IE US Hardware 3 LLC (the “Financing SPV”) is a wholly owned, limited-purpose subsidiary formed to hold and operate the GPU and related equipment supporting the Group’'s contract with Microsoft, financed with senior secured borrowings under the Group’s GPU Financing (see Note 23. Debt). The Group has determined that the Financing SPV is a variable interest entity because its equity at risk is not sufficient to finance its activities without additional financial support from other parties, and that the Group is the primary beneficiary because it directs the activities that most significantly affect the entity’s economic performance, the operation and maintenance of the GPUs and management of performance under the customer contract, and through its equity interest and operating exposure, is obligated to absorb losses and has the right to receive benefits that could be significant. Accordingly, the Group consolidates the Financing SPV.

The assets of the Financing SPV may be used only to settle its obligations and are not available to satisfy the general obligations of the Group except for permitted equity distributions. The Financing SPV’s debt and hedging obligations are non-recourse to the general credit of the Group, except to the extent of limited parent guarantees provided by IREN Limited in respect of the Remarketing Right and the Financing SPV’s interest rate and power hedges. These two guarantees step down on a tranche-by-tranche basis and terminate on acceptance and funding of the final tranche of the Microsoft Agreement. The Group has separately guaranteed the performance obligations under the managed services agreement relating to the financed assets. This performance guarantee is expected to remain outstanding for the term of the Microsoft Agreement. These guarantees are described further in Note 23. Debt. Except to the extent of the guarantees described above, the creditors of the Financing SPV have no recourse to the general credit of the Group.


	Years ended June 30,
(in USD thousands)	2026		2025
Assets
Cash and cash equivalents	$	—	$	—
Restricted cash, current portion	1,670,252		—
Other Assets and Other Receivables	56,768		1
Restricted cash, less current portion	53,684		—
Property and equipment, net	1,487,112		—
Deposits and prepaid expenses, less current portion	4,089		—
Derivative assets	3,141		—
Total assets	$	3,275,046	$	1
Liabilities
Accounts payable and accrued expenses	$	1,127,716	$	—
Other liabilities, current portion	1,738		—
Debt, current portion	152,629		—
Debt, less current portion	765,574		—
Deferred revenue, less current portion	1,013,120		—
Total liabilities	$	3,060,777	$	—