v3.26.3
Revenue
 3 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
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)20262025
AI Cloud Services$135 $7 
AI Cloud Lease1
65 — 
Total AI Cloud revenue200 7 
Bitcoin Mining28 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)20262025
Australia$30 $233 
Canada118 7 
United States72 — 
All other countries8 — 
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,
20262025
Customer A28%*
Customer B24%*
Customer C18%*
* 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 customers321 173 
Deferred lease revenue — operating leases2,096 1,623 
2,417 1,796 
Total deferred revenue$2,544 $1,843