	82.24		$	82.24		$	110.30
Risk free interest rate	4.95		%	4.99		%	5.04		%	5.06		%
Dividend yield	nil			nil			nil			nil
Expected volatility	65.0		%	62.5		%	60.0		%	60.0		%

Schedule of Movement in the Fair Value

The following table reconciles the movement in the fair value of the Capped Call Transactions:


(in USD millions)	Total Capped Call Transactions
Balance as of July 1, 2026	$	412
Unrealized gain (loss) recognized	(28)
Balance as of September 30, 2026	$	384

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Goodwill and Intangible assets, net - Schedule of Changes to Goodwill (Details) $ in Millions	3 Months Ended
	Sep. 30, 2026 USD ($)
Goodwill [Roll Forward]
Balance, beginning	$ 36
Additions	414
Balance, ending	$ 450

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

+ Details

Property, plant and equipment, net - Schedule of Property Plant and Equipment (Details) - USD ($) $ in Millions	Sep. 30, 2026	Jun. 30, 2026
Property, Plant, and Equipment [Line Items]
Right-of-use assets - Finance lease	$ 398	$ 302
Property, plant and equipment, gross	13,092	7,663
Less: Accumulated depreciation	(451)	(426)
Less: Accumulated impairment	(297)	(484)
Property, plant and equipment, net	12,344	6,753
GPU hardware
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	5,819	2,035
Buildings
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	1,731	864
Other PPE
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	155	69
Land
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	155	139
Construction in progress
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	4,608	3,657
Mining hardware
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	$ 226	$ 597

Cost of revenue (Tables)

3 Months Ended

Sep. 30, 2026

Other Income and Expenses [Abstract]

Schedule of Cost of Revenue

The components of cost of revenue (exclusive of depreciation and amortization) are as follows:


	Three Months Ended September 30, 2026
(in USD millions)	AI Cloud Services		AI Cloud Lease		Total AI Cloud		Bitcoin Mining		Total
Electricity	$	3	$	4	$	7	$	14	$	21
Employee benefits	9		3		12		2		14
Other direct expenses	5		4		9		2		11
Total cost of revenue	$	17	$	11	$	28	$	18	$	46


	Three Months Ended September 30, 2025
(in USD millions)	AI Cloud Services		AI Cloud Lease		Total AI Cloud		Bitcoin Mining		Total
Electricity	$	—	$	—	$	—	$	76	$	76
Employee benefits	1		—		1		3		4
Other direct expenses	—		—		—		1		1
Total cost of revenue	$	1	$	—	$	1	$	80	$	81

Stock-based compensation - Schedule of Share-Based Compensation Expense Recognized in Consolidated Statements of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 106	$ 72
Stock options
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	1	3
Service-based RSUs
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	96	42
Performance-based RSUs
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 9	$ 27

Debt (Tables)

3 Months Ended

Sep. 30, 2026

Debt Disclosure [Abstract]

Schedule of Debt Obligations

The total debt obligations are as follows:


(in USD millions)	Maturities	Effective Interest Rates	September 30, 2026		June 30, 2026
Recourse debt
2030 Convertible Notes	June 15, 2030	3.87%	$	212	$	212
2029 Convertible Notes	December 15, 2029	4.22%	233		233
2031 Convertible Notes	July 1, 2031	0.37%	1,000		1,000
2032 Convertible Notes	June 1, 2032	0.45%	1,150		1,150
2033 (Jun) Convertible Notes	June 1, 2033	1.18%	1,150		1,150
2033 (Dec) Convertible Notes	December 1, 2033	1.18%	3,000		3,000
GPU Financing 2.0	May 31, 2029	10.70%	947		—
GPU Financing 3.0	August 31, 2029	10.38%	355		—
Other debt	2027 - 2029	Various	14		22
Total recourse debt			8,061		6,768

Non-recourse debt
DDTL Facility	December 31, 2031	7.22%	409		413
USPP Senior Notes	December 31, 2031	7.09%	1,571		525
Total non-recourse debt			1,980		938

Total principal of debt			10,041		7,706
Less: unamortized issuance costs			(144)		(113)
Total debt, net of unamortized issuance costs			9,897		7,593
Less: debt, current			(950)		(169)
Debt, non-current			$	8,947	$	7,424

Schedule of Future Principal Payments of Long-Term Debt

As of September 30, 2026, the future principal payments for the Group's total debt were as follows:


(in USD millions)	Total
Remainder of Financial Year 2027	$	723
Financial Year 2028	1,059
Financial Year 2029	821
Financial Year 2030	733
Financial Year 2031	274
Thereafter	6,431
Total	$	10,041

Schedule of Interest Expense For Group’s Debt Obligations

The total interest expense for the Group’s debt obligations was as follows:


	Three Months Ended September 30,
(in USD millions)	2026		2025
Contractual interest expense	$	48	$	8
Amortization of debt issuance costs	8		1
Total	$	56	$	10

Schedule of Debt Instruments

During the three months ended September 30, 2026, the Group entered into the following debt instruments:


(in USD millions)	Issuance date	Stated interest rate	Principal amount1
GPU Financing 2.0	August 25, 2026	9.00%	$	2,447
GPU Financing 3.0	August 26, 2026	9.51%	$	363

1 Amounts represent borrowing capacity for each facility.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.9-06)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
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-Section 50
-Paragraph 3
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+ Details

Organization	3 Months Ended
Organization	Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Note 1. Organization Nature of operations and corporate information IREN Limited (“Company” or “Parent Entity”) and the entities it controlled at the end of, or during, the quarter ended September 30, 2026 (collectively the “Group”) is a vertically integrated AI Cloud platform, delivering data centers, compute and software for AI training and inference.

Derivatives - Schedule of Consolidated Balance Sheet Classification of Derivatives (Details) - USD ($) $ in Millions	Sep. 30, 2026	Jun. 30, 2026
Derivative [Line Items]
Derivative assets - Current	$ 8	$ 0
Asset	410	415
Derivative assets - Non-current	402	416
Derivatives not designated as hedging instruments:
Derivative [Line Items]
Asset	410	416
Liability	0	0
Interest-rate Swaps
Derivative [Line Items]
Asset	26	3
Interest-rate Swaps \| Derivatives designated as hedging instruments:
Derivative [Line Items]
Derivative assets - Current	8	0
Derivative liability - Current	0	0
Derivative assets - Non-current	18	3
Derivative liability - Noncurrent	0	0
Capped Call Transactions
Derivative [Line Items]
Asset	384	412
Capped Call Transactions \| Derivatives not designated as hedging instruments:
Derivative [Line Items]
Derivative assets - Non-current	384	412
Derivative liability - Noncurrent	$ 0	$ 0

Stockholders' equity (Details) - USD ($) $ / shares in Units, $ in Billions	3 Months Ended		7 Months Ended	12 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Jun. 30, 2026	Mar. 04, 2026
Subsidiary, Sale of Stock [Line Items]
Dividends declared (in USD per share)	$ 0	$ 0
Ordinary shares
Subsidiary, Sale of Stock [Line Items]
Common stock, shares outstanding (in shares)	406,929,463		406,929,463	380,710,559
Management and PodTech Innovation Inc
Subsidiary, Sale of Stock [Line Items]
Issuance of ordinary shares (in shares)	63,520			516,951
At the market facility
Subsidiary, Sale of Stock [Line Items]
Maximum value of shares to be issued under share sale option agreement					$ 6.0
Shares issued under facility (in shares)	59,431,312		59,431,312
Proceeds from issuance of common stock under facility			$ 3.0

Cash, cash equivalents and restricted cash (Details) - USD ($) $ in Millions	Sep. 30, 2026	Jun. 30, 2026	Sep. 30, 2025	Jun. 30, 2025
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 3,522	$ 5,896
Restricted cash — current	2,208	1,670
Restricted cash — non-current	48	54
Total cash, cash equivalents and restricted cash	$ 5,778	$ 7,620	$ 1,033	$ 565

Derivatives - Schedule of Movement in the Fair Value (Details) $ in Millions	3 Months Ended
	Sep. 30, 2026 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 412
Unrealized gain (loss) recognized	(28)
Ending balance	$ 384
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Unrealized gain (loss) on financial instruments

Revenue

3 Months Ended

Sep. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenue

Note 4. Revenue

Disaggregation of Revenue

The disaggregation of revenue by type of service or goods is as follows:


	Three Months Ended September 30,
(in USD millions)	2026		2025
AI Cloud Services	$	135	$	7
AI Cloud Lease1	65		—
Total AI Cloud revenue	200		7
Bitcoin Mining	28		233
Total revenue	$	228	$	240

The disaggregation of revenue by geographical region based on the location of the contracting entity is as follows:


	Three Months Ended September 30,
(in USD millions)	2026		2025
Australia	$	30	$	233
Canada	118		7
United States	72		—
All other countries	8		—
Total revenue	$	228	$	240

Significant customers

The following customers accounted for 10% or more of the Group’s revenue for the periods presented:


	Three Months Ended September 30,
	2026	2025
Customer A	28%	*
Customer B	24%	*
Customer C	18%	*

* Customer did not represent 10% or more of revenue. Revenue from Customers A, B and C is reported within the AI Cloud segment.

Contract Balances

Payment terms are generally 30 days or less for AI Cloud Services and AI Cloud Lease customers and between 30 and 90 days for software subscription and services customers.

The Group had no contract assets as of September 30, 2026 or June 30, 2026.

Remaining Performance Obligations (“RPO”)


(in USD millions)	September 30, 2026
Remainder of Financial Year 2027	$	271
Financial Year 2028	363
Financial Year 2029	362
Financial Year 2030	362
Financial Year 2031	362
Financial Year 2032	121
Thereafter	—
Total	$	1,841

Note 16. Deferred revenue


(in USD millions)	September 30, 2026		June 30, 2026
Current
Deferred revenue — contracts with customers	$	127	$	46
Deferred lease revenue — operating leases	—		—
	127		46
Non-current
Deferred revenue — contracts with customers	321		173
Deferred lease revenue — operating leases	2,096		1,623
	2,417		1,796
Total deferred revenue	$	2,544	$	1,843

- Definition

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+ Details

Business combination - Narrative (Details) - USD ($) shares in Millions, $ in Millions		2 Months Ended	3 Months Ended		12 Months Ended
	Aug. 03, 2026	Sep. 30, 2026	Sep. 30, 2026	Sep. 30, 2025	Jun. 30, 2026
Business Combination [Line Items]
Replacement equity awards – Mirantis acquisition			$ 502	$ 0
Mirantis, Inc.
Business Combination [Line Items]
Business acquired (as a percent)	100.00%
Total consideration	$ 538
Ordinary shares (in shares)	12.6
Replacement equity awards – Mirantis acquisition	$ 502
Payments acquired in cash	8
Exchange for vested equity awards	$ 24
Acquisition-related cost		$ 6			$ 2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Segment information (Tables)

3 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table presents revenue and cost of revenue for the Group’s reportable segments, reconciled to the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss):


(in USD millions)	Three Months Ended September 30,
	2026		2025
Reportable segment revenue
AI Cloud	$	200	$	7
Bitcoin Mining	28		233
Total segment and consolidated revenue	228		240

Reportable segment cost of revenue (exclusive of depreciation and amortization shown below):
AI Cloud	(28)		(1)
Bitcoin Mining	(18)		(80)
Total segment and consolidated cost of revenue	(46)		(81)

Total segment gross profit (loss)	182		160

Reconciling items:
Selling, general and administrative expenses	(217)		(138)
Research and development expenses	(7)		—
Depreciation and amortization	(148)		(85)
Impairment of assets	(2)		(16)
Gain (loss) on disposal of property, plant and equipment	8		—
Other operating expenses	(4)		—
Other operating income	2		4
Finance expense	(73)		(9)
Interest income	51		7
Increase (decrease) in fair value of assets held for sale	(21)		—
Realized gain (loss) on financial instruments	—		(6)
Unrealized gain (loss) on financial instruments	(28)		665
Foreign exchange gain (loss)	(4)		(5)
Income tax (expense) benefit	(2)		(191)
Net income (loss)	$	(263)	$	385

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 26C
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 26B
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Stock-based compensation (Tables)

3 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Expense Recognized in Consolidated Statements of Operations and Comprehensive Income (Loss)

The Group’s stock-based compensation expense recognized during the three months ended September 30, 2026 and 2025, is included in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) as follows:


	Three Months Ended September 30,
(in USD millions)	2026		2025
Stock options	$	1	$	3
Service-based RSUs	96		42
Performance-based RSUs	9		27
Total stock-based compensation	$	106	$	72

Schedule of RSUs Activity

The following table presents a summary of activity for the RSUs with service conditions under all plans during the three months ended September 30, 2026:


(in USD millions, except share and per share amounts)	Number of units	Weighted average grant-date fair value		Aggregate intrinsic value
Outstanding as of June 30, 2026	14,989,686	$	12.25	$	685
Granted1,2	20,372,928	31.04

Forfeited	(2,720)	37.47
Exercised1	(1,153,477)	21.31
Outstanding as of September 30, 20261	34,206,417	$	23.09	$	1,398
Vested and exercisable as of September 30, 2026	8,096,942	$	9.15	$	331

1Includes 827,578 replacement RSUs issued in connection with the Mirantis acquisition in exchange for vested Mirantis equity awards (refer to Note 7. Business combination). These RSUs were fully vested on issuance; 715,855 were settled in Ordinary shares during the period and 111,723 remain outstanding and are included in vested and exercisable at September 30, 2026. The replacement RSUs do not reduce the number of Ordinary shares available for issuance under the 2025 Omnibus Plan.

2On July 1, 2026, the Company granted 9,099,328 RSUs with service conditions to each of its Co-Chief Executive Officers under the 2025 Omnibus Plan, with a grant-date fair value of $276 million, respectively. The awards vest in four equal annual installments, subject to continued service, and each vested tranche is subject to a two-year post-vesting holding period.

The following table presents a summary of activity for the RSUs with market conditions under all plans during the three months ended September 30, 2026:


(in USD millions, except share and per share amounts)	Number of units	Weighted average grant-date fair value		Aggregate intrinsic value
Outstanding as of June 30, 2026	5,726,040	$	9.25	$	262
Granted	448,547	30.28

Forfeited	(6,428)	12.47
Exercised	(167,719)	2.87
Outstanding as of September 30, 2026	6,000,440	$	12.57	$	245
Vested and exercisable as of September 30, 2026	1,466,321	$	2.52	$	60

Schedule of Option Activity

The following table presents a summary of the option activity under all plans:


(in USD millions, except share and per share amounts and years)	Number of shares	Weighted average exercise price (per share)		Aggregate intrinsic value		Weighted average remaining contractual life (in years)
Outstanding as of June 30, 2026	5,504,194	$	66.03	$	29	6.80
Granted	—	—
Forfeited or canceled	—	—
Exercised	(453,431)	1.69
Outstanding as of September 30, 2026	5,050,763	$	71.80	$	7	6.85
Vested and exercisable as of September 30, 2026	2,621,708	$	69.53	$	7	6.77

Derivatives - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Derivatives - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2026	Sep. 30, 2025	Jun. 30, 2026
Derivative [Line Items]
Gain on cash flow hedges, net of tax	$ 23	$ 0
Derivative assets	8		$ 0
Interest-rate Swaps
Derivative [Line Items]
Notional amount	1,478
Interest-rate Swaps \| Derivatives designated as hedging instruments:
Derivative [Line Items]
Derivative assets	$ 8		$ 0

Deposits and prepaid expenses

3 Months Ended

Sep. 30, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Deposits and prepaid expenses

Note 9. Deposits and prepaid expenses

The components of deposits and prepaid expenses are as follows:


(in USD millions)	September 30, 2026		June 30, 2026
Current
Security deposits	$	54	$	83
Prepayments	87		106
Total current deposits and prepaid expenses	141		189

Non-current
Security deposits	527		159
Computer hardware prepayments	2		107
Prepayments	40		—
Total non-current deposits and prepaid expenses	569		266

Total deposits and prepaid expenses	$	710	$	455

Revenues - Schedule of Disaggregation of Revenue by Geographical Region (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Disaggregation of Revenue [Line Items]
Total revenue	$ 228	$ 240
Australia
Disaggregation of Revenue [Line Items]
Total revenue	30	233
Canada
Disaggregation of Revenue [Line Items]
Total revenue	118	7
United States
Disaggregation of Revenue [Line Items]
Total revenue	72	0
All other countries
Disaggregation of Revenue [Line Items]
Total revenue	$ 8	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Finance leases - Schedule of Lease Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Finance lease cost:
Amortization of ROU asset	$ 17	$ 0
Interest on lease liabilities	7	0
Total lease expense	$ 24	$ 0

Derivatives - Schedule of Significant Fair Value Assumptions (Details) - Significant unobservable inputs (Level 3)	Sep. 30, 2026 $ / shares
2031 Capped Call \| Closing share price
Derivative [Line Items]
Fair value assumptions	40.88
2031 Capped Call \| Long strike price
Derivative [Line Items]
Fair value assumptions	85.63
2031 Capped Call \| Short strike price
Derivative [Line Items]
Fair value assumptions	120.18
2031 Capped Call \| Risk free interest rate
Derivative [Line Items]
Fair value assumptions	0.0495
2031 Capped Call \| Dividend yield
Derivative [Line Items]
Fair value assumptions	0
2031 Capped Call \| Expected volatility
Derivative [Line Items]
Fair value assumptions	0.650
2032 Capped Call \| Closing share price
Derivative [Line Items]
Fair value assumptions	40.88
2032 Capped Call \| Long strike price
Derivative [Line Items]
Fair value assumptions	51.40
2032 Capped Call \| Short strike price
Derivative [Line Items]
Fair value assumptions	82.24
2032 Capped Call \| Risk free interest rate
Derivative [Line Items]
Fair value assumptions	0.0499
2032 Capped Call \| Dividend yield
Derivative [Line Items]
Fair value assumptions	0
2032 Capped Call \| Expected volatility
Derivative [Line Items]
Fair value assumptions	0.625
2033 (Jun) Capped Call \| Closing share price
Derivative [Line Items]
Fair value assumptions	40.88
2033 (Jun) Capped Call \| Long strike price
Derivative [Line Items]
Fair value assumptions	51.40
2033 (Jun) Capped Call \| Short strike price
Derivative [Line Items]
Fair value assumptions	82.24
2033 (Jun) Capped Call \| Risk free interest rate
Derivative [Line Items]
Fair value assumptions	0.0504
2033 (Jun) Capped Call \| Dividend yield
Derivative [Line Items]
Fair value assumptions	0
2033 (Jun) Capped Call \| Expected volatility
Derivative [Line Items]
Fair value assumptions	0.600
2033 (Dec) Capped Call \| Closing share price
Derivative [Line Items]
Fair value assumptions	40.88
2033 (Dec) Capped Call \| Long strike price
Derivative [Line Items]
Fair value assumptions	73.07
2033 (Dec) Capped Call \| Short strike price
Derivative [Line Items]
Fair value assumptions	110.30
2033 (Dec) Capped Call \| Risk free interest rate
Derivative [Line Items]
Fair value assumptions	0.0506
2033 (Dec) Capped Call \| Dividend yield
Derivative [Line Items]
Fair value assumptions	0
2033 (Dec) Capped Call \| Expected volatility
Derivative [Line Items]
Fair value assumptions	0.600

Selling, general and administrative expenses (Tables)

3 Months Ended

Sep. 30, 2026

Other Income and Expenses [Abstract]

Schedule of Selling, General, and Administrative Expenses

The components of selling, general and administrative expenses are as follows:


	Three Months Ended September 30,
(in USD millions)	2026		2025
Employee benefits	$	33	$	8
Payroll taxes	6		33
Professional fees	20		7
Stock-based compensation	106		72
Insurance	7		5
Renewable energy certificates	3		3
Property taxes	6		2
Non-refundable provincial sales tax	4		1
Marketing expenses	11		3
Other selling, general and administrative expenses	21		4
Total selling, general and administrative expenses	$	217	$	138

Other liabilities (Tables)

3 Months Ended

Sep. 30, 2026

Other Liabilities Disclosure [Abstract]

Schedule of Other Liabilities

The components of other liabilities are as follows:


(in USD millions)	September 30, 2026		June 30, 2026
Current
Employee benefits	$	23	$	8
Payroll taxes	30		28
Accrued interest payable	33		8
Other liabilities	18		10
Total current other liabilities	104		54

Non-current

Payroll taxes	8		8
Total non-current other liabilities	8		8

Total other liabilities	$	112	$	62

Selling, general and administrative expenses

3 Months Ended

Sep. 30, 2026

Other Income and Expenses [Abstract]

Selling, general and administrative expenses

Note 6. Selling, general and administrative expenses

The components of selling, general and administrative expenses are as follows:


	Three Months Ended September 30,
(in USD millions)	2026		2025
Employee benefits	$	33	$	8
Payroll taxes	6		33
Professional fees	20		7
Stock-based compensation	106		72
Insurance	7		5
Renewable energy certificates	3		3
Property taxes	6		2
Non-refundable provincial sales tax	4		1
Marketing expenses	11		3
Other selling, general and administrative expenses	21		4
Total selling, general and administrative expenses	$	217	$	138

Basis of presentation, summary of significant accounting policies and recent accounting pronouncements (Policies)	3 Months Ended
	Sep. 30, 2026
Accounting Policies [Abstract]
Basis of presentation and principles of consolidation	Basis of presentation and principles of consolidation The accompanying Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial reporting. While these statements reflect all normal recurring adjustments which are, in the opinion of management, necessary for fair presentation of the results of the interim period, they do not include all the information and notes required by GAAP for complete financial statements. As such, the information included in this Quarterly Report should be read in conjunction with the Group’s Consolidated Financial Statements for the year ended June 30, 2026, and related notes thereto, included in the Annual Report. The results of operations for the interim periods are not necessarily indicative of the results to be expected for any future fiscal periods. These Unaudited Condensed Consolidated Financial Statements of the Group include the accounts of the Company and its controlled subsidiaries. Consolidated subsidiaries’ results are included from the date the subsidiary was formed or acquired. Intercompany balances and transactions have been eliminated in consolidation. The U.S. Dollar is the functional and presentation currency of the Company. Beginning with the quarter ended September 30, 2026, the Group has changed the presentation of monetary amounts in its Unaudited Condensed Consolidated Financial Statements and accompanying notes from thousands to millions of U.S. dollars, except per share amounts and unless otherwise indicated. Comparative amounts included in these financial statements have been presented on the same basis. The change affects presentation only and has no effect on the underlying financial position, results of operations or cash flows. Certain displayed amounts may differ from previously reported amounts solely due to rounding, and totals may not equal the sum of individual amounts.
Consolidation	These Unaudited Condensed Consolidated Financial Statements of the Group include the accounts of the Company and its controlled subsidiaries. Consolidated subsidiaries’ results are included from the date the subsidiary was formed or acquired. Intercompany balances and transactions have been eliminated in consolidation.
Liquidity	Liquidity As of September 30, 2026, the Group had cash and cash equivalents of $3,522 million and restricted cash of $2,256 million. For the three months ended September 30, 2026, the Group generated net cash from operating activities of $529 million. The Group operates a capital-intensive business and expects to continue to incur significant capital expenditures associated with the development and expansion of its data center platform and the acquisition of GPUs and related infrastructure. As of September 30, 2026, the Group had capital commitments of $18,947 million as outlined in Note 24. Commitments and contingencies. The Group has evaluated its anticipated liquidity requirements, including its contractual commitments and planned capital expenditures. Based on this assessment, which included consideration of the timing of contractual commitments, the Group believes that its existing cash and cash equivalents, expected cash flows from operations and proceeds from financing activities in the normal course of business will be sufficient to satisfy its obligations as they become due for at least 12 months from the date of these Unaudited Condensed Consolidated Financial Statements. The Group may also access debt, equity or other financing sources from time to time to fund additional growth and development initiatives.
Use of estimates and assumptions	Use of estimates and assumptions The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions about future events that affect the amounts reported in the financial statements and accompanying notes. Future events and their effects cannot be determined with absolute certainty. Therefore, the determination of estimates requires the exercise of judgment. Management bases its estimates on historical experience and on various other assumptions believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates, and such differences may be material to the financial statements. The most significant accounting estimates inherent in the preparation of the Group’s Unaudited Condensed Consolidated Financial Statements include estimates associated with determining the useful lives and recoverability of long-lived assets, valuation of derivatives and financial assets classified under Level 3 of the fair value hierarchy, stock-based compensation, legal accruals and contingent liabilities, and current and deferred income tax assets (including the associated valuation allowance) and liabilities.
Revenue recognition	Revenue recognition AI Cloud Services revenue Following the acquisition of Mirantis in the quarter ended September 30, 2026, the Group’s revenue includes software subscriptions comprising term-based software licenses and related support, cloud-based platform services, and professional services. These offerings are integrated with the Group’s existing AI Cloud Services and presented within “AI Cloud Services revenue”. The Group does not currently expect Mirantis’ revenue to be material to the consolidated results for fiscal year 2027. Certain customer contracts include significant advance prepayments. For arrangements accounted for under ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), the Group assesses at contract inception whether the payment terms provide a significant financing benefit. This assessment considers the interval between payment and delivery of the related services, any difference between the contractual consideration and the cash selling price, prevailing market interest rates and the commercial reasons for the payment terms. As a practical expedient, the Group does not adjust consideration for financing effects where it expects, at contract inception, that the interval between payment and delivery of the corresponding services will be one year or less. Where a contract is determined to contain a significant financing component, the resulting interest expense is presented separately from revenue within finance expense in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Advance payments attributable to arrangements accounted for under ASC 842 are recognized as deferred lease revenue and are subject to the Group’s lease accounting policy. AI Cloud Lease revenue At contract inception, the Group assesses whether an arrangement is, or contains, a lease. An arrangement contains a lease where it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where the Group is the lessor, each lease is classified at commencement as a sales-type, direct financing or operating lease. Leases that do not meet the criteria for sales-type or direct financing classification, and leases with variable payments not based on an index or rate for which such classification would result in a selling loss at commencement, are classified as operating leases. For operating leases, the underlying assets remain within property, plant and equipment and continue to be depreciated, and no net investment in the lease is recognized. For arrangements that contain both lease and non-lease components, the Group has elected, by class of underlying asset, the practical expedient to combine the non-lease components with the associated lease component where the timing and pattern of transfer are the same and the lease component would be classified as an operating lease. The combined component is accounted for under ASC 842 where the lease component is predominant, and under ASC 606 where the non-lease components are predominant. Lease commencement is the date on which the underlying asset is made available for the customer’s use. Fixed lease payments under operating leases are recognized as lease revenue on a straight-line basis over the lease term from commencement, provided it is probable that substantially all of the lease payments will be collected. Where collectibility is not probable, lease revenue is limited to the lesser of the straight-line amount and the cash received. Variable payments, including service credits under availability commitments and reductions for delivery delays, are recognized in the period in which the underlying facts and circumstances occur and are presented as a reduction of lease revenue where applicable. Amounts received in advance are recorded as deferred lease revenue and recognized consistent with the pattern of lease revenue. Cash receipts under operating leases are classified within operating activities.
Finite-lived intangible assets	Finite-lived intangible assets Intangible assets acquired in a business combination are initially recognized at fair value as of the acquisition date. Developed technology and customer contracts and related relationships are classified as finite-lived intangible assets and are amortized on a straight-line basis over the shorter of their contractual term and their estimated period of economic benefit. The Group reviews the useful lives, residual values and amortization methods at least annually, and adjusts them prospectively if expectations change. In-process research and development (“IPR&D”) represents acquired projects that have not yet reached technological feasibility. IPR&D is indefinite-lived and not amortized until the related project is completed and the technology is available for its intended use, at which point it is reclassified to developed technology and amortized over its determined useful life. Subsequent development costs are expensed as incurred and abandoned projects are written off. Finite-lived intangible assets are carried at cost (or acquisition-date fair value) less accumulated amortization and impairment, and are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. When such indicators exist, the Group compares the carrying amount of the asset (or asset group) with its estimated undiscounted future cash flows. If the carrying amount exceeds the undiscounted cash flows, an impairment loss is recognized for the excess of the carrying amount over the asset’s fair value, with the loss recorded in “Impairment of assets” in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).
Research and development expenses	Research and development expenses The Group’s research and development expenses consist primarily of employee compensation and benefits, professional fees and allocated costs attributable to the Group’s research and development activities. Research and development costs are expensed as incurred.
Recent accounting pronouncements	Recent accounting pronouncements The Group continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Group’s financial reporting, the Group undertakes a study to determine the consequences of the change to its Unaudited Condensed Consolidated Financial Statements and ensures that there are proper controls in place to ascertain that the Group’s Unaudited Condensed Consolidated Financial Statements properly reflect the change. In November 2024, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires more detailed disclosures, on an annual and interim basis, about specified categories of expenses (including employee compensation, depreciation, and amortization) included in certain expense captions presented on the condensed consolidated statements of operations and comprehensive income (loss). This guidance as further clarified by ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), will be effective for annual periods beginning after December 15, 2026, and for interim periods within financial years beginning after December 15, 2027. Early adoption is permitted. Upon adoption, the guidance can be applied either prospectively or retrospectively. The Group is currently assessing the impact of adopting the standard. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”). ASU 2025-11 updates the guidance in Topic 270 by improving navigability of the required interim disclosures, clarifying when that guidance is applicable and requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for annual and interim periods beginning after December 15, 2027; early adoption is permitted. The Group is currently assessing the impact of adopting the standard.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

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- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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+ Details

Deposits and prepaid expenses (Details) - USD ($) $ in Millions	Sep. 30, 2026	Jun. 30, 2026
Current
Security deposits	$ 54	$ 83
Prepayments	87	106
Total current deposits and prepaid expenses	141	189
Non-current
Security deposits	527	159
Computer hardware prepayments	2	107
Prepayments	40	0
Deposits and prepaid expenses	569	266
Total deposits and prepaid expenses	$ 710	$ 455

Finance leases - Schedule of Right-of-use Assets and Lease Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2026	Jun. 30, 2026
Right-of-use assets:
Finance leases	$ 353	$ 274
Lease liabilities:
Finance leases - Current	179	125
Finance leases - Non-current	132	118
Total lease liabilities	$ 311	$ 244

Revenues - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Disaggregation of Revenue [Line Items]
Total AI Cloud revenue	$ 200	$ 7
Bitcoin Mining	28	233
Total revenue	228	240
AI Cloud Services
Disaggregation of Revenue [Line Items]
Total AI Cloud revenue	135	7
AI Cloud Lease
Disaggregation of Revenue [Line Items]
Total AI Cloud revenue	65	$ 0
Fixed lease income	49
Variable lease income	$ 16

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

Stock-based compensation - Schedule of Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2026	Jun. 30, 2026
Number of shares
Outstanding, beginning balance (in shares)	5,504,194
Granted (in shares)	0
Forfeited or canceled (in shares)	0
Exercised (in shares)	(453,431)
Outstanding, ending balance (in shares)	5,050,763	5,504,194
Vested and exercisable (in shares)	2,621,708
Weighted average exercise price (per share)
Outstanding, beginning balance (in USD per share)	$ 66.03
Granted (in USD per share)	0
Forfeited or canceled (in USD per share)	0
Exercised (in USD per share)	1.69
Outstanding, ending balance (in USD per share)	71.80	$ 66.03
Vested and exercisable (in USD per share)	$ 69.53
Aggregate intrinsic value
Options outstanding	$ 7	$ 29
Options vested and exercisable	$ 7
Weighted average remaining contractual life (in years)
Options outstanding	6 years 10 months 6 days	6 years 9 months 18 days
Options vested and exercisable	6 years 9 months 7 days

Segment information

3 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Segment information

Note 3. Segment information

The Group’s significant expense categories and amounts that are regularly provided to, and used by, the Chief Operating Decision Maker (“CODM”) in assessing performance and allocating resources and that are included in each reported measure of segment profit or loss are presented by reportable segments in Note 5. Cost of revenue.

The following table presents revenue and cost of revenue for the Group’s reportable segments, reconciled to the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss):


(in USD millions)	Three Months Ended September 30,
	2026		2025
Reportable segment revenue
AI Cloud	$	200	$	7
Bitcoin Mining	28		233
Total segment and consolidated revenue	228		240

Reportable segment cost of revenue (exclusive of depreciation and amortization shown below):
AI Cloud	(28)		(1)
Bitcoin Mining	(18)		(80)
Total segment and consolidated cost of revenue	(46)		(81)

Total segment gross profit (loss)	182		160

Reconciling items:
Selling, general and administrative expenses	(217)		(138)
Research and development expenses	(7)		—
Depreciation and amortization	(148)		(85)
Impairment of assets	(2)		(16)
Gain (loss) on disposal of property, plant and equipment	8		—
Other operating expenses	(4)		—
Other operating income	2		4
Finance expense	(73)		(9)
Interest income	51		7
Increase (decrease) in fair value of assets held for sale	(21)		—
Realized gain (loss) on financial instruments	—		(6)
Unrealized gain (loss) on financial instruments	(28)		665
Foreign exchange gain (loss)	(4)		(5)
Income tax (expense) benefit	(2)		(191)
Net income (loss)	$	(263)	$	385

- Definition

The entire disclosure for segment reporting.

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+ Details

Debt - Schedule of Interest Expense for Group’s Debt Obligations (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Debt Disclosure [Abstract]
Contractual interest expense	$ 48	$ 8
Amortization of debt issuance costs	8	1
Total	$ 56	$ 10

Basis of presentation, summary of significant accounting policies and recent accounting pronouncements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Jun. 30, 2026
Accounting Policies [Abstract]
Cash and cash equivalents	$ 3,522		$ 5,896
Restricted cash	2,256
Cash provided by (used in) operating activity	529	$ 142
Capital expenditure commitments	$ 18,947		$ 13,810

- Definition

Amount of cash restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits.

+ References + Details

Debt - Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended
Debt - Narrative (Details) $ in Millions	Aug. 31, 2026 USD ($) payment_Installment	Sep. 30, 2026 USD ($) agreement	Jun. 30, 2026 USD ($)
Debt Instrument [Line Items]
Total principal of debt		$ 10,041	$ 7,706
Secured Debt
Debt Instrument [Line Items]
Number of financing agreements entered into \| agreement		2
DDTL Facility \| Non-recourse debt
Debt Instrument [Line Items]
Aggregate principal amount		$ 413
Unused borrowing capacity, amount		1,132
USPP Senior Notes \| Non-recourse debt
Debt Instrument [Line Items]
Aggregate principal amount		1,575
Unused borrowing capacity, amount		525
GPU Financing 2.0 \| Secured Debt
Debt Instrument [Line Items]
Aggregate principal amount	$ 2,400	2,447
Unused borrowing capacity, amount		$ 1,500
Stated interest rate	9.00%	9.00%
Debt instrument, term	30 months
Total principal of debt		$ 947
GPU Financing 3.0 \| Secured Debt
Debt Instrument [Line Items]
Aggregate principal amount	$ 363	$ 363
Stated interest rate	9.51%	9.51%
Frequency of periodic payments \| payment_Installment	36
Total principal of debt		$ 363

Finance leases

3 Months Ended

Sep. 30, 2026

Leases [Abstract]

Finance leases

Note 17. Finance leases

The Group has finance leases that are material to the condensed consolidated financial statements and has provided the related interim disclosures below. The Group also has operating leases that are not material.

The following table shows the right-of-use assets and lease liabilities as of September 30, 2026 and June 30, 2026:


(in USD millions)	September 30, 2026		June 30, 2026
Right-of-use assets:
Finance leases	$	353	$	274
Total right-of-use assets	$	353	$	274

Lease liabilities:
Finance leases - Current	$	179	$	125
Finance leases - Non-current	132		118
Total lease liabilities	$	311	$	244

The Group’s lease costs are comprised of the following:


	Three Months Ended September 30,
(in USD millions)	2026		2025
Finance lease cost:
Amortization of ROU asset	$	17	$	—
Interest on lease liabilities	7		—
Total lease expense	$	24	$	—

The following table presents supplemental lease information:


	Three Months Ended September 30,
(in USD millions)	2026			2025
Operating cash flows – interest paid	$	6		$	—

Financing cash flows – principal repaid	$	30		$	—


Weighted-average remaining lease term (in years) – finance leases	1.8			0

Weighted-average discount rate – finance leases	9.9		%	—		%

The following table presents the Group’s future minimum lease payments as of September 30, 2026:


(in USD millions)	Finance Leases
Remainder of Financial Year 2027	$	152
Financial Year 2028	152
Financial Year 2029	37
Financial Year 2030	—
Financial Year 2031	—
Financial Year 2032	—
Thereafter	—
Total undiscounted lease payments	341
Less present value discount	(30)
Present value of lease liabilities	$	311

Accounts payable and accrued expenses (Details) - USD ($) $ in Millions	Sep. 30, 2026	Jun. 30, 2026
Payables and Accruals [Abstract]
Accounts payable	$ 2,117	$ 1,297
Accrued expenses	466	527
Other payables	0	1
Total accounts payable and accrued expenses	$ 2,583	$ 1,825

Deferred revenue (Tables)

3 Months Ended

Sep. 30, 2026

Revenue Recognition and Deferred Revenue [Abstract]

Schedule of Deferred Revenue and Income


(in USD millions)	September 30, 2026		June 30, 2026
Current
Deferred revenue — contracts with customers	$	127	$	46
Deferred lease revenue — operating leases	—		—
	127		46
Non-current
Deferred revenue — contracts with customers	321		173
Deferred lease revenue — operating leases	2,096		1,623
	2,417		1,796
Total deferred revenue	$	2,544	$	1,843

Debt

3 Months Ended

Sep. 30, 2026

Debt Disclosure [Abstract]

Debt

Note 19. Debt

The total debt obligations are as follows:


(in USD millions)	Maturities	Effective Interest Rates	September 30, 2026		June 30, 2026
Recourse debt
2030 Convertible Notes	June 15, 2030	3.87%	$	212	$	212
2029 Convertible Notes	December 15, 2029	4.22%	233		233
2031 Convertible Notes	July 1, 2031	0.37%	1,000		1,000
2032 Convertible Notes	June 1, 2032	0.45%	1,150		1,150
2033 (Jun) Convertible Notes	June 1, 2033	1.18%	1,150		1,150
2033 (Dec) Convertible Notes	December 1, 2033	1.18%	3,000		3,000
GPU Financing 2.0	May 31, 2029	10.70%	947		—
GPU Financing 3.0	August 31, 2029	10.38%	355		—
Other debt	2027 - 2029	Various	14		22
Total recourse debt			8,061		6,768

Non-recourse debt
DDTL Facility	December 31, 2031	7.22%	409		413
USPP Senior Notes	December 31, 2031	7.09%	1,571		525
Total non-recourse debt			1,980		938

Total principal of debt			10,041		7,706
Less: unamortized issuance costs			(144)		(113)
Total debt, net of unamortized issuance costs			9,897		7,593
Less: debt, current			(950)		(169)
Debt, non-current			$	8,947	$	7,424

As of September 30, 2026, the future principal payments for the Group's total debt were as follows:


(in USD millions)	Total
Remainder of Financial Year 2027	$	723
Financial Year 2028	1,059
Financial Year 2029	821
Financial Year 2030	733
Financial Year 2031	274
Thereafter	6,431
Total	$	10,041

The total interest expense for the Group’s debt obligations was as follows:


	Three Months Ended September 30,
(in USD millions)	2026		2025
Contractual interest expense	$	48	$	8
Amortization of debt issuance costs	8		1
Total	$	56	$	10

During the three months ended September 30, 2026, the Group entered into the following debt instruments:


(in USD millions)	Issuance date	Stated interest rate	Principal amount1
GPU Financing 2.0	August 25, 2026	9.00%	$	2,447
GPU Financing 3.0	August 26, 2026	9.51%	$	363

1 Amounts represent borrowing capacity for each facility.

As of September 30, 2026, the share price trigger under the conversion conditions for the Group’s 2030 Convertible Notes and 2029 Convertible Notes was met.

As of September 30, 2026, $413 million of the DDTL Facility and $1,575 million of the U.S. private placement senior notes (the “USPP Senior Notes”) had been funded, and $1,132 million and $525 million of unfunded commitment, respectively, remained available subject to the conditions precedent.

There were no changes to the terms of the Convertible Notes, or the DDTL Facility and USPP Senior Notes (collectively “GPU Financing 1.0”) during the three months ended September 30, 2026. Refer to Note 23. Debt in the Group’s Annual Report for the year ended June 30, 2026, for descriptions of those instruments.

Equipment financings

During the three months ended September 30, 2026, the Group entered into two secured equipment financings to fund and refinance the purchase of GPUs and related infrastructure: an equipment term loan and notes entered into by its wholly owned subsidiary IE Mackenzie Compute Ltd. (“Mackenzie Compute”) (“GPU Financing 2.0”) and a series of equipment loans entered into by its wholly owned subsidiary IE CA Leasing Ltd. (“CA Leasing”) (“GPU Financing 3.0”). Each is guaranteed by the Parent Entity to cover the payment obligations of Mackenzie Compute and CA Leasing and is therefore recourse to the Parent Entity; no liability is recognized for the guarantees. The financed equipment of each entity is pledged as collateral for the related facility, and the creditors of each entity have recourse to the Parent Entity under their respective guarantees.

GPU Financing 2.0

In August 2026, Mackenzie Compute entered into a master financing and security agreement and a note purchase agreement providing for up to $2.4 billion of senior secured term loans and notes, which are funded ratably on identical terms and presented as a single instrument. Amounts may be drawn through December 31, 2026, subject to satisfaction of customary conditions precedent. Each tranche bears interest at a fixed rate of 9.0% per annum and amortizes in accordance with the applicable amortization schedules over 30 months from its funding date. The financing restricts, among other things, the incurrence of certain indebtedness by the borrower and Parent Entity, subject to pre-agreed permitted debt baskets and carve-outs. As of September 30, 2026, $947 million had been funded, $1,500 million of commitment remained available, and the Group was in compliance with all covenants and terms of the agreements.

GPU Financing 3.0

In August 2026, CA Leasing entered into equipment finance agreements totaling $363 million, each secured by a senior security interest in the financed equipment, bearing interest at a fixed rate of 9.51% per annum implied by the scheduled payments and repayable in 36 equal monthly installments from September 2026. As of September 30, 2026, $363 million had been funded and the Group was in compliance with all terms of the agreements.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net income (loss) per share of Ordinary shares

3 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

Net income (loss) per share of Ordinary shares

Note 22. Net income (loss) per share of Ordinary shares


	Three Months Ended September 30,
	2026	2025
Stock options	5,050,763	4,832,406
Restricted stock units	31,720,097	67,070
Investment Rights	30,000,000	—
Convertible notes	127,225,107	—
Total	193,995,967	4,899,476

The following is a reconciliation of the numerator and denominator of the basic and diluted net income (loss) per share of Ordinary shares for the periods presented:


(in USD millions, except share and per share amounts)	Three Months Ended September 30,
	2026		2025
Numerator:
Net income (loss)	$	(263)	$	385
Convertible notes interest expense, net of tax	—		7
Numerator for diluted net income (loss) per share of Ordinary shares	$	(263)	$	392

Denominator:
Basic weighted-average shares used in computing net income (loss) per share of Ordinary shares	398,557,846		270,696,733
Effects of dilutive securities:
Options	—		2,088,098
Restricted stock units	—		22,387,881
Convertible notes	—		66,507,881
Dilutive potential Ordinary shares	—		90,983,860
Diluted weighted-average shares used in computing net income (loss) per share of Ordinary shares	398,557,846		361,680,593

Basic net income (loss) per share of Ordinary shares	$	(0.66)	$	1.42
Diluted net income (loss) per share of Ordinary shares	$	(0.66)	$	1.08

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2026	Jun. 30, 2026
Current assets
Cash and cash equivalents	$ 3,522	$ 5,896
Restricted cash, current portion	2,208	1,670
Accounts receivable, net	192	21
Deposits and prepaid expenses	141	189
Derivative assets	8	0
Assets held for sale	70	73
Income taxes receivable	1	1
Total current other assets	156	36
Total current assets	6,298	7,886
Non-current assets
Property, plant and equipment, net	12,344	6,753
Intangible assets, net	456	317
Goodwill	450	36
Operating lease right-of-use asset, net	7	3
Restricted cash, less current portion	48	54
Deposits and prepaid expenses	569	266
Derivative assets	402	416
Other assets	39	59
Total non-current assets	14,315	7,904
Total assets	20,613	15,790
Current liabilities
Accounts payable and accrued expenses	2,583	1,825
Operating lease liability, current portion	3	1
Finance lease liability, current portion	179	125
Debt, current portion	950	169
Deferred revenue, current portion	127	46
Other liabilities, current portion	104	54
Total current liabilities	3,946	2,221
Non-current liabilities
Operating lease liability, less current portion	4	2
Finance lease liability, less current portion	132	118
Debt, less current portion	8,947	7,424
Deferred revenue, less current portion	2,417	1,796
Deferred tax liabilities	39	31
Income taxes payable, less current portion	4	4
Other liabilities, less current portion	8	8
Total non-current liabilities	11,551	9,383
Total liabilities	15,497	11,604
Commitments and contingencies (See Note 24)
Stockholders’ equity
Additional paid-in capital	(1,546)	(1,647)
Retained earnings (accumulated deficit)	(1,562)	(1,299)
Accumulated other comprehensive income (loss)	(22)	(41)
Total stockholders’ equity	5,116	4,186
Total liabilities and stockholders’ equity	20,613	15,790
Ordinary shares
Stockholders’ equity
Common stock per class	8,246	7,173
Class B shares
Stockholders’ equity
Common stock per class	$ 0	$ 0

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Millions	Total	Ordinary shares	Additional Paid-in Capital	(Accumulated Deficit) Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Jun. 30, 2025		257,211,899
Beginning balance at Jun. 30, 2025	$ 1,817	$ 2,355	$ 89	$ (596)	$ (30)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Ordinary shares – at-the-market offering, net of issuance costs (in shares)		23,041,102
Issuance of Ordinary shares – at-the-market offering, net of issuance costs	600	$ 600
Issuance of Ordinary shares – restricted stock units (in shares)		314,237
Issuance of Ordinary shares – restricted stock units	2	$ 2	(29)
Issuance of Ordinary shares – stock options (in shares)		2,309,065
Issuance of Ordinary shares – stock options	9	$ 9
Stock-based compensation	69		69
Other comprehensive income (loss)	(5)				(5)
Net income (loss)	385			385
Ending balance (in shares) at Sep. 30, 2025		282,876,303
Ending balance at Sep. 30, 2025	2,876	$ 2,966	158	(212)	(36)
Beginning balance (in shares) at Jun. 30, 2025		257,211,899
Beginning balance at Jun. 30, 2025	1,817	$ 2,355	89	(596)	(30)
Ending balance (in shares) at Jun. 30, 2026		380,193,608
Ending balance at Jun. 30, 2026	4,186	$ 7,173	(1,647)	(1,299)	(41)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Ordinary shares – at-the-market offering, net of issuance costs (in shares)		12,265,474
Issuance of Ordinary shares – at-the-market offering, net of issuance costs	541	$ 541
Issuance of Ordinary shares – restricted stock units (in shares)		1,321,196
Issuance of Ordinary shares – restricted stock units	0	$ 29
Issuance of Ordinary shares – stock options (in shares)		453,431
Issuance of Ordinary shares – stock options	1	$ 1
Issuance of Ordinary shares - Mirantis acquisition (in shares)		12,632,234
Issuance of Ordinary shares – Mirantis acquisition	502	$ 502
Replacement equity awards – Mirantis acquisition	24		24
Stock-based compensation	106		106
Other comprehensive income (loss)	19				19
Net income (loss)	(263)			(263)
Ending balance (in shares) at Sep. 30, 2026		406,865,943
Ending balance at Sep. 30, 2026	$ 5,116	$ 8,246	$ (1,546)	$ (1,562)	$ (22)

Other assets (Tables)

3 Months Ended

Sep. 30, 2026

Receivables [Abstract]

Schedule of Other Assets

The components of other assets are as follows:


(in USD millions)	September 30, 2026		June 30, 2026
Current
GST receivables	$	100	$	30
Interest receivables	4		1

Share issuance proceeds receivables1	50		—
Other receivables	2		6
Total current other assets	156		36

Non-current
Debt issuance cost	39		57
Other assets	—		2
Total non-current other assets	39		59

Total other assets	$	195	$	95

1 Proceeds from the issuance of Ordinary shares were received after September 30, 2026, but before these unaudited condensed consolidated financial statements were issued.

Deposits and prepaid expenses (Tables)

3 Months Ended

Sep. 30, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Deposits and Prepaid Expenses

The components of deposits and prepaid expenses are as follows:


(in USD millions)	September 30, 2026		June 30, 2026
Current
Security deposits	$	54	$	83
Prepayments	87		106
Total current deposits and prepaid expenses	141		189

Non-current
Security deposits	527		159
Computer hardware prepayments	2		107
Prepayments	40		—
Total non-current deposits and prepaid expenses	569		266

Total deposits and prepaid expenses	$	710	$	455

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Revenue:
AI Cloud Revenue	$ 200	$ 7
Bitcoin Mining revenue	28	233
Total revenue	228	240
Cost of revenue (exclusive of depreciation and amortization shown below):
Total cost of revenue	(46)	(81)
Operating (expenses) income:
Selling, general and administrative expenses	(217)	(138)
Research and development expenses	(7)	0
Depreciation and amortization	(148)	(85)
Impairment of assets	(2)	(16)
Gain (loss) on disposal of property, plant and equipment	8	0
Other operating expenses	(4)	0
Other operating income	2	4
Total operating (expenses) income	(368)	(236)
Operating (loss) income	(186)	(76)
Other (expense) income:
Finance expense	(73)	(9)
Interest income	51	7
Increase (decrease) in fair value of assets held for sale	(21)	0
Realized gain (loss) on financial instruments	0	(6)
Unrealized gain (loss) on financial instruments	(28)	665
Foreign exchange gain (loss)	(4)	(5)
Total other (expense) income	(75)	652
Income (loss) before taxes	(261)	575
Income tax (expense) benefit	(2)	(191)
Net income (loss)	$ (263)	$ 385
Net income (loss) per share of Ordinary shares:
Basic net income (loss) per share of Ordinary shares ( in USD per share)	$ (0.66)	$ 1.42
Basic weighted-average shares used in computing net income (loss) per share of Ordinary shares (in shares)	398,557,846	270,696,733
Diluted net income (loss) per share of Ordinary shares (in USD per share)	$ (0.66)	$ 1.08
Diluted weighted-average shares used in computing net income (loss) per share of Ordinary shares (in shares)	398,557,846	361,680,593
Other comprehensive income (loss):
Gain (loss) on cash flow hedges, net of tax	$ 23	$ 0
Change in foreign currency translation adjustments	(4)	(5)
Total comprehensive income (loss)	(244)	379
AI Cloud Services
Revenue:
AI Cloud Revenue	135	7
Cost of revenue (exclusive of depreciation and amortization shown below):
Total cost of revenue	(17)	(1)
AI Cloud Lease
Revenue:
AI Cloud Revenue	65	0
Cost of revenue (exclusive of depreciation and amortization shown below):
Total cost of revenue	(11)	0
Bitcoin Mining
Cost of revenue (exclusive of depreciation and amortization shown below):
Total cost of revenue	$ (18)	$ (80)

Fair value measurement (Tables)

3 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present the Group’s assets and liabilities measured at fair value on a recurring basis:


			Fair value measured as of September 30, 2026
(in USD millions)	Total carrying value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Derivative assets
Capped Call Transactions	$	384	$	—	$	—	$	384
Interest-rate Swaps	26		—		26		—
Total derivative assets	$	410	$	—	$	26	$	384


			Fair value measured as of June 30, 2026
(in USD millions)	Total carrying value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Derivative assets
Capped Call Transactions	$	412	$	—	$	—	$	412
Interest-rate Swaps	3		—		3		—
Total derivative assets	$	415	$	—	$	3	$	412

Fair value of financial instruments not recognized at fair value

The following tables present information about the Group’s financial instruments that are not recognized at fair value on the Condensed Consolidated Balance Sheets:


	Fair value measured as of September 30, 2026
(in USD millions)	Total carrying value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Convertible Notes	$	6,657	$	6,489	$	—	$	—
USPP Senior Notes	1,542		—		1,547		—
GPU Financing	1,284		—		1,292		—
Total	$	9,483	$	6,489	$	2,839	$	—


	Fair value measured as of June 30, 2026
(in USD millions)	Total carrying value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Convertible Notes	$	6,653	$	7,484	$	—	$	—
USPP Senior Notes	515		—		524		—
Total	$	7,167	$	7,484	$	524	$	—

Business combination

3 Months Ended

Sep. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business combination

Note 7. Business combination

Mirantis

On August 3, 2026, the Group acquired 100% of the equity interests in Mirantis, a US-based cloud software and services provider. The acquisition has been accounted for as a business combination under ASC 805, Business Combinations. Total consideration was approximately $538 million, comprising approximately 12.6 million of the Company’s Ordinary shares with a fair value of $502 million on the acquisition date, $8 million in cash, $24 million in replacement RSUs issued in exchange for vested Mirantis equity awards, a portion of which were exercised and issued during the period, representing the fair value attributable to pre-combination service, and the balance related to deferred consideration and settlement of pre-existing commercial arrangements between the Group and Mirantis on the acquisition date. The remaining fair value of the replacement awards, which relates to post-combination service, is recognized as stock-based compensation expense over the requisite service period.

The following table summarizes the provisional fair values of the identifiable assets acquired and liabilities assumed at the acquisition date. The purchase price allocation for the acquisition is preliminary and may be adjusted during the measurement period (up to one year from the acquisition date) as the Group finalizes its assessment of the fair values of the assets acquired and liabilities assumed, including acquired intangible assets, deferred revenue, taxes and certain assumed liabilities, as well as the determination of goodwill and its allocation to reporting units.


(in USD millions)	Fair Value
Cash and cash equivalents	$	25
Accounts receivable, net	14
Deposits and prepaid expenses	6

Property, plant and equipment, net	4
Intangible assets, net	145
Operating lease right-of-use asset, net	3

Total identifiable assets acquired	197
Accounts payable and accrued expenses	(3)
Operating lease liability	(3)

Deferred revenue	(57)
Other liabilities	(4)
Deferred tax liabilities	(6)
Total liabilities assumed	(73)
Net identifiable assets acquired	124
Goodwill	414
Total consideration transferred	$	538

The excess of the purchase price over the fair value of the net assets acquired was allocated to goodwill. Goodwill is primarily attributable to the assembled workforce and the expected synergies from integrating Mirantis’ Kubernetes orchestration and cloud-native software capability with the Group’s AI Cloud platform, expanding the Group’s offering of managed and enterprise cloud services on its own infrastructure. Goodwill and intangible assets acquired are not deductible for tax purposes. Acquisition-related costs of $6 million to date, of which $2 million was recognized in fiscal year 2026, were expensed as incurred and are included in other operating expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

From the date of acquisition, the financial results of Mirantis are not material to the Group’s Unaudited Condensed Consolidated Financial Statements. Pro forma revenue and net income (loss) have not been presented because the historical results would not have been material to the consolidated financial statements in any period presented.

Nostrum

During the three months ended September 30, 2026, the Group completed the acquisition accounting for its June 12, 2026 acquisition of Ingenostrum, S.L. (“Nostrum”). No adjustments were made to the provisional amounts previously disclosed in Note 9, Business Combination, to the Group’s Annual Report for the year ended June 30, 2026.

- Definition

The entire disclosure for business combination.

+ References

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+ Details

Stock-based compensation

3 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

Stock-based compensation

Note 21. Stock-based compensation

In November 2025, the Company’s shareholders approved the 2025 Omnibus Incentive Plan (“2025 Omnibus Plan”) under which employees and directors may be granted equity compensation awards with time-based vesting conditions and performance-based vesting conditions. On July 1, 2026, the number of Ordinary shares authorized for issuance under the 2025 Omnibus Plan increased by 8.0 million pursuant to the 2025 Omnibus Plan’s annual increase provision, and the Company filed a registration statement on Form S-8 covering those shares. As of September 30, 2026, 25.5 million Ordinary shares were authorized for issuance under the 2025 Omnibus Plan.


	Three Months Ended September 30,
(in USD millions)	2026		2025
Stock options	$	1	$	3
Service-based RSUs	96		42
Performance-based RSUs	9		27
Total stock-based compensation	$	106	$	72

Restricted stock units with service conditions

Stock-based compensation expense related to share-settled RSUs with service conditions is based on the fair value of the Group’s Ordinary shares on the date of grant. The Group recognizes stock-based compensation expense associated with such share-settled RSU awards on a straight-line basis over the vesting period of each service-based tranche.

The following table presents a summary of activity for the RSUs with service conditions under all plans during the three months ended September 30, 2026:


(in USD millions, except share and per share amounts)	Number of units	Weighted average grant-date fair value		Aggregate intrinsic value
Outstanding as of June 30, 2026	14,989,686	$	12.25	$	685
Granted1,2	20,372,928	31.04

Forfeited	(2,720)	37.47
Exercised1	(1,153,477)	21.31
Outstanding as of September 30, 20261	34,206,417	$	23.09	$	1,398
Vested and exercisable as of September 30, 2026	8,096,942	$	9.15	$	331

The Group had approximately $594 million of total unrecognized compensation expense related to unvested service condition RSUs granted, which is expected to be recognized over a weighted-average remaining vesting period of approximately 2.17 years.

Restricted stock units with market conditions

Stock-based compensation expense related to share-settled RSUs with market conditions is based on the Monte Carlo valuation method, which utilizes multiple input variables to determine the probability of the Group achieving the market condition and the fair value of the award. Compensation expense is recognized on a graded basis over the vesting period regardless of whether the market condition is satisfied, provided that the requisite service is rendered.

Compensation expense for RSUs with non-market performance conditions is based on grant-date fair value and recognized over the vesting period for awards probable of vesting, with a cumulative catch-up as that probability assessment changes. No compensation expense is recognized, and any previously recognized expense is reversed, for awards for which the performance condition is not expected to be, or is not, achieved.

The following table presents a summary of activity for the RSUs with market conditions under all plans during the three months ended September 30, 2026:


(in USD millions, except share and per share amounts)	Number of units	Weighted average grant-date fair value		Aggregate intrinsic value
Outstanding as of June 30, 2026	5,726,040	$	9.25	$	262
Granted	448,547	30.28

Forfeited	(6,428)	12.47
Exercised	(167,719)	2.87
Outstanding as of September 30, 2026	6,000,440	$	12.57	$	245
Vested and exercisable as of September 30, 2026	1,466,321	$	2.52	$	60

During the three months ended September 30, 2026, the Group issued the following RSUs with market conditions:

•448,547 RSUs which are scheduled to vest after three years based on total shareholder return measured against the Russell 2000 index (and continued service over the vesting period).

The Group had approximately $47 million of total unrecognized compensation expense related to unvested market condition RSUs granted, which is expected to be recognized over a weighted-average remaining vesting period of approximately 1.84 years.

Stock options

The following table presents a summary of the option activity under all plans:


(in USD millions, except share and per share amounts and years)	Number of shares	Weighted average exercise price (per share)		Aggregate intrinsic value		Weighted average remaining contractual life (in years)
Outstanding as of June 30, 2026	5,504,194	$	66.03	$	29	6.80
Granted	—	—
Forfeited or canceled	—	—
Exercised	(453,431)	1.69
Outstanding as of September 30, 2026	5,050,763	$	71.80	$	7	6.85
Vested and exercisable as of September 30, 2026	2,621,708	$	69.53	$	7	6.77

The Group had approximately $22 million of total unrecognized compensation expense related to unvested stock options as of September 30, 2026, which is expected to be recognized over a weighted-average remaining vesting period of approximately 3.9 years, subject to the early achievement of any associated performance-based vesting hurdles.

No options were granted during the three months ended September 30, 2026.

Cash, cash equivalents and restricted cash (Tables)

3 Months Ended

Sep. 30, 2026

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents


(in USD millions)	September 30, 2026		June 30, 2026
Cash and cash equivalents	$	3,522	$	5,896
Restricted cash — current	2,208		1,670
Restricted cash — non-current	48		54
Total cash, cash equivalents and restricted cash	$	5,778	$	7,620

Schedule of Restricted Cash


(in USD millions)	September 30, 2026		June 30, 2026
Cash and cash equivalents	$	3,522	$	5,896
Restricted cash — current	2,208		1,670
Restricted cash — non-current	48		54
Total cash, cash equivalents and restricted cash	$	5,778	$	7,620

Income taxes (Details)	3 Months Ended
Income taxes (Details)	Sep. 30, 2026	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Effective income tax rate (as percent)	(0.80%)	33.10%

Goodwill and intangible assets, net - Schedule of Future Amortization Expense (Details) - USD ($) $ in Millions	Sep. 30, 2026	Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]
Remainder of Financial Year 2027	$ 17
Financial Year 2028	23
Financial Year 2029	31
Financial Year 2030	31
Financial Year 2031	31
Financial Year 2032	25
Thereafter	81
Acquired Intangibles, Net	$ 239	$ 317

Subsequent events	3 Months Ended
Subsequent events	Sep. 30, 2026
Subsequent Events [Abstract]
Subsequent events	Note 25. Subsequent events The Group has completed an evaluation of all subsequent events after the balance sheet date up to the date that the Unaudited Condensed Consolidated Financial Statements are issued. Except as described below, the Group has concluded no other subsequent events have occurred that require disclosure. ATM Facility Subsequent to September 30, 2026, the Company issued a further 17,374,990 Ordinary shares for total gross proceeds of approximately $630 million. The Group concluded that the foregoing subsequent event represent non-recognized subsequent events under ASC 855 Subsequent Events because the events arose after the balance sheet date and do not provide additional evidence about conditions that existed as of September 30, 2026. Accordingly, no adjustments have been made to the September 30, 2026, unaudited Condensed Consolidated Financial Statements.

Property, plant and equipment, net (Tables)

3 Months Ended

Sep. 30, 2026

Property, Plant, and Equipment [Abstract]

Schedule of Property Plant and Equipment

The components of property, plant and equipment were as follows:


(in USD millions)	September 30, 2026		June 30, 2026
GPU hardware	$	5,819	$	2,035
Buildings	1,731		864
Right-of-use assets - Finance lease	398		302
Other PPE	155		69
Land	155		139

Construction in progress	4,608		3,657
Mining hardware	226		597
Property, plant and equipment, gross	13,092		7,663
Less: Accumulated depreciation	(451)		(426)
Less: Accumulated impairment	(297)		(484)
Property, plant and equipment, net	$	12,344	$	6,753

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2026	Jun. 30, 2026
Ordinary shares
Statement [Line Items]
Common stock, par value (in USD per share)	$ 0	$ 0
Common stock, shares issued (in shares)	406,865,943	380,193,608
Common stock, shares outstanding (in shares)	406,865,943	380,193,608
Class B shares
Statement [Line Items]
Common stock, par value (in USD per share)		$ 0
Common stock, shares issued (in shares)	2	2
Common stock, shares outstanding (in shares)	2	2
Common stock, shares authorized (in shares)	2	2

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Reference 79: http://www.xbrl.org/2003/role/disclosureRef
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Reference 81: http://www.xbrl.org/2003/role/disclosureRef
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Reference 82: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 946
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-3

+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Operating activities
Net income (loss)	$ (263)	$ 385
Adjustments to reconcile net income (loss) to net cash from (used in) operating activities:
Depreciation and amortization	148	85
Impairment of assets	2	16
Change in fair value of assets held for sale	21	0
Realized (gain) loss on financial instruments	0	6
Unrealized (gain) loss on financial instruments	28	(665)
(Gain) loss on disposal of property, plant and equipment	(8)	0
Foreign exchange loss (gain)	1	2
Stock-based compensation expense	106	72
Amortization of debt issuance costs	8	1
Changes in assets and liabilities:
Accounts receivable and other receivables	(205)	(13)
Other assets	4	0
Tax related receivables	0	3
Tax related liabilities	0	188
Accounts payable and accrued expenses	(11)	3
Other liabilities	53	49
Deferred revenue	645	22
Prepayments and deposits	(1)	(12)
Operating lease liabilities	1	0
Net cash from (used in) operating activities	529	142
Investing activities
Payments for property, plant and equipment, net of computer hardware	(2,131)	(180)
Payments for computer hardware	(2,693)	(100)
Payments for intangible assets	(65)	0
Payments for other prepayments and deposits	(337)	0
Proceeds from disposal of property, plant and equipment	54	0
Payment for the acquisition of subsidiaries, net of cash acquired	13	0
Proceeds from release of deposits	13	0
Net cash from (used in) investing activities	(5,146)	(280)
Financing activities
Payment of offering costs for the issuance of Ordinary shares	(6)	(18)
Proceeds from the issuance of Ordinary shares	498	618
Proceeds from financing facilities	2,360	0
Repayment of borrowings	(25)	0
Payment of borrowing transaction costs	(19)	(1)
Repayment of finance lease liabilities	(30)	0
Proceeds from loan funded shares	1	1
Proceeds from exercise of options	0	6
Net cash from (used in) financing activities	2,779	606
Net increase (decrease) in cash, cash equivalents and restricted cash	(1,838)	468
Cash, cash equivalents and restricted cash — beginning of period	7,620	565
Effects of exchange rate changes on cash, cash equivalents and restricted cash	(4)	0
Cash, cash equivalents and restricted cash — end of period	5,778	1,033
Supplemental cash flow information:
Cash paid for interest	34	0
Cash paid for income taxes	0	0
Supplemental schedule of non-cash investing and financing activities:
Additions to right-of-use assets in exchange for lease liability	96	0
Issuance of Ordinary shares for business combination	502	0
Property, plant and equipment in accounts payable and accrued expenses	2,493	126
Reclassification of property, plant and equipment to assets held for sale	64	0
Issuance of Ordinary shares - stock-based compensation settlements	$ 29	$ 2

Goodwill and intangible assets, net (Tables)

3 Months Ended

Sep. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Schedule of Changes to Goodwill

The following table summarizes the changes to goodwill:


(in USD millions)	Total
Balance at June 30, 2026	$	36
Additions	414


Balance at September 30, 2026	$	450

Schedule of Intangible Asset

The components of intangible assets are as follows:


	September 30, 2026
(in USD millions, except years)		Acquired Intangibles, Gross		Accumulated Amortization		Foreign currency translation		Acquired Intangibles, Net		Weighted-Average Finite Lives (in years)
Connection rights for electricity services		$	105	$	—	$	—	$	105	12
Software licenses		65		(4)		—		61		5.5
Developed technology		35		(1)		—		34		6
Customer contracts and related relationships		40		(1)		—		39		8
Intangible assets subject to amortization		245		(6)		—		239
In-process research and development		70		—		—		70		N/A
Connection rights for electricity services		148		—		(1)		147		N/A
Intangible assets not subject to amortization		218		—		(1)		217
Total intangible assets		$	463	$	(6)	$	(1)	$	456


	June 30, 2026
(in USD millions)		Acquired Intangibles, Gross		Accumulated Amortization		Foreign currency translation		Acquired Intangibles, Net		Weighted-Average Finite Lives (in years)
Connection rights for electricity services		$	253	$	—	$	—	$	253	12
Software licenses		65		(1)		—		64		5.5
Total intangible assets		$	318	$	(1)	$	—	$	317

Intangible Asset, Finite-Lived, Amortization Expense

As of September 30, 2026, the expected future amortization expense related to intangible assets was as follows:


(in USD millions)	Total
Remainder of Financial Year 2027	$	17
Financial Year 2028	23
Financial Year 2029	31
Financial Year 2030	31
Financial Year 2031	31
Financial Year 2032	25
Thereafter	81
Total expected future amortization expense	$	239

- Definition

Tabular disclosure of goodwill.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
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-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

Stock-based compensation - Schedule of RSUs Activity (Details) $ / shares in Units, $ in Millions		3 Months Ended
	Jul. 01, 2026 USD ($) installment $ / shares shares	Sep. 30, 2026 USD ($) $ / shares shares	Jun. 30, 2026 USD ($)
Service-based RSUs
Number of units
Outstanding beginning balance (in shares)	14,989,686	14,989,686
Granted (in shares)		20,372,928
Forfeited (in shares)		(2,720)
Exercised (in shares)		(1,153,477)
Outstanding ending balance (in shares)		34,206,417
Vested and exercisable (in shares)		8,096,942
Weighted average grant-date fair value
Beginning balance (in USD per share) \| $ / shares	$ 12.25	$ 12.25
Granted (in USD per share) \| $ / shares		31.04
Forfeited (in USD per share) \| $ / shares		37.47
Exercised (in USD per share) \| $ / shares		21.31
Ending balance (in USD per share) \| $ / shares		23.09
Vested and exercisable (in USD per share) \| $ / shares		$ 9.15
Aggregate intrinsic value
Outstanding \| $		$ 1,398	$ 685
Vested and exercisable \| $		$ 331
Service-based RSUs \| Chief Executive Officer
Number of units
Granted (in shares)	9,099,328
Aggregate intrinsic value
Grant date fair value \| $	$ 276
Number of installments \| installment	4
Post vesting holding period	2 years
Service-based RSUs \| Mirantis, Inc.
Number of units
Granted (in shares)		827,578
Exercised (in shares)		(715,855)
Outstanding ending balance (in shares)		111,723
Performance-based RSUs
Number of units
Outstanding beginning balance (in shares)	5,726,040	5,726,040
Granted (in shares)		448,547
Forfeited (in shares)		(6,428)
Exercised (in shares)		(167,719)
Outstanding ending balance (in shares)		6,000,440
Vested and exercisable (in shares)		1,466,321
Weighted average grant-date fair value
Beginning balance (in USD per share) \| $ / shares	$ 9.25	$ 9.25
Granted (in USD per share) \| $ / shares		30.28
Forfeited (in USD per share) \| $ / shares		12.47
Exercised (in USD per share) \| $ / shares		2.87
Ending balance (in USD per share) \| $ / shares		12.57
Vested and exercisable (in USD per share) \| $ / shares		$ 2.52
Aggregate intrinsic value
Outstanding \| $		$ 245	$ 262
Vested and exercisable \| $		$ 60

Property, plant and equipment, net

3 Months Ended

Sep. 30, 2026

Property, Plant, and Equipment [Abstract]

Property, plant and equipment, net

Note 11. Property, plant and equipment, net

The components of property, plant and equipment were as follows:


(in USD millions)	September 30, 2026		June 30, 2026
GPU hardware	$	5,819	$	2,035
Buildings	1,731		864
Right-of-use assets - Finance lease	398		302
Other PPE	155		69
Land	155		139

Construction in progress	4,608		3,657
Mining hardware	226		597
Property, plant and equipment, gross	13,092		7,663
Less: Accumulated depreciation	(451)		(426)
Less: Accumulated impairment	(297)		(484)
Property, plant and equipment, net	$	12,344	$	6,753

Depreciation expense related to property, plant and equipment was $143 million and $85 million for the three months ended September 30, 2026 and 2025, respectively.

Impairment

Impairment charges on property, plant and equipment totaled $2 million for the three months ended September 30, 2026, primarily related to Bitcoin mining hardware. Management performed an impairment assessment as of September 30, 2026, resulting in a charge to reduce their carrying amount to estimated fair value. The estimated fair value was lower than the net carrying amount and was determined using Level 3 inputs, based on quoted market values and related adjustments for similar assets.

Impairment charges on property, plant and equipment totaled $16 million for the three months ended September 30, 2025, primarily related to S21 Pro and non-functioning T21 miners.

Construction in progress

Construction in progress includes costs related to the retrofit and development of data center infrastructure, as well as the cost of GPU hardware not yet commissioned for use.

Property, plant and equipment pledged as security

Included within property, plant and equipment above are GPUs and related infrastructure with an aggregate net carrying amount of $4,769 million as of September 30, 2026 (June 30, 2026: $1,487 million) that are owned by wholly owned subsidiaries of the Group and are pledged as collateral under the Group’s financing facilities. These assets may be used only to settle obligations of those subsidiaries. Refer to Note 19. Debt for more information.

Assets held for sale

During the three months ended September 30, 2026, the Group classified certain Bitcoin mining hardware as held for sale in accordance with ASC Topic 360, Property, Plant and Equipment, as the miners were no longer in use, were actively marketed for sale, and their sale was deemed probable.

Upon classification as held for sale, the hardware was measured at the lower of its carrying amount and fair value less cost to sell. The Group recognized losses from a decrease in the fair value of assets held for sale of $21 million and nil during

the three months ended September 30, 2026 and 2025, respectively. Fair value less costs to sell was determined using Level 3 inputs, principally quoted market values and related adjustments for similar assets. Depreciation ceased upon classification of the hardware as held for sale.

The carrying amount of assets held for sale was $70 million and $73 million as of September 30, 2026 and June 30, 2026, respectively.

Net income (loss) per share of Ordinary shares - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	193,995,967	4,899,476
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	5,050,763	4,832,406
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	31,720,097	67,070
Investment Rights
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	30,000,000	0
Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	127,225,107	0

Other assets

3 Months Ended

Sep. 30, 2026

Receivables [Abstract]

Other assets

Note 10. Other assets

The components of other assets are as follows:


(in USD millions)	September 30, 2026		June 30, 2026
Current
GST receivables	$	100	$	30
Interest receivables	4		1

Share issuance proceeds receivables1	50		—
Other receivables	2		6
Total current other assets	156		36

Non-current
Debt issuance cost	39		57
Other assets	—		2
Total non-current other assets	39		59

Total other assets	$	195	$	95

1 Proceeds from the issuance of Ordinary shares were received after September 30, 2026, but before these unaudited condensed consolidated financial statements were issued.

Stockholders' equity	3 Months Ended
Stockholders' equity	Sep. 30, 2026
Equity [Abstract]
Stockholders' equity	Note 20. Stockholders’ equity We do not have a limit on our authorized share capital and do not recognize the concept of par value under Australian law. The total number of Ordinary shares outstanding (including loan-funded shares) was 406,929,463 and 380,710,559 as of September 30, 2026 and June 30, 2026, respectively. At-the-Market facility On March 4, 2026, the Company filed a new prospectus supplement relating to the offer and sale of up to $6.0 billion of its Ordinary shares under the At Market Sales Agreement (the “Sales Agreement”). As of September 30, 2026, the Company had issued 59,431,312 Ordinary shares under the new prospectus supplement generating an aggregate of approximately $3.0 billion in gross proceeds. Loan-funded shares As of September 30, 2026 and June 30, 2026, there were 63,520 and 516,951 restricted Ordinary shares issued to management under the Employee Share Plans as well as to certain non-employee founders of PodTech Innovation Inc, which are treated as stock options for accounting purposes. Dividends No dividends were declared during the three months ended September 30, 2026 and 2025.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S25
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.3-04)
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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481520/505-30-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Cash, cash equivalents and restricted cash

3 Months Ended

Sep. 30, 2026

Cash and Cash Equivalents [Abstract]

Cash, cash equivalents and restricted cash

Note 8. Cash, cash equivalents and restricted cash

Cash, cash equivalents and restricted cash as reported on the Condensed Consolidated Balance Sheets are reconciled to the total shown on the Condensed Consolidated Statements of Cash Flows as follows:


(in USD millions)	September 30, 2026		June 30, 2026
Cash and cash equivalents	$	3,522	$	5,896
Restricted cash — current	2,208		1,670
Restricted cash — non-current	48		54
Total cash, cash equivalents and restricted cash	$	5,778	$	7,620

Restricted cash consists of amounts held in reserve accounts under the Group’s debt financing and letter of credit arrangements, which are contractually restricted as to withdrawal or use under the terms of the arrangements. Amounts expected to be released within twelve months of the balance sheet date are classified as current; the remainder as non-current.

Business combination (Tables)

3 Months Ended

Sep. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Identifiable Assets Acquired and Liabilities Assumed


(in USD millions)	Fair Value
Cash and cash equivalents	$	25
Accounts receivable, net	14
Deposits and prepaid expenses	6

Property, plant and equipment, net	4
Intangible assets, net	145
Operating lease right-of-use asset, net	3

Total identifiable assets acquired	197
Accounts payable and accrued expenses	(3)
Operating lease liability	(3)

Deferred revenue	(57)
Other liabilities	(4)
Deferred tax liabilities	(6)
Total liabilities assumed	(73)
Net identifiable assets acquired	124
Goodwill	414
Total consideration transferred	$	538

Accounts payable and accrued expenses (Tables)

3 Months Ended

Sep. 30, 2026

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Expenses

The components of accounts payable and accrued expenses are as follows:


(in USD millions)	September 30, 2026		June 30, 2026
Accounts payable	$	2,117	$	1,297
Accrued expenses	466		527

Other payables	—		1
Total accounts payable and accrued expenses	$	2,583	$	1,825

Other liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2026	Jun. 30, 2026
Current
Employee benefits	$ 23	$ 8
Payroll taxes	30	28
Accrued interest payable	33	8
Other liabilities	18	10
Total current other liabilities	104	54
Non-current
Payroll taxes	8	8
Total non-current other liabilities	8	8
Total other liabilities	$ 112	$ 62

Deferred revenue (Details) - USD ($) $ in Millions	Sep. 30, 2026	Jun. 30, 2026
Current
Deferred revenue — contracts with customers	$ 127	$ 46
Deferred lease revenue — operating leases	0	0
Deferred revenue, current portion	127	46
Non-current
Deferred revenue — contracts with customers	321	173
Deferred lease revenue — operating leases	2,096	1,623
Deferred revenue, less current portion	2,417	1,796
Total deferred revenue	$ 2,544	$ 1,843