IREN ▼ -5.5% - IREN Limited $IREN Compass lowers its target on a more measured 2027 capacity-ramp assumption, while IREN’s $4B+ December ARR target is now fully contracted versus ~85% in July • Operating ARR has reached $1B, with Horizons 2–4 targeted for Q4 2026; the late-quarter timing of Horizons 3–4 means most related GAAP revenue should appear in Q1 2027 • The $4B+ ARR target excludes ~$700M from the five-year NVIDIA contract expected to ramp in 2027, while IREN has ~5 GW of power capacity under executed grid arrangements Compass lowered its price target on IREN based on a more conservative assumption about the company's 2027 capacity ramp, despite positive developments including IREN securing full contracting for its $4B+ December ARR target (up from ~85% in July) and reaching $1B in operating ARR. While the company has substantial power capacity secured and a major NVIDIA contract lined up, the analyst's more measured growth expectations for next year appear to have outweighed these accomplishments, driving the 5.5% decline. 28-AUG-2026 08:49 AM ET