0001878848-26-000026 | 10-Q | XBRL Viewer

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Stock-based compensation - Narrative (Details) $ in Thousands	9 Months Ended
	Mar. 31, 2026 USD ($) tranche shares	Mar. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense, options \| $	$ 38,211
Granted (in shares)	0
2023 LTIP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Aggregated common stock reserved for future issuance (in shares)	0
2025 Omnibus Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Aggregated common stock reserved for future issuance (in shares)	17,500,000
Restricted stock units \| 2023 LTIP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of tranches \| tranche	3
Number of time-based vesting tranches \| tranche	2
Number of performance-based vesting tranches \| tranche	1
Service-based RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense, RSUs \| $	$ 86,167
Weighted-average remaining vesting period (in years)	1 year 2 months 8 days
Granted (in shares)	5,165,594
Performance-based RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense, RSUs \| $	$ 29,636
Weighted-average remaining vesting period (in years)	1 year 7 months 24 days
Granted (in shares)	3,732,114
Performance-based RSUs \| Tranche one
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)	3,732,114
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)	4 years 4 months 24 days

Intangible assets, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025	Jun. 30, 2025
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net						$ 0
Weighted-Average Lives (in years)	12 years			12 years
Amortization expense, finite-lived intangible assets	$ 0		$ 0	$ 0	$ 0
J.M. Gross Engineering LLC
Finite-Lived Intangible Assets [Line Items]
Business combination, consideration transferred	1,200
Public Service Company of Oklahoma
Finite-Lived Intangible Assets [Line Items]
Cost of asset acquisition		$ 112,000
Connection rights for electricity services
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 105,123			$ 105,123
Weighted-Average Lives (in years)	12 years			12 years
Connection rights for electricity services \| Public Service Company of Oklahoma
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Lives (in years)	12 years			12 years
Estimated amortization expense, each fiscal year	$ 8,800			$ 8,800

Derivatives - Schedule of Significant Fair Value Assumptions (Details) - Significant unobservable inputs (Level 3)	Mar. 31, 2026 $ / shares
2030 Capped Call Transactions \| Closing share price
Derivative [Line Items]
Fair value assumptions	45.83
2030 Capped Call Transactions \| Long strike price
Derivative [Line Items]
Fair value assumptions	16.81
2030 Capped Call Transactions \| Short strike price
Derivative [Line Items]
Fair value assumptions	25.86
2030 Capped Call Transactions \| Risk free interest rate
Derivative [Line Items]
Fair value assumptions	0.0362
2030 Capped Call Transactions \| Dividend yield
Derivative [Line Items]
Fair value assumptions	0
2030 Capped Call Transactions \| Expected volatility
Derivative [Line Items]
Fair value assumptions	0.625
2029 Capped Call Transactions \| Closing share price
Derivative [Line Items]
Fair value assumptions	45.83
2029 Capped Call Transactions \| Long strike price
Derivative [Line Items]
Fair value assumptions	13.64
2029 Capped Call Transactions \| Short strike price
Derivative [Line Items]
Fair value assumptions	20.98
2029 Capped Call Transactions \| Risk free interest rate
Derivative [Line Items]
Fair value assumptions	0.0359
2029 Capped Call Transactions \| Dividend yield
Derivative [Line Items]
Fair value assumptions	0
2029 Capped Call Transactions \| Expected volatility
Derivative [Line Items]
Fair value assumptions	0.625
2031 Capped Call Transactions \| Closing share price
Derivative [Line Items]
Fair value assumptions	34.28
2031 Capped Call Transactions \| Long strike price
Derivative [Line Items]
Fair value assumptions	85.63
2031 Capped Call Transactions \| Short strike price
Derivative [Line Items]
Fair value assumptions	120.18
2031 Capped Call Transactions \| Risk free interest rate
Derivative [Line Items]
Fair value assumptions	0.0386
2031 Capped Call Transactions \| Dividend yield
Derivative [Line Items]
Fair value assumptions	0
2031 Capped Call Transactions \| Expected volatility
Derivative [Line Items]
Fair value assumptions	0.650
2032 Capped Call Transactions \| Closing share price
Derivative [Line Items]
Fair value assumptions	34.28
2032 Capped Call Transactions \| Long strike price
Derivative [Line Items]
Fair value assumptions	51.40
2032 Capped Call Transactions \| Short strike price
Derivative [Line Items]
Fair value assumptions	82.24
2032 Capped Call Transactions \| Risk free interest rate
Derivative [Line Items]
Fair value assumptions	0.0393
2032 Capped Call Transactions \| Dividend yield
Derivative [Line Items]
Fair value assumptions	0
2032 Capped Call Transactions \| Expected volatility
Derivative [Line Items]
Fair value assumptions	0.600
2033 Capped Call Transactions \| Closing share price
Derivative [Line Items]
Fair value assumptions	34.28
2033 Capped Call Transactions \| Long strike price
Derivative [Line Items]
Fair value assumptions	51.40
2033 Capped Call Transactions \| Short strike price
Derivative [Line Items]
Fair value assumptions	82.24
2033 Capped Call Transactions \| Risk free interest rate
Derivative [Line Items]
Fair value assumptions	0.0400
2033 Capped Call Transactions \| Dividend yield
Derivative [Line Items]
Fair value assumptions	0
2033 Capped Call Transactions \| Expected volatility
Derivative [Line Items]
Fair value assumptions	0.600

Intangible assets, net - Schedule (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Jun. 30, 2025
Finite-Lived Intangible Assets [Line Items]
Acquired Intangibles, Net		$ 0
Goodwill, gross	$ 1,180
Goodwill, accumulated impairment loss	0
Goodwill	1,180
Acquired Intangibles, Gross	108,803
Accumulated Amortization	0
Acquired Intangibles, Net	$ 108,803	$ 0
Weighted-Average Lives (in years)	12 years
Connection rights for electricity services
Finite-Lived Intangible Assets [Line Items]
Acquired Intangibles, Gross	$ 105,123
Accumulated Amortization	0
Acquired Intangibles, Net	$ 105,123
Weighted-Average Lives (in years)	12 years
Land purchase options
Finite-Lived Intangible Assets [Line Items]
Acquired Intangibles, Gross	$ 2,500
Accumulated Amortization	0
Acquired Intangibles, Net	$ 2,500

Financial assets - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
Financial assets - Narrative (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025	Jun. 13, 2025	Dec. 06, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Share repurchase program, authorized, amount	$ 665,400,000		$ 665,400,000
Realized gain (loss) on financial instruments	0	$ 0	(8,666,000)	$ (4,215,000)
Electricity financial asset
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Realized gain (loss) on financial instruments	$ 0	$ 0	$ 0	$ (4,215,000)
2030 Convertible Notes \| Convertible debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Aggregate principal amount						$ 440,000,000
2029 Convertible Notes \| Convertible debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Aggregate principal amount					$ 550,000,000

Property, plant and equipment, net - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2026 USD ($) bitmine	Mar. 31, 2025 USD ($)	Mar. 31, 2026 USD ($) bitmine	Mar. 31, 2025 USD ($)
Property, Plant and Equipment [Line Items]
Depreciation, excluding ROU	$ 121,245	$ 47,311	$ 305,647	$ 117,319
Percentage leased	1		1
Impairment of assets	$ 140,411	$ 0	$ 188,423	$ 6,942
Maximum
Property, Plant and Equipment [Line Items]
Lessee, term of contract	36 months		36 months
Minimum
Property, Plant and Equipment [Line Items]
Lessee, term of contract	24 months		24 months
S21 Pro Miners
Property, Plant and Equipment [Line Items]
Number of miners classified as held for sale \| bitmine	5,800		5,800
Increase (decrease) in asset, held-for-sale			$ (2,035)
S21 Pro Miners
Property, Plant and Equipment [Line Items]
Estimated residual value	$ 9,500		$ 9,500

Segment information (Tables)

9 Months Ended

Mar. 31, 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 thousands)	Three Months Ended March 31,				Nine Months Ended March 31,
	2026		2025		2026		2025
Reportable segment revenue
Bitcoin mining revenue	$	111,160	$	141,242	$	511,502	$	304,300
AI Cloud Services revenue	33,635		3,581		58,280		9,431
Total segment and consolidated revenue	144,795		144,823		569,782		313,731

Reportable segment cost of revenue (exclusive of depreciation and amortization shown below):
Bitcoin mining	(35,336)		(41,615)		(178,649)		(105,261)
AI Cloud Services	(4,597)		(336)		(7,720)		(843)
Total segment and consolidated cost of revenue	(39,933)		(41,951)		(186,369)		(106,104)

Segment gross profit (loss)	104,862		102,872		383,413		207,627

Reconciling items:
Selling, general and administrative expenses	(81,750)		(29,097)		(320,864)		(83,161)
Depreciation and amortization	(121,245)		(47,311)		(305,647)		(117,319)
Impairment of assets	(140,411)		—		(188,423)		(6,942)
Gain (loss) on disposal of property, plant and equipment	234		1,526		228		1,678
Other operating expenses	(39)		(1,865)		(5,507)		(10,264)
Other operating income	4,826		3,090		10,469		7,820
Finance expense	(14,837)		(4,119)		(34,785)		(5,863)
Interest income	21,799		1,925		44,702		5,801
Increase (decrease) in fair value of assets held for sale	(2,035)		(95)		(8,484)		(2,161)
Realized gain (loss) on financial instruments	—		—		(8,666)		(4,215)
Unrealized gain (loss) on financial instruments	(23,700)		(37,900)		533,942		(70,200)

Debt conversion inducement expense	—		—		(111,799)		—
Foreign exchange gain (loss)	(1,865)		(318)		(5,369)		(3,691)
Other non-operating income	75		186		75		480
Income tax (expense) benefit	6,259		(5,038)		(1,907)		(9,325)
Net income (loss)	$	(247,827)	$	(16,144)	$	(18,622)	$	(89,735)

Segment information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Sep. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Mar. 31, 2026	Mar. 31, 2025
Reportable segment revenue
Total segment and consolidated revenue	$ 144,795			$ 144,823			$ 569,782	$ 313,731
Reportable segment cost of revenue (exclusive of depreciation and amortization shown below):
Total segment and consolidated cost of revenue	(39,933)			(41,951)			(186,369)	(106,104)
Reconciling items:
Selling, general and administrative expenses	(81,750)			(29,097)			(320,864)	(83,161)
Depreciation and amortization	(121,245)			(47,311)			(305,647)	(117,319)
Impairment of assets	(140,411)			0			(188,423)	(6,942)
Gain (loss) on disposal of property, plant and equipment	234			1,526			228	1,678
Other operating expenses	(39)			(1,865)			(5,507)	(10,264)
Other operating income	4,826			3,090			10,469	7,820
Finance expense	(14,837)			(4,119)			(34,785)	(5,863)
Interest income	21,799			1,925			44,702	5,801
Increase (decrease) in fair value of assets held for sale	(2,035)			(95)			(8,484)	(2,161)
Realized gain (loss) on financial instruments	0			0			(8,666)	(4,215)
Unrealized gain (loss) on financial instruments	(23,700)			(37,900)			533,942	(70,200)
Debt conversion inducement expense	0			0			(111,799)	0
Foreign exchange gain (loss)	(1,865)			(318)			(5,369)	(3,691)
Income tax (expense) benefit	6,259			(5,038)			(1,907)	(9,325)
Net income (loss)	(247,827)	$ (155,407)	$ 384,611	(16,144)	$ (21,888)	$ (51,703)	(18,622)	(89,735)
Operating segments
Reportable segment revenue
Total segment and consolidated revenue	144,795			144,823			569,782	313,731
Reportable segment cost of revenue (exclusive of depreciation and amortization shown below):
Total segment and consolidated cost of revenue	(39,933)			(41,951)			(186,369)	(106,104)
Segment gross profit (loss)	104,862			102,872			383,413	207,627
Reconciling items:
Selling, general and administrative expenses	(81,750)			(29,097)			(320,864)	(83,161)
Depreciation and amortization	(121,245)			(47,311)			(305,647)	(117,319)
Impairment of assets	(140,411)			0			(188,423)	(6,942)
Gain (loss) on disposal of property, plant and equipment	234			1,526			228	1,678
Other operating expenses	(39)			(1,865)			(5,507)	(10,264)
Other operating income	4,826			3,090			10,469	7,820
Finance expense	(14,837)			(4,119)			(34,785)	(5,863)
Interest income	21,799			1,925			44,702	5,801
Increase (decrease) in fair value of assets held for sale	(2,035)			(95)			(8,484)	(2,161)
Realized gain (loss) on financial instruments	0			0			(8,666)	(4,215)
Unrealized gain (loss) on financial instruments	(23,700)			(37,900)			533,942	(70,200)
Debt conversion inducement expense	0			0			(111,799)	0
Foreign exchange gain (loss)	(1,865)			(318)			(5,369)	(3,691)
Other non-operating income	75			186			75	480
Income tax (expense) benefit	6,259			(5,038)			(1,907)	(9,325)
Net income (loss)	(247,827)			(16,144)			(18,622)	(89,735)
Operating segments \| Bitcoin mining
Reportable segment revenue
Total segment and consolidated revenue	111,160			141,242			511,502	304,300
Reportable segment cost of revenue (exclusive of depreciation and amortization shown below):
Total segment and consolidated cost of revenue	(35,336)			(41,615)			(178,649)	(105,261)
Operating segments \| AI Cloud Services
Reportable segment revenue
Total segment and consolidated revenue	33,635			3,581			58,280	9,431
Reportable segment cost of revenue (exclusive of depreciation and amortization shown below):
Total segment and consolidated cost of revenue	$ (4,597)			$ (336)			$ (7,720)	$ (843)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities
Net income (loss)	$ (18,622)	$ (89,735)
Adjustments to reconcile net income (loss) to net cash from (used in) operating activities:
Depreciation and amortization	305,647	117,319
Impairment of assets	188,423	6,942
Change in fair value of assets held for sale	8,484	2,161
Realized (gain) loss on financial instruments	8,666	4,215
Unrealized (gain) loss on financial instruments	(533,942)	70,200
Debt conversion inducement expense	111,799	0
Other (income) expense	0	3,176
(Gain) loss on disposal of property, plant and equipment	(228)	(1,678)
Foreign exchange loss (gain)	6,961	6,474
Stock-based compensation expense	162,123	23,929
Amortization of debt issuance costs	6,125	702
Changes in assets and liabilities:
Accounts receivable and other receivables	(92,361)	(8,210)
Other assets	(4,507)	(39)
Financial asset, current	0	6,530
Tax related liabilities	219	6,716
Accounts payable and accrued expenses	6,861	10,229
Other liabilities	44,840	9,987
Deferred revenue	119,504	(887)
Prepayments and deposits	(32,024)	(25,667)
Operating lease liabilities	1,358	381
Net cash from (used in) operating activities	289,326	142,745
Investing activities
Payments for property, plant and equipment, net of computer hardware	(1,669,157)	(389,342)
Payments for computer hardware	(685,777)	(625,413)
Payments for intangible assets	(107,573)	0
Payments for other prepayments and deposits	(159,059)	(5,996)
Proceeds from disposal of property, plant and equipment	22,819	9,970
Proceeds from release of deposits	0	470
Deposits paid for right-of-use assets	(10,184)	0
Net cash from (used in) investing activities	(2,608,931)	(1,010,311)
Financing activities
Payment of offering costs for the issuance of Ordinary shares	(23,979)	(1,150)
Proceeds from the issuance of Ordinary shares	2,630,814	339,272
Payment for induced conversion of convertible notes	(1,623,484)	0
Proceeds from loan funded shares	658	858
Proceeds from exercise of options	6,597	0
Proceeds from convertible notes	3,299,555	311,646
Payment of capped call transactions	(252,252)	0
Payment of borrowing transaction costs	(51,528)	(1,815)
Repayment of lease liabilities	(17,612)	0
Net cash from (used in) financing activities	3,968,769	648,811
Net increase (decrease) in cash and cash equivalents	1,649,164	(218,755)
Cash and cash equivalents at the beginning of the period	564,526	404,601
Effects of exchange rate changes on cash and cash equivalents	(416)	(1,513)
Cash and cash equivalents at the end of period	2,213,274	184,333
Supplemental cash flow information:
Cash paid for interest	21,162	97
Cash paid for income taxes	603	2,357
Supplemental schedule of non-cash investing and financing activities:
Additions to right-of-use assets in exchange for lease liability	291,592	0
Property, plant and equipment in accounts payable and accrued expenses	412,469	156,382
Reclassification of property, plant and equipment to assets held for sale	35,077	23,222
Restricted stock units
Supplemental schedule of non-cash investing and financing activities:
Stock Issued	$ 73,201	$ 5,135

Stock-based compensation (Tables)

9 Months Ended

Mar. 31, 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 and nine months ended March 31, 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 March 31,				Nine Months Ended March 31,
(in USD thousands)	2026		2025		2026		2025
Stock options	$	2,161	$	3,004	$	23,432	$	9,372
Service-based RSUs	25,857		4,285		102,507		13,118
Performance-based RSUs	3,469		481		36,184		1,439
Total stock-based compensation	$	31,487	$	7,770	$	162,123	$	23,929

Schedule of RSUs Activity

The following table presents a summary of activity for the RSUs with service conditions under all plans during the nine months ended March 31, 2026:


(in USD thousands, except share and per share amounts)	Number of units	Weighted average grant-date fair value		Aggregate intrinsic value
Outstanding as of June 30, 2025	15,567,267	$	7.68	$	226,815
Granted	5,165,594	17.27

Forfeited	(222,382)	11.24
Exercised	(5,758,627)	6.45
Outstanding as of March 31, 2026	14,751,852	$	11.47	$	505,694
Vested and exercisable as of March 31, 2026	379,741	$	5.74	$	13,018

The following table presents a summary of activity for the RSUs with market conditions under all plans during the nine months ended March 31, 2026:


(in USD thousands, except share and per share amounts)	Number of units	Weighted average grant-date fair value		Aggregate intrinsic value
Outstanding as of June 30, 2025	6,158,567	$	5.28	$	89,730
Granted	3,732,114	10.34

Forfeited	(233,865)	6.56
Exercised	(4,041,829)	6.37
Outstanding as of March 31, 2026	5,614,987	$	7.81	$	192,482
Vested and exercisable as of March 31, 2026	95,773	$	5.37	$	3,283

Schedule of Option Activity

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


(in USD thousands, 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, 2025	7,878,554	$	47.07	$	34,648	5.80
Granted	—	—
Forfeited or canceled	—	—
Exercised	(2,370,104)	3.17
Outstanding as of March 31, 2026	5,508,450	$	65.98	$	20,838	7.07
Vested and exercisable as of March 31, 2026	640,266	$	4.29	$	19,356	4.19

Deposits and prepayments (Tables)

9 Months Ended

Mar. 31, 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 thousands)	March 31, 2026		June 30, 2025
Current
Security deposits	45,172		12,894
Prepayments	$	44,786	$	33,015
Total current deposits and prepaid expenses	$	89,958	$	45,908

Non-current
Security deposits	$	156,868	$	29,847

Prepayments	4,937		$	3,068
Total non-current deposits and prepaid expenses	$	161,805	$	32,916

Total deposits and prepaid expenses	$	251,763	$	78,824

Selling, general, and administrative expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Other Income and Expenses [Abstract]
Employee benefits	$ 11,292	$ 4,955	$ 28,209	$ 14,919
Payroll taxes on stock-based compensation	3,889	617	43,506	2,223
Professional fees	5,498	3,973	21,564	10,351
Stock based compensation	31,487	7,770	162,123	23,929
Insurance	5,697	4,927	14,693	12,569
Renewable energy certificates	1,936	1,565	7,465	3,614
Property taxes	770	295	4,294	851
Non-refundable provincial sales tax	5,255	1,420	8,699	3,722
Sponsorships and marketing	8,843	619	13,920	2,054
Other selling, general and administrative expenses	7,083	2,956	16,391	8,929
Total selling, general and administrative expenses	$ 81,750	$ 29,097	$ 320,864	$ 83,161

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

9 Months Ended

Mar. 31, 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 March 31,		Nine Months Ended March 31,
	2026	2025	2026	2025
Stock options	5,508,450	7,888,554	5,508,450	7,888,554
Restricted stock units	19,715,580	8,845,658	24,856,461	8,845,658
Convertible notes	86,170,707	—	59,671,727	—
Capped call transactions	66,508,582	—	32,157,996	—
Prepaid forward transactions	14,519,103	—	6,994,604	—
Total	192,422,422	16,734,212	129,189,238	16,734,212

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

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


(in thousands, except share and per share amounts)	Three Months Ended March 31,				Nine Months Ended March 31,
	2026		2025		2026		2025
Numerator:
Net income (loss)	$	(247,827)	$	(16,144)	$	(18,622)	$	(89,735)
Convertible notes interest expense, net of tax	—		—		—		—
Numerator for diluted net income (loss) per share of Ordinary shares	$	(247,827)	$	(16,144)	$	(18,622)	$	(89,735)

Denominator:
Basic weighted-average shares used in computing net income (loss) per share of Ordinary shares	333,734,176		218,659,835		300,366,927		206,039,370
Effects of dilutive securities:
Options	—		—		—		—
Restricted stock units	—		—		—		—
Convertible notes	—		—		—		—

Diluted weighted-average shares used in computing net income (loss) per share of Ordinary shares	333,734,176		218,659,835		300,366,927		206,039,370

Basic net income (loss) per share of Ordinary shares	$	(0.74)	$	(0.07)	$	(0.06)	$	(0.44)
Diluted net income (loss) per share of Ordinary shares	$	(0.74)	$	(0.07)	$	(0.06)	$	(0.44)

Accounts payable and accrued expenses - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Jun. 30, 2025
Loss Contingencies [Line Items]
Loss contingencies	$ 0	$ 20,000
Derivative, cap price (in USD per share)
Loss Contingencies [Line Items]
Loss contingencies		$ 20,000

- 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/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 720
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 27
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482395/460-10-55-27

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

+ Details

Stockholders' equity (Details) - USD ($)		1 Months Ended	3 Months Ended		6 Months Ended	8 Months Ended	9 Months Ended
Stockholders' equity (Details) - USD ($)	Dec. 08, 2025	Mar. 31, 2026	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Sep. 30, 2025	Mar. 31, 2026	Mar. 04, 2026	Dec. 02, 2025	Jun. 30, 2025	Jan. 21, 2025
Subsidiary, Sale of Stock [Line Items]
Share repurchase agreement, shares available for repurchase (in shares)									39,699,102
Sale of stock, price per share (in dollars per share)									$ 41.12
Sale of stock, shares issued (in shares)	39,699,102
Dividends declared (in USD per share)			$ 0	$ 0
Ordinary shares
Subsidiary, Sale of Stock [Line Items]
Common stock, shares outstanding (in shares)		341,501,172	341,501,172				341,501,172			258,103,209
Management and PodTech Innovation Inc
Subsidiary, Sale of Stock [Line Items]
Issuance of ordinary shares (in shares)					842,291		521,206
At the market facility
Subsidiary, Sale of Stock [Line Items]
Maximum value of shares to be issued under share sale option agreement								$ 6,000,000,000			$ 1,000,000,000
Shares issued under facility (in shares)		8,857,303	8,857,303		66,707,732		8,857,303
Proceeds from issuance of common stock under facility		$ 380,022,000				$ 999,999,452

Property, plant and equipment, net - Schedule of Property Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Jun. 30, 2025
Property, Plant and Equipment [Line Items]
Right-of-use assets - Finance lease	$ 301,776	$ 0
Property, plant and equipment, gross	4,986,981	2,112,200
Less: Accumulated depreciation	(445,617)	(181,246)
Less: Impairment	(171,502)	(385)
Property, plant and equipment, net	4,369,862	1,930,567
Mining hardware
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,041,767	1,135,584
GPU hardware
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	811,390	76,001
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	690,060	639,750
Plant and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	8,827	10,002
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	43,756	13,086
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	34	43
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 2,089,371	$ 237,734

Fair value measurement

9 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair value measurement

Note 11. 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 March 31, 2026
(in USD thousands)	Total carrying value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)





Derivative assets
2031 Capped Call Transactions	$	29,700	$	-	$	-	$	29,700
2032 Capped Call Transactions	83,600		-		-		83,600
2033 Capped Call Transactions	78,700		-		-		78,700
Total derivative assets	$	192,000	$	-	$	-	$	192,000


	Fair value measured as of June 30, 2025
(in USD thousands)	Total carrying value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Financial assets
2030 Prepaid Forward Contract	$	83,117	$	-	$	83,117	$	-
2029 Prepaid Forward Contract	128,500		-		128,500		-
Total financial assets	$	211,617	$	-	$	211,617	$	-

Derivative assets
2030 Capped Call Transactions	$	46,400	$	-	$	-	$	46,400
2029 Capped Call Transactions	75,700		-		-		75,700
Bitcoin purchase option	5,756		-		5,756		-
Total derivative assets	$	127,856	$	-	$	5,756	$	122,100

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 March 31, 2026
(in USD thousands)	Total carrying value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
2030 Convertible Notes	$	207,345	$	478,240	$	-	$	-
2029 Convertible Notes	228,005		639,022		-		-
2031 Convertible Notes	980,905		717,787		-		-
2032 Convertible Notes	1,135,846		1,019,139		-		-
2033 Convertible Notes	1,135,731		1,005,685		-		-
Total	$	3,687,832	$	3,859,873	$	-	$	-


	Fair value measured as of June 30, 2025
(in USD thousands)	Total carrying value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
2030 Convertible Notes	$	427,837	$	483,089	$	-	$	-
2029 Convertible Notes	534,928		712,844		-		-
Total	$	962,765	$	1,195,933	$	-	$	-

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

Refer to Note 8. Financial assets and Note 10. 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ 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 Thousands	3 Months Ended						9 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Sep. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net income (loss)	$ (247,827)	$ (155,407)	$ 384,611	$ (16,144)	$ (21,888)	$ (51,703)	$ (18,622)	$ (89,735)
Convertible notes interest expense, net of tax	0			0			0	0
Numerator for diluted net income (loss) per share of Ordinary shares	$ (247,827)			$ (16,144)			$ (18,622)	$ (89,735)
Denominator:
Basic weighted-average shares used in computing net income loss per share of Ordinary shares (in shares)	333,734,176			218,659,835			300,366,927	206,039,370
Effects of dilutive securities:
2030 Notes (in shares)	0			0			0	0
Diluted weighted-average shares used in computing net income loss per share of Ordinary shares (in shares)	333,734,176			218,659,835			300,366,927	206,039,370
Basic net income (loss) per share of Ordinary shares ( in USD per share)	$ (0.74)			$ (0.07)			$ (0.06)	$ (0.44)
Diluted net income (loss) per share of Ordinary shares (in USD per share)	$ (0.74)			$ (0.07)			$ (0.06)	$ (0.44)
Stock options
Effects of dilutive securities:
Dilutive potential Ordinary shares (in shares)	0			0			0	0
Restricted stock units
Effects of dilutive securities:
Dilutive potential Ordinary shares (in shares)	0			0			0	0

Convertible notes payable - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
	Dec. 02, 2025	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 08, 2025	Oct. 14, 2025	Jun. 30, 2025
Debt Instrument [Line Items]
Repurchase of convertible debt					$ 1,623,484	$ 0
Debt conversion inducement expense		$ 0		$ 0	111,799	$ 0
Charge to additional paid-in capital, debt conversion			$ 981,018
Convertible notes, aggregate principal amount outstanding		3,687,832			3,687,832		$ 2,270,270	$ 979,252	$ 962,765
2029 and 2030 Convertible Notes
Debt Instrument [Line Items]
Repurchase of convertible debt	$ 1,632,400
Repayment of accrued and unpaid interest	$ 8,900
Debt conversion inducement expense		111,800			111,800
Charge to additional paid-in capital, debt conversion		981,000			981,000
Convertible notes, aggregate principal amount outstanding		$ 445,700			$ 445,700

- 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/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S50
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
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-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
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-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
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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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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
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Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Intangible assets, net (Tables)

9 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

The components of intangible assets are as follows:


	March 31, 2026
(in USD thousands)		Acquired Intangibles, Gross		Accumulated Amortization		Acquired Intangibles, Net		Weighted-Average Lives (in years)
Connection rights for electricity services		$	105,123	$	—	$	105,123	12
Land purchase options		$	2,500	$	—	$	2,500	—
Goodwill		$	1,180	$	—	$	1,180	—
Total		$	108,803	$	—	$	108,803	12

Derivatives

9 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

Note 10. Derivatives

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


(in USD thousands)		March 31, 2026				June 30, 2025
Derivative	Balance Sheet Line	Asset		Liability		Asset		Liability
Derivatives not designated as hedging instruments:
Bitcoin purchase option	Derivative assets - Current	$	—	$	—	$	5,756	$	—
Capped call transactions - 2030 Convertible Notes	Derivative assets - Non current	—		—		46,400		—
Capped call transactions - 2029 Convertible Notes	Derivative assets - Non current	—		—		75,700		—
Capped call transactions - 2031 Convertible Notes	Derivative assets - Non current	29,700		—		—		—
Capped call transactions - 2032 Convertible Notes	Derivative assets - Non current	83,600		—		—		—
Capped call transactions - 2033 Convertible Notes	Derivative assets - Non current	78,700		—		—		—
Total derivatives		$	192,000	$	—	$	127,856	$	—

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


(in USD thousands)		Three Months Ended March 31,				Nine Months Ended March 31,
Derivative	Statement of Operations Line	2026		2025		2026		2025
Derivatives not designated as hedging instruments:
Bitcoin purchase option	Realized gain (loss) on financial instruments	$	—	$	—	$	(8,666)	$	—
Bitcoin purchase option	Unrealized gain (loss) on financial instruments	—		—		2,910		—
Capped call transactions - 2030 Convertible Notes	Unrealized gain (loss) on financial instruments	—		(16,600)		57,500		(31,200)
Capped call transactions - 2029 Convertible Notes	Unrealized gain (loss) on financial instruments	—		—		80,000		—
Capped call transactions - 2031 Convertible Notes	Unrealized gain (loss) on financial instruments	(3,800)		—		(25,582)		—
Capped call transactions - 2032 Convertible Notes	Unrealized gain (loss) on financial instruments	(10,300)		—		(18,202)		—
Capped call transactions - 2033 Convertible Notes	Unrealized gain (loss) on financial instruments	(9,600)		—		(16,467)		—
Total gain (loss) on derivatives		$	(23,700)	$	(16,600)	$	71,493	$	(31,200)

Capped Call Transactions

2030 Capped Call Transactions

In conjunction with the offering of the 2030 Convertible Notes, the Group entered into the capped call transactions with certain financial institutions (the “2030 Capped Call Transactions”). The 2030 Capped Call Transactions are generally expected to reduce potential dilution to holders of the Group’s Ordinary shares upon any conversion of the 2030 Convertible Notes and/or offset any cash payments the Group is required to make in excess of the principal amount of the 2030 Convertible Notes upon conversion of the 2030 Convertible Notes in the event that the market price per share of our Ordinary shares is greater than the strike price of the 2030 Capped Call Transactions, with such reduction and/or offset subject to a cap.

2029 Capped Call Transactions

In conjunction with the offering of the 2029 Convertible Notes, the Group entered into the capped call transactions with certain financial institutions (the “2029 Capped Call Transactions”). The 2029 Capped Call Transactions are generally expected to reduce potential dilution to holders of the Group's Ordinary shares upon any conversion of the 2029 Convertible Notes and/or offset any cash payments the Group is required to make in excess of the principal amount of the 2029 Convertible Notes upon conversion of the 2029 Convertible Notes in the event that the market price per share of our Ordinary shares is greater than the strike price of the 2029 Capped Call Transactions, with such reduction and/or offset subject to a cap.

2031 Capped Call Transactions

In conjunction with the Group’s offering of 0.00% Convertible Senior Notes due 2031 (the “2031 Convertible Notes”), the Group entered into the capped call transactions with certain financial institutions (the “2031 Capped Call Transactions”). The 2031 Capped Call Transactions are generally expected to reduce potential dilution to holders of the Group's Ordinary shares upon any conversion of the 2031 Convertible Notes and/or offset any cash payments the Group is required to make in excess of the principal amount of the 2031 Convertible Notes upon conversion of the 2031 Convertible Notes in the event that the market price per share of our Ordinary shares is greater than the strike price of the 2031 Capped Call Transactions, with such reduction and/or offset subject to a cap.

2032 and 2033 Capped Call Transactions

In conjunction with the Group’s offering of 0.25% Convertible Senior Notes due 2032 (the “2032 Convertible Notes”) and 1.00% Convertible Senior Notes due 2033 (the “2033 Convertible Notes”), the Group entered into the capped call transactions with certain financial institutions (the “2032 Capped Call Transactions” and the “2033 Capped Call Transactions”, respectively). The 2032 Capped Call Transactions and 2033 Capped Call Transactions are generally expected to reduce potential dilution to holders of the Group's Ordinary shares upon any conversion of the 2032 Convertible Notes and 2033 Convertible Notes and/or offset any cash payments the Group is required to make in excess of the principal amount of the 2032 Convertible Notes and 2033 Convertible Notes upon conversion of the 2032 Convertible Notes and 2033 Convertible Notes in the event that the market price per share of our Ordinary shares is greater than the strike price of the 2032 Capped Call Transactions or 2033 Capped Call Transactions, with such reduction and/or offset subject to a cap.

The following tables summarize the key terms of the Capped Call Transactions:


	2031 Capped Call		2032 Capped Call		2033 Capped Call
Net proceeds used to purchase the Capped Call Transactions (in thousands)	$	56,700	$	104,305	$	96,715
Transaction costs expensed (in thousands)	$	1,418	$	2,503	$	1,547
Initial cap price	$	120.18	$	82.24	$	82.24
Last reported sale price of Ordinary shares	$	60.09	$	41.12	$	41.12
Date of last reported sale price of Ordinary shares	October 8, 2025		December 2, 2025		December 2, 2025

Reclassification to equity

On November 19, 2025, the Company’s shareholders approved the repurchase of the Company’s Ordinary shares underlying the 2030 Capped Call Transactions and the 2029 Capped Call Transactions, if so elected. Following shareholder approval, the 2030 Capped Call Transactions and the 2029 Capped Call Transactions met the conditions for equity classification under ASC 815‑40. Accordingly, the 2030 Capped Call Transactions and the 2029 Capped Call Transactions were reclassified to stockholders’ equity as a reduction of additional paid‑in capital at their fair value on the date of shareholder approval of $259,600,000.


	2030 Capped Call		2029 Capped Call
Net proceeds used to purchase the Capped Call Transactions (in thousands)	$	44,352	$	53,790
Transaction costs expensed (in thousands)	$	1,452	$	2,790
Initial cap price	$	25.86	$	20.98
Last reported sale price of Ordinary shares	$	12.93	$	10.49
Date of last reported sale price of Ordinary shares	December 3, 2024		June 10, 2025

Prior to their reclassification to equity, the Group estimated the fair value of the 2030 Capped Call Transactions and 2029 Capped Call Transactions 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 and unobservable fair value assumptions used for Capped Call Transactions as at the date of shareholder approval:


	2030 Capped Call			2029 Capped Call
Closing share price	$45.83			$45.83
Long strike price	$	16.81		$	13.64
Short strike price	$	25.86		$	20.98
Risk free interest rate	3.62		%	3.59		%
Dividend yield	nil			nil
Expected volatility	62.5		%	62.5		%

Level 3 derivative assets

The Group determined that the 2031 Capped Call Transactions, 2032 Capped Call Transactions, and 2033 Capped Call Transactions are a Level 3 derivative asset given significant unobservable inputs are included in its 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 at March 31, 2026:


	2031 Capped Call			2032 Capped Call			2033 Capped Call
Closing share price	$	34.28		$	34.28		$	34.28
Long strike price	$	85.63		$	51.40		$	51.40
Short strike price	$	120.18		$	82.24		$	82.24
Risk free interest rate	3.86		%	3.93		%	4.00		%
Dividend yield	nil			nil			nil
Expected volatility	65.0		%	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 thousands)	2030 Capped Call		2029 Capped Call		2031 Capped Call		2032 Capped Call		2033 Capped Call		Total
Balance as at July 1, 2025	$	46,400	$	75,700	$	-	$	-	$	-	$	122,100
Initial recognition on October 14, 2025	-		-		55,282		-		-		55,282
Initial recognition on December 8, 2025	-		-		-		101,802		95,167		196,969
Unrealized gain (loss) recognized	57,500		80,000		(25,582)		(18,202)		(16,467)		77,249
Reclassification to equity	(103,900)		(155,700)		-		-		-		(259,600)
Balance as at March 31, 2026	$	-	$	-	$	29,700	$	83,600	$	78,700	$	192,000

Bitcoin purchase option

In June 2025, the Group entered into a supplemental agreement with Bitmain Technologies Delaware Limited (“Bitmain”) relating to outstanding payments under existing purchase option arrangements for mining hardware. Upon settlement of the outstanding obligation, the Group is entitled to a Bitcoin purchase option. The option allows the Group to acquire Bitcoin at a mutually agreed-upon price, subject to a six-month purchase period commencing on the date of payment. The Group may exercise the option in two equal tranches, with the right to purchase 50% of the Bitcoin at the end of each three-month interval during the purchase period.

The embedded Bitcoin purchase option was bifurcated from the host contract and is accounted for separately as a derivative financial instrument. It is initially and subsequently measured at fair value, with changes in fair value and any settlements recognized in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). As of December 31, 2025, the Bitcoin purchase options were unexercised and had expired, and the derivative’s carrying value was reduced to nil.

The following tables show the valuation techniques used in measuring Level 2 fair values for the Bitmain purchase option in the Condensed Consolidated Balance Sheets, as well as the significant unobservable inputs used:


Fair Value Hierarchy Level	Asset Description	Valuation Technique	Significant Input
Level 2	Bitcoin purchase option	Monte Carlo simulation option pricing model and Black-Scholes option pricing model	Strike Bitcoin price, spot Bitcoin price, risk free rate, volatility

Revenue	9 Months Ended
Revenue	Mar. 31, 2026
Revenue from Contract with Customer [Abstract]
Revenue	Note 5. Revenue Disaggregation of Revenue The Group primarily generates its revenue through Bitcoin mining and AI Cloud Services. The Group’s revenues are disaggregated by geographical region based on the location of the contracting entity and type of service or goods. For the periods presented in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), all Bitcoin mining revenue was generated in Australia and all AI Cloud Services revenue was generated in Canada. Contract Balances The timing of revenue recognition, billings and cash collections result in accounts receivable and deferred revenue. A receivable is recorded at the invoice amount, net of an allowance for credit losses, and is recognized in the period when the Group has the right to invoice its customers and when its right to consideration is unconditional. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 5-10 days. Deferred revenue, including current and non-current balances as of March 31, 2026 and June 30, 2025, was $120,388,000 and $884,000, respectively. For the three and nine months ended March 31, 2026, revenue recognized from deferred revenue at the beginning of the period was $4,855,000 and $862,000, respectively. For the three and nine months ended March 31, 2025, revenue recognized from deferred revenue at the beginning of the period was $1,610,000 and $480,000, respectively. Remaining Performance Obligations (“RPO”) As of March 31, 2026, the Group had $710,272,000 of unsatisfied RPO, of which $307,950,000 is expected to be recognized over the initial 12 months ending March 31, 2027, $265,198,000 between months 13 and 24, and the remaining balance recognized between months 25 and 60. Strategic Customer Agreement On November 2, 2025, the Group entered into an agreement with Microsoft Corporation (the “Microsoft Agreement”) to provide dedicated GPU services in tranches at data center facilities located in Childress, Texas, over an average term of five years. The total contract value is approximately $9.7 billion over the term of the agreement, with 20% of the contract value to be paid prior to the applicable delivery date of each tranche. The Group includes amounts in unsatisfied RPO only for tranches that have been delivered and accepted, of which there have been nil as of the reporting date. Consideration related to future tranches is not included in unsatisfied RPO until those tranches are delivered. Significant Financing Component Certain customer contracts include significant advance prepayments. The Group assessed whether these terms create a significant financing component under ASC Topic 606, Revenue from Contracts with Customers. Interest expense related to significant financing components was nil for each of the periods ended March 31, 2026 and March 31, 2025, respectively.

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Derivatives - Schedule of Consolidated Balance Sheet Classification of Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Jun. 30, 2025
Derivatives not designated as hedging instruments:
Asset	$ 192,000	$ 127,856
Liability	0	0
Bitcoin purchase option
Derivatives not designated as hedging instruments:
Asset	0	5,756
Liability	0	0
2030 Capped Call Transactions
Derivatives not designated as hedging instruments:
Asset	0	46,400
Liability	0	0
2029 Capped Call Transactions
Derivatives not designated as hedging instruments:
Asset	0	75,700
Liability	0	0
2031 Capped Call Transactions
Derivatives not designated as hedging instruments:
Asset	29,700	0
Liability	0	0
2032 Capped Call Transactions
Derivatives not designated as hedging instruments:
Asset	83,600	0
Liability	0	0
2033 Capped Call Transactions
Derivatives not designated as hedging instruments:
Asset	78,700	0
Liability	$ 0	$ 0

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Equity offering	Ordinary shares	Ordinary shares Equity offering	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Jun. 30, 2024			186,367,686
Beginning balance at Jun. 30, 2024	$ 1,097,471		$ 1,764,289		$ 51,286	$ (683,109)	$ (34,994)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Ordinary shares – at-the-market offering, net of issuance costs (in shares)			9,138,867
Issuance of Ordinary shares – at-the-market offering, net of issuance costs	73,145		$ 73,145
Issuance of Ordinary shares – restricted stock units (in shares)			1,132,733
Issuance of Ordinary shares – restricted stock units	4,758		$ 4,758
Issuance of Ordinary shares – stock options (in shares)			490,196
Issuance of Ordinary shares – stock options	991		$ 991
Stock-based compensation	3,160				3,160
Change in foreign currency translation adjustments	1,854						1,854
Net income (loss)	(51,703)					(51,703)
Ending balance (in shares) at Sep. 30, 2024			197,129,482
Ending balance at Sep. 30, 2024	1,129,677		$ 1,843,183		54,446	(734,812)	(33,140)
Beginning balance (in shares) at Jun. 30, 2024			186,367,686
Beginning balance at Jun. 30, 2024	1,097,471		$ 1,764,289		51,286	(683,109)	(34,994)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in foreign currency translation adjustments	(10,081)
Net income (loss)	(89,735)
Ending balance (in shares) at Mar. 31, 2025			223,557,577
Ending balance at Mar. 31, 2025	1,344,558		$ 2,092,508		69,969	(772,844)	(45,075)
Beginning balance (in shares) at Sep. 30, 2024			197,129,482
Beginning balance at Sep. 30, 2024	1,129,677		$ 1,843,183		54,446	(734,812)	(33,140)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Ordinary shares – at-the-market offering, net of issuance costs (in shares)			16,268,604
Issuance of Ordinary shares – at-the-market offering, net of issuance costs	141,818		$ 141,818
Issuance of Ordinary shares – restricted stock units (in shares)			14,940
Issuance of Ordinary shares – restricted stock units	5		$ 5
Issuance of Ordinary shares – stock options (in shares)			91,962
Issuance of Ordinary shares – stock options	99		$ 99
Stock-based compensation	7,893				7,893
Change in foreign currency translation adjustments	(11,959)						(11,959)
Net income (loss)	(21,888)					(21,888)
Ending balance (in shares) at Dec. 31, 2024			213,504,988
Ending balance at Dec. 31, 2024	1,245,645		$ 1,985,105		62,339	(756,700)	(45,099)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Ordinary shares – at-the-market offering, net of issuance costs (in shares)			10,022,708
Issuance of Ordinary shares – at-the-market offering, net of issuance costs	107,263		$ 107,263
Issuance of Ordinary shares – restricted stock units (in shares)			29,881
Issuance of Ordinary shares – restricted stock units	140		$ 140
Issuance of Ordinary shares – stock options (in shares)			0
Issuance of Ordinary shares – stock options	0		$ 0
Stock-based compensation	7,630				7,630
Change in foreign currency translation adjustments	24						24
Net income (loss)	(16,144)					(16,144)
Ending balance (in shares) at Mar. 31, 2025			223,557,577
Ending balance at Mar. 31, 2025	1,344,558		$ 2,092,508		69,969	(772,844)	(45,075)
Beginning balance (in shares) at Jun. 30, 2025			257,211,899
Beginning balance at Jun. 30, 2025	1,817,488		$ 2,355,056		88,672	(596,167)	(30,073)
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	599,918		$ 599,918
Issuance of Ordinary shares – restricted stock units (in shares)			314,237
Issuance of Ordinary shares – restricted stock units	1,787		$ 1,787
Issuance of Ordinary shares – stock options (in shares)			2,309,065
Issuance of Ordinary shares – stock options	8,827		$ 8,827
Stock-based compensation	68,994				68,994
Change in foreign currency translation adjustments	(5,458)						(5,458)
Net income (loss)	384,611					384,611
Ending balance (in shares) at Sep. 30, 2025			282,876,303
Ending balance at Sep. 30, 2025	2,876,167		$ 2,965,588		157,666	(211,556)	(35,531)
Beginning balance (in shares) at Jun. 30, 2025			257,211,899
Beginning balance at Jun. 30, 2025	1,817,488		$ 2,355,056		88,672	(596,167)	(30,073)
Ending balance (in shares) at Dec. 31, 2025			331,759,177
Ending balance at Dec. 31, 2025	2,511,193		$ 4,668,372		(1,757,926)	(366,963)	(32,290)
Beginning balance (in shares) at Jun. 30, 2025			257,211,899
Beginning balance at Jun. 30, 2025	1,817,488		$ 2,355,056		88,672	(596,167)	(30,073)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in foreign currency translation adjustments	(9,325)
Net income (loss)	(18,622)
Ending balance (in shares) at Mar. 31, 2026			340,979,966
Ending balance at Mar. 31, 2026	2,664,528		$ 5,047,083		(1,728,367)	(614,790)	(39,398)
Beginning balance (in shares) at Sep. 30, 2025			282,876,303
Beginning balance at Sep. 30, 2025	2,876,167		$ 2,965,588		157,666	(211,556)	(35,531)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Ordinary shares – at-the-market offering, net of issuance costs (in shares)				39,699,102
Issuance of Ordinary shares – at-the-market offering, net of issuance costs	0	$ 1,634,847		$ 1,634,847
Issuance of Ordinary shares – restricted stock units (in shares)			9,122,733
Issuance of Ordinary shares – restricted stock units	67,806		$ 67,806
Issuance of Ordinary shares – stock options (in shares)			61,039
Issuance of Ordinary shares – stock options	131		$ 131
Stock-based compensation	(9,574)				(9,574)
Repurchase of the 2030 Convertible Notes and 2029 Convertible Notes	(981,018)				(981,018)
Reclassification of 2030 Prepaid Forward Contract and 2029 Prepaid Forward Contract	(665,400)				(665,400)
Reclassification of 2030 Capped Call Transactions and 2029 Capped Call Transactions	(259,600)				(259,600)
Change in foreign currency translation adjustments	3,241						3,241
Net income (loss)	(155,407)					(155,407)
Ending balance (in shares) at Dec. 31, 2025			331,759,177
Ending balance at Dec. 31, 2025	2,511,193		$ 4,668,372		(1,757,926)	(366,963)	(32,290)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Ordinary shares – at-the-market offering, net of issuance costs (in shares)				8,857,303
Issuance of Ordinary shares – at-the-market offering, net of issuance costs		$ 376,806		$ 376,806
Issuance of Ordinary shares – restricted stock units (in shares)			363,486
Issuance of Ordinary shares – restricted stock units	1,905		$ 1,905
Stock-based compensation	29,559				29,559
Reclassification of 2030 Capped Call Transactions and 2029 Capped Call Transactions	(259,600)
Change in foreign currency translation adjustments	(7,108)						(7,108)
Net income (loss)	(247,827)					(247,827)
Ending balance (in shares) at Mar. 31, 2026			340,979,966
Ending balance at Mar. 31, 2026	$ 2,664,528		$ 5,047,083		$ (1,728,367)	$ (614,790)	$ (39,398)

Convertible notes payable - Details of Notes Payable (Details) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2026	Dec. 08, 2025	Oct. 14, 2025	Jun. 30, 2025
Long Term Debt [Roll Forward]
Balance at July 1, 2025	$ 962,765
Initial recognition of convertible notes payable	3,687,832	$ 2,270,270	$ 979,252	$ 962,765
Change in estimate related to accrued debt issuance costs	84
Interest expenses	30,050
Coupon interest payable	(23,925)
Induced conversion of notes	(530,664)
Convertible notes outstanding as at March 31, 2026	3,687,832
Convertible notes due within one year	0
Total convertible notes, net of portion due within one year	3,687,832			962,765
2030 Convertible Notes
Long Term Debt [Roll Forward]
Balance at July 1, 2025	427,837
Initial recognition of convertible notes payable	207,345	0	0	427,837
Change in estimate related to accrued debt issuance costs	104
Interest expenses	9,773
Coupon interest payable	(8,423)
Induced conversion of notes	(221,946)
Convertible notes outstanding as at March 31, 2026	207,345
Convertible notes due within one year	0
Total convertible notes, net of portion due within one year	207,345
2029 Convertible Notes
Long Term Debt [Roll Forward]
Balance at July 1, 2025	534,928
Initial recognition of convertible notes payable	228,005	0	0	534,928
Change in estimate related to accrued debt issuance costs	0
Interest expenses	12,785
Coupon interest payable	(10,990)
Induced conversion of notes	(308,718)
Convertible notes outstanding as at March 31, 2026	228,005
Convertible notes due within one year	0
Total convertible notes, net of portion due within one year	228,005
2031 Convertible Notes
Long Term Debt [Roll Forward]
Balance at July 1, 2025	0
Initial recognition of convertible notes payable	980,905	0	979,252	0
Change in estimate related to accrued debt issuance costs	(20)
Interest expenses	1,673
Coupon interest payable	0
Induced conversion of notes	0
Convertible notes outstanding as at March 31, 2026	980,905
Convertible notes due within one year	0
Total convertible notes, net of portion due within one year	980,905
2032 Convertible Notes
Long Term Debt [Roll Forward]
Balance at July 1, 2025	0
Initial recognition of convertible notes payable	1,135,846	1,135,136	0	0
Change in estimate related to accrued debt issuance costs	0
Interest expenses	1,612
Coupon interest payable	(902)
Induced conversion of notes	0
Convertible notes outstanding as at March 31, 2026	1,135,846
Convertible notes due within one year	0
Total convertible notes, net of portion due within one year	1,135,846
2033 Convertible Notes
Long Term Debt [Roll Forward]
Balance at July 1, 2025	0
Initial recognition of convertible notes payable	1,135,731	$ 1,135,134	$ 0	$ 0
Change in estimate related to accrued debt issuance costs	0
Interest expenses	4,207
Coupon interest payable	(3,610)
Induced conversion of notes	0
Convertible notes outstanding as at March 31, 2026	1,135,731
Convertible notes due within one year	0
Total convertible notes, net of portion due within one year	$ 1,135,731

Other liabilities (Tables)

9 Months Ended

Mar. 31, 2026

Other Liabilities Disclosure [Abstract]

Other Liabilities

The components of other liabilities are as follows:


(in USD thousands)	March 31, 2026		June 30, 2025
Current
Employee benefits	$	14,330	$	1,834
Payroll taxes	14,845		566
Accrued interest payable	9,133		1,545
Other liabilities	5,804		—
Total current other liabilities	$	44,112	$	3,945

Non-current
Employee benefits	$	339	$	234
Payroll taxes	$	4,568	—
Total non-current other liabilities	$	4,907	$	234

Total other liabilities	$	49,020	$	4,179

Property, plant and equipment, net - Schedule of Changes in Actual and Expected Depreciation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2029	Jun. 30, 2028	Jun. 30, 2027	Jun. 30, 2026
Forecast \| S21 Pro Miners
Property, Plant and Equipment [Line Items]
Change in useful life	$ (1,213)	$ (8,444)	$ (4,166)	$ 4,349

Derivatives (Tables)

9 Months Ended

Mar. 31, 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 thousands)		March 31, 2026				June 30, 2025
Derivative	Balance Sheet Line	Asset		Liability		Asset		Liability
Derivatives not designated as hedging instruments:
Bitcoin purchase option	Derivative assets - Current	$	—	$	—	$	5,756	$	—
Capped call transactions - 2030 Convertible Notes	Derivative assets - Non current	—		—		46,400		—
Capped call transactions - 2029 Convertible Notes	Derivative assets - Non current	—		—		75,700		—
Capped call transactions - 2031 Convertible Notes	Derivative assets - Non current	29,700		—		—		—
Capped call transactions - 2032 Convertible Notes	Derivative assets - Non current	83,600		—		—		—
Capped call transactions - 2033 Convertible Notes	Derivative assets - Non current	78,700		—		—		—
Total derivatives		$	192,000	$	—	$	127,856	$	—

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 thousands)		Three Months Ended March 31,				Nine Months Ended March 31,
Derivative	Statement of Operations Line	2026		2025		2026		2025
Derivatives not designated as hedging instruments:
Bitcoin purchase option	Realized gain (loss) on financial instruments	$	—	$	—	$	(8,666)	$	—
Bitcoin purchase option	Unrealized gain (loss) on financial instruments	—		—		2,910		—
Capped call transactions - 2030 Convertible Notes	Unrealized gain (loss) on financial instruments	—		(16,600)		57,500		(31,200)
Capped call transactions - 2029 Convertible Notes	Unrealized gain (loss) on financial instruments	—		—		80,000		—
Capped call transactions - 2031 Convertible Notes	Unrealized gain (loss) on financial instruments	(3,800)		—		(25,582)		—
Capped call transactions - 2032 Convertible Notes	Unrealized gain (loss) on financial instruments	(10,300)		—		(18,202)		—
Capped call transactions - 2033 Convertible Notes	Unrealized gain (loss) on financial instruments	(9,600)		—		(16,467)		—
Total gain (loss) on derivatives		$	(23,700)	$	(16,600)	$	71,493	$	(31,200)

Schedule of Derivative Instruments, Capped Call Transactions

The following tables summarize the key terms of the Capped Call Transactions:


	2031 Capped Call		2032 Capped Call		2033 Capped Call
Net proceeds used to purchase the Capped Call Transactions (in thousands)	$	56,700	$	104,305	$	96,715
Transaction costs expensed (in thousands)	$	1,418	$	2,503	$	1,547
Initial cap price	$	120.18	$	82.24	$	82.24
Last reported sale price of Ordinary shares	$	60.09	$	41.12	$	41.12
Date of last reported sale price of Ordinary shares	October 8, 2025		December 2, 2025		December 2, 2025


	2030 Capped Call		2029 Capped Call
Net proceeds used to purchase the Capped Call Transactions (in thousands)	$	44,352	$	53,790
Transaction costs expensed (in thousands)	$	1,452	$	2,790
Initial cap price	$	25.86	$	20.98
Last reported sale price of Ordinary shares	$	12.93	$	10.49
Date of last reported sale price of Ordinary shares	December 3, 2024		June 10, 2025

Schedule of Significant Fair Value Assumptions

The following table represents the significant and unobservable fair value assumptions used for Capped Call Transactions as at the date of shareholder approval:


	2030 Capped Call			2029 Capped Call
Closing share price	$45.83			$45.83
Long strike price	$	16.81		$	13.64
Short strike price	$	25.86		$	20.98
Risk free interest rate	3.62		%	3.59		%
Dividend yield	nil			nil
Expected volatility	62.5		%	62.5		%

The following table represents the significant fair value assumptions used for Capped Call Transactions as at March 31, 2026:


	2031 Capped Call			2032 Capped Call			2033 Capped Call
Closing share price	$	34.28		$	34.28		$	34.28
Long strike price	$	85.63		$	51.40		$	51.40
Short strike price	$	120.18		$	82.24		$	82.24
Risk free interest rate	3.86		%	3.93		%	4.00		%
Dividend yield	nil			nil			nil
Expected volatility	65.0		%	60.0		%	60.0		%

Schedule of Movement in the Fair Value

The following tables show the valuation techniques used in measuring Level 2 fair values for the financial instruments in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), as well as the significant unobservable inputs used:


Fair Value Hierarchy Level	Asset Description	Valuation Technique	Significant Inputs
Level 2	2030 Prepaid forward contract	Analytical formula	Share price, risk free rate, dividend yield
Level 2	2029 Prepaid forward contract	Analytical formula	Share price, risk free rate, dividend yield
Level 2	Prepaid Electricity - Financial asset	Forward Price Approach	Forward Prices from OTC Global Holdings

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


(in USD thousands)	2030 Capped Call		2029 Capped Call		2031 Capped Call		2032 Capped Call		2033 Capped Call		Total
Balance as at July 1, 2025	$	46,400	$	75,700	$	-	$	-	$	-	$	122,100
Initial recognition on October 14, 2025	-		-		55,282		-		-		55,282
Initial recognition on December 8, 2025	-		-		-		101,802		95,167		196,969
Unrealized gain (loss) recognized	57,500		80,000		(25,582)		(18,202)		(16,467)		77,249
Reclassification to equity	(103,900)		(155,700)		-		-		-		(259,600)
Balance as at March 31, 2026	$	-	$	-	$	29,700	$	83,600	$	78,700	$	192,000


Fair Value Hierarchy Level	Asset Description	Valuation Technique	Significant Input
Level 2	Bitcoin purchase option	Monte Carlo simulation option pricing model and Black-Scholes option pricing model	Strike Bitcoin price, spot Bitcoin price, risk free rate, volatility

- 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

Segment information

9 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment information

Note 6. Segment information

The Group’s significant expense categories and amounts that are regularly provided to, and used by, the 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 3 — 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 thousands)	Three Months Ended March 31,				Nine Months Ended March 31,
	2026		2025		2026		2025
Reportable segment revenue
Bitcoin mining revenue	$	111,160	$	141,242	$	511,502	$	304,300
AI Cloud Services revenue	33,635		3,581		58,280		9,431
Total segment and consolidated revenue	144,795		144,823		569,782		313,731

Reportable segment cost of revenue (exclusive of depreciation and amortization shown below):
Bitcoin mining	(35,336)		(41,615)		(178,649)		(105,261)
AI Cloud Services	(4,597)		(336)		(7,720)		(843)
Total segment and consolidated cost of revenue	(39,933)		(41,951)		(186,369)		(106,104)

Segment gross profit (loss)	104,862		102,872		383,413		207,627

Reconciling items:
Selling, general and administrative expenses	(81,750)		(29,097)		(320,864)		(83,161)
Depreciation and amortization	(121,245)		(47,311)		(305,647)		(117,319)
Impairment of assets	(140,411)		—		(188,423)		(6,942)
Gain (loss) on disposal of property, plant and equipment	234		1,526		228		1,678
Other operating expenses	(39)		(1,865)		(5,507)		(10,264)
Other operating income	4,826		3,090		10,469		7,820
Finance expense	(14,837)		(4,119)		(34,785)		(5,863)
Interest income	21,799		1,925		44,702		5,801
Increase (decrease) in fair value of assets held for sale	(2,035)		(95)		(8,484)		(2,161)
Realized gain (loss) on financial instruments	—		—		(8,666)		(4,215)
Unrealized gain (loss) on financial instruments	(23,700)		(37,900)		533,942		(70,200)

Debt conversion inducement expense	—		—		(111,799)		—
Foreign exchange gain (loss)	(1,865)		(318)		(5,369)		(3,691)
Other non-operating income	75		186		75		480
Income tax (expense) benefit	6,259		(5,038)		(1,907)		(9,325)
Net income (loss)	$	(247,827)	$	(16,144)	$	(18,622)	$	(89,735)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Property, plant and equipment, net

9 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property, plant and equipment, net

Note 9. Property, plant and equipment, net

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


(in USD thousands)	March 31, 2026		June 30, 2025
Mining hardware	$	1,041,767	$	1,135,584
GPU hardware	811,390		76,001
Buildings	690,060		639,750
Right-of-use assets - Finance lease	301,776		—
Plant and equipment	8,827		10,002
Land	43,756		13,086
Leasehold improvements	34		43
Construction in progress	2,089,371		237,734
Property, plant and equipment, gross	4,986,981		2,112,200
Less: Accumulated depreciation	(445,617)		(181,246)
Less: Impairment	(171,502)		(385)
Property, plant and equipment, net	$	4,369,862	$	1,930,567

Depreciation and amortization expense related to property, plant and equipment was $121,245,000 and $47,311,000 for the three months ended March 31, 2026 and 2025, respectively, and $305,647,000 and $117,319,000 for the nine months ended March 31, 2026 and 2025, respectively.

During the nine months ended March 31, 2026, the Group entered into lease financing arrangements for the acquisition of GPUs, together with related ancillary equipment. The arrangements provide financing for 100% of the purchase price and are structured as 36-month and 24-month leases, respectively. A portion of the leases commenced during the quarter ended March 31, 2026, at which time the corresponding right-of-use assets and lease liabilities were recognized. The lease commencement dates for the remaining GPUs are expected to occur subsequent to March 31, 2026, at which time the corresponding right-of-use assets and lease liabilities will be recognized.

Impairment

Impairment of property, plant and equipment totaled $140,411,000 and $188,423,000 for the three and nine months ended March 31, 2026, respectively. The impairment for the three months ended March 31, 2026 relates to Bitcoin miners, as well as certain IT and electrical equipment in Childress and British Columbia. This primarily reflects assets displaced from the Group’s data centers as part of the Group’s strategic focus on expanding its AI Cloud Services. Management performed an impairment assessment as of March 31, 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 prices for similar assets.

Impairment of property, plant and equipment totaled nil and $6,942,000 for the three and nine months ended March 31, 2025, respectively, and was primarily related to the initial classification of the S19j Pro miners as held for sale, as discussed under ‘Assets held for sale’ below.

Change in estimated useful life

On December 31, 2025, the Group reassessed the estimated useful life of its S21 Pro miners in Canal Flats in connection with its strategic focus on expanding AI Cloud Services and consistent with the impairment charges discussed above. As a result, the estimated remaining useful life of the miners has been reduced, and the estimated residual value has been revised to approximately $9.5 million, reflecting the expected secondary market price at the anticipated disposal date. The estimated fair value was determined using Level 3 inputs.

The impact of these changes on the actual and expected depreciation expense is as follows:


	Years ended June 30,
(in USD thousands)	2026		2027		2028		2029
December 31, 2025 change in useful life	$	4,349	$	(4,166)	$	(8,444)	$	(1,213)

Construction in progress

The increase in construction in progress is primarily related to accumulated costs related to the development of data center infrastructure at Childress, Texas and the Sweetwater development projects in Texas, U.S., along with other early-stage development costs. Depreciation will commence on the development assets as each phase of the underlying infrastructure becomes available for use.

Assets held for sale

On March 31, 2026, the Group classified approximately 5,800 S21 Pro miners as held for sale in accordance with ASC Topic 360, Property, Plant and Equipment (“ASC 360-10-45-9”) as the miners were no longer in use, were actively marketed for sale, and their sale was deemed highly probable. Upon classification as held for sale, the Group recognized a loss on change in fair value of $2,035,000 to adjust the carrying value of the miners to their estimated fair value less costs to sell as at March 31, 2026.

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Jun. 30, 2025
Ordinary shares
Common stock, par value (in USD per share)	$ 0	$ 0
Common stock, shares issued (in shares)	340,979,966	258,103,209
Common stock, shares outstanding (in shares)	340,979,966	258,103,209
Class B shares
Common stock, par value (in USD per share)		$ 0
Common stock, shares authorized (in shares)	2	2
Common stock, shares issued (in shares)	2	2
Common stock, shares outstanding (in shares)	2	2

Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Amortization of ROU asset	$ 10,566	$ 0	$ 11,317	$ 0
Interest on lease liabilities	4,920	0	5,287	0
Total lease expense	$ 15,486	$ 0	$ 16,604	$ 0

Commitments and contingencies - Schedule of Committed Amounts Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Jun. 30, 2025
Commitments
Amounts payable within 12 months of balance date:	$ 11,899,054	$ 368,805
Amounts payable after 12 months of balance date:	3,417	0
Total commitments	$ 11,902,471	$ 368,805

Cover Page - shares	9 Months Ended
Cover Page - shares	Mar. 31, 2026	Apr. 30, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 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
Entity Common Stock, Shares Outstanding		357,378,674
Central Index Key	0001878848
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q3

Stockholders' equity	9 Months Ended
Stockholders' equity	Mar. 31, 2026
Equity [Abstract]
Stockholders' equity	Note 17. 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 341,501,172 and 258,103,209 as at March 31, 2026 and June 30, 2025, respectively. At-the-Market facility On January 21, 2025, the Company filed a registration statement, including an accompanying at-the-market prospectus supplement relating to the offer and sale of $1,000,000,000 additional Ordinary shares. As of December 31, 2025, the Company had issued 66,707,732 Ordinary shares under an At Market Sales Agreement (the “Sales Agreement”) generating an aggregate of approximately $999,999,452 in proceeds through September 2025, with no further amounts remaining available for sale under its prospectus supplement relating to the Sales Agreement and related prospectus supplement. On March 4, 2026, the Company filed a new prospectus supplement relating to the offer and sale of up to $6,000,000,000 of its Ordinary shares under the Sales Agreement. The newly filed prospectus supplement replaces and supersedes the prospectus supplement above relating to the offer and sale of up to $1,000,000,000. As of March 31, 2026, the Company has issued 8,857,303 Ordinary shares under the new prospectus supplement generating an aggregate of approximately $380,022,000 in gross proceeds. Equity Offering In conjunction with the Repurchase, on December 2, 2025, the Company entered into certain share purchase agreements, by and between the Company and certain purchasers, pursuant to which the Company agreed to sell 39,699,102 Ordinary shares in a registered direct offering at a price of $41.12 per share (the “Equity Offering”). The issuance and sale of 39,699,102 Ordinary shares was completed on December 8, 2025. Loan-funded shares As at March 31, 2026 and June 30, 2025, there were 521,206 and 842,291 restricted ordinary shares issued to management under the Employee Share Plans as well as 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 and nine months ended March 31, 2026 and 2025.

- Definition

The entire disclosure for equity.

+ References

+ Details

Accounts payable and accrued expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Jun. 30, 2025
Payables and Accruals [Abstract]
Accounts payable	$ 97,049	$ 81,747
Accrued expenses	364,787	42,368
Loss contingencies	0	20,000
Total accounts payable and accrued expenses	$ 461,836	$ 144,115

Derivatives - Schedule of Movement in the Fair Value (Details) $ in Thousands	9 Months Ended
	Mar. 31, 2026 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 122,100
Unrealized gain (loss) recognized	77,249
Reclassification to equity	(259,600)
Ending balance	$ 192,000
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
First Tranche
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Initial recognition	$ 55,282
Second Tranche
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Initial recognition	196,969
2030 Capped Call Transactions
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	46,400
Unrealized gain (loss) recognized	57,500
Reclassification to equity	(103,900)
Ending balance	0
2029 Capped Call Transactions
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	75,700
Unrealized gain (loss) recognized	80,000
Reclassification to equity	(155,700)
Ending balance	0
2031 Capped Call Transactions
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0
Unrealized gain (loss) recognized	(25,582)
Ending balance	29,700
2031 Capped Call Transactions \| First Tranche
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Initial recognition	55,282
2032 Capped Call Transactions
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0
Unrealized gain (loss) recognized	(18,202)
Ending balance	83,600
2032 Capped Call Transactions \| Second Tranche
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Initial recognition	101,802
2033 Capped Call Transactions
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0
Unrealized gain (loss) recognized	(16,467)
Ending balance	78,700
2033 Capped Call Transactions \| Second Tranche
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Initial recognition	$ 95,167

Deposits and prepayments - Schedule of Deposits and Prepaid Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Jun. 30, 2025
Current
Prepayments	$ 44,786	$ 33,015
Security deposits	45,172	12,894
Total current deposits and prepaid expenses	89,958	45,908
Non-current
Security deposits	156,868	29,847
Prepayments	4,937	3,068
Total non-current deposits and prepaid expenses	161,805	32,916
Total deposits and prepaid expenses	$ 251,763	$ 78,824

Accounts payable and accrued expenses

9 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Accounts payable and accrued expenses

Note 13. Accounts payable and accrued expenses

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


(in USD thousands)	March 31, 2026		June 30, 2025
Accounts payable	$	97,049	$	81,747
Accrued expenses	364,787		42,368
Loss contingencies	—		20,000

Total accounts payable and accrued expenses	$	461,836	$	144,115

Loss contingencies

Non-Recourse SPVs

NYDIG, who was the lender under limited recourse equipment financing loans to IE CA 3 Holdings Ltd. and IE CA 4 Holdings Ltd. (bankrupt entities for which PricewaterhouseCoopers (“PwC”) is currently acting as receiver and trustee) (“Non-Recourse SPVs”), had brought claims against the Non-Recourse SPVs and the Company. All claims except the oppression remedy, which had been dismissed by the Trial Court, were unsuccessful. In addition, PwC, as receiver and

trustee of the Non-Recourse SPVs’ estates continued its investigation of the affairs of the Non-Recourse SPVs in Canada and Australia. On August 12, 2025, the Company entered into a settlement agreement with NYDIG, PwC, the Non-Recourse SPVs and their local representatives in Australia to terminate all current proceedings and release all claims related to the financing loans and the subsequent receivership and bankruptcies. The Company has agreed to pay a settlement amount to NYDIG of $20 million and such amount was recorded as a loss contingency in the Group’s consolidated financial statements as of June 30, 2025. The settlement amount was subsequently paid during the quarter ended September 30, 2025.

Net income (loss) per share of Ordinary shares - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	192,422,422	16,734,212	129,189,238	16,734,212
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	5,508,450	7,888,554	5,508,450	7,888,554
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	19,715,580	8,845,658	24,856,461	8,845,658
Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	86,170,707	0	59,671,727	0
Capped call transactions
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	66,508,582	0	32,157,996	0
Prepaid forward transactions
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	14,519,103	0	6,994,604	0

Subsequent events	9 Months Ended
Subsequent events	Mar. 31, 2026
Subsequent Events [Abstract]
Subsequent events	Note 22. 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 were available to be issued. Except as described above and below, the Group has concluded no other subsequent events have occurred that require disclosure. Commercial agreement for GPU services On May 7, 2026, the Group entered into an agreement with NVIDIA Corporation ("NVIDIA") to provide dedicated GPU services in tranches at data center facilities located in Childress, Texas, over a five year term. The total contract value is approximately $3.4 billion over the term of the agreement. NVIDIA Private Placement On May 7, 2026, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with NVIDIA. Pursuant to the Securities Purchase Agreement, the Company agreed to sell investment rights to purchase an aggregate 30 million Ordinary shares (the “Investment Rights”), subject to certain adjustments in accordance with the terms of the Investment Rights, in a private placement for aggregate gross proceeds of up to approximately $2.1 billion (if fully exercised and subject to any regulatory limitations). The Investment Rights are exercisable at a purchase price of $70.00 per Ordinary share (the “Exercise Price”). The Investment Rights will be exercisable in tranches that vest based on achieving certain volumes of deliveries of up to 600,000 NVIDIA GPUs. Subject to certain terms and conditions, the Investment Rights are exercisable through May 7, 2031. The shares delivered upon exercise of each vested tranche are subject to a 6-month restriction period following the issue date, during which NVIDIA may not sell or transfer the underlying shares. AI Cloud Expansion Subsequent to March 31, 2026, the Group announced a strategic initiative to transition its remaining Bitcoin mining operations to AI Cloud Services as part of its broader AI strategy. The initiative is expected to accelerate the Group’s AI Cloud Services capacity expansion through the retrofit and repurposing of certain air-cooled data centers currently supporting Bitcoin mining operations at the Childress campus. The transition also includes the development of 150MW of additional direct-to-chip liquid cooling data centers at the Childress campus (Horizons 5 and 6). As part of the transition, the Group expects all Bitcoin mining operations at Childress to cease over time as existing data centers are redeployed to support AI Cloud Services. As at March 31, 2026, the assets were deemed recoverable on a continued use basis. However, following the strategic initiative to transition to AI Cloud Services, the Group estimates that additional impairment charges associated with the transition could total approximately $520 million, based on information currently available and preliminary management assessments. These charges are expected to be incurred subsequent to March 31, 2026. The ultimate accounting impact remains subject to further evaluation by management, including final project scope, deployment timing, recoverability assessments and other accounting analyses related to the transition. Hedge arrangements In May 2026, the Group entered into power hedges at a fixed price over a 5-year term, intended to reduce the Group’s exposure to variability in power prices with respect to delivery of the Microsoft contract at Horizons 1-4. As these instruments were executed after March 31, 2026, they have not been reflected in the accompanying unaudited condensed consolidated financial statements. Business combinations On May 4, 2026, the Company entered into a merger agreement pursuant to which the Company will acquire 100% of Mirantis, Inc. (“Mirantis”), a US-based cloud software and services provider, as part of a business combination transaction. The transaction is subject to certain customary termination rights and the satisfaction of certain customary closing conditions, including regulatory approvals. The aggregate consideration payable by the Company under the merger agreement is approximately $625 million payable at closing through the issuance of a fixed number the Company’s Ordinary shares determined at signing, provided that a portion of the consideration (currently estimated to be approximately 10%) is payable in cash to holders of shares of Mirantis capital stock that are unaccredited investors. On May 07, 2026, the Group entered into a sale and purchase agreement for the acquisition of 100% of Ingenostrum, S.L. (trading as Nostrum Group), a Spanish-based data center developer. The transaction is subject to the satisfaction of certain closing conditions. The aggregate purchase consideration was approximately EUR 165 million, subject to customary adjustments, comprised of approximately 65% in cash and 35% in the form of the Company’s Ordinary shares, subject to customary post-closing adjustments. As of the date of issuance of these unaudited condensed consolidated financial statements, the initial accounting for the acquisitions are not yet finalized. Accordingly, the Group has not finalized the allocation of the purchase price to the assets acquired and liabilities assumed, including the identification and measurement of goodwill and acquired intangible assets. The Group expects to provide the required acquisition-related disclosures in a subsequent filing once the initial accounting has been completed. ATM Facility Subsequent to March 31, 2026, the Company issued a further 15,877,502 Ordinary shares for total gross proceeds of approximately $683,483,000. The Group concluded that the foregoing subsequent event matters above 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 March 31, 2026. Accordingly, no adjustments have been made to the March 31, 2026, unaudited condensed consolidated financial statements.

Cost of revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Cost of revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Electricity	$ 32,257	$ 39,402	$ 167,905	$ 99,394
Employee benefits	5,730	1,893	13,818	5,028
Other direct expenses	1,946	656	4,646	1,682
Total cost of revenue	39,933	41,951	186,369	106,104
Bitcoin mining
Disaggregation of Revenue [Line Items]
Electricity	30,645	39,314	165,390	99,210
Employee benefits	3,548	1,719	9,959	4,540
Other direct expenses	1,143	582	3,300	1,511
Total cost of revenue	35,336	41,615	178,649	105,261
AI Cloud Services
Disaggregation of Revenue [Line Items]
Electricity	1,612	88	2,515	184
Employee benefits	2,182	174	3,859	488
Other direct expenses	803	74	1,346	171
Total cost of revenue	$ 4,597	$ 336	$ 7,720	$ 843

- Definition

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

+ References

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-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ Details

Convertible notes payable

9 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Convertible notes payable

Note 16. Convertible notes payable

Details of the Group’s notes payable are as follows:


	2030 Convertible Notes		2029 Convertible Notes		2031 Convertible Notes		2032 Convertible Notes		2033 Convertible Notes		Total
Balance at July 1, 2025	$	427,837	$	534,928	$	—	$	—	$	—	$	962,765
Initial recognition on October 14, 2025	—		—		979,252		—		—		979,252
Initial recognition on December 8, 2025	—		—		—		1,135,136		1,135,134		2,270,270
Change in estimate related to accrued debt issuance costs	104		—		(20)		—		—		84
Interest expenses	9,773		12,785		1,673		1,612		4,207		30,050
Coupon interest payable	(8,423)		(10,990)		—		(902)		(3,610)		(23,925)
Induced conversion of notes	(221,946)		(308,718)		—		—		—		(530,664)
Convertible notes outstanding as at March 31, 2026	207,345		228,005		980,905		1,135,846		1,135,731		3,687,832
Convertible notes due within one year	—		—		—		—		—		—
Total convertible notes, net of portion due within one year	$	207,345	$	228,005	$	980,905	$	1,135,846	$	1,135,731	$	3,687,832

The following table summarizes the key terms of the convertible notes:


	2030 Convertible Notes			2029 Convertible Notes			2031 Convertible Notes		2032 Convertible Notes		2033 Convertible Notes
Issuance date	December 6, 2024			June 13, 2025			October 14, 2025		December 8, 2025		December 8, 2025
Maturity date	June 15, 2030			December 15, 2029			July 1, 2031		June 1, 2032		June 1, 2033
Remaining principal (in thousands)	$	212,310		$	233,389		$	1,000,000	$	1,150,000	$	1,150,000
Stated interest rate	3.25		%	3.50		%	0%		0.25%		1.00%
Interest payment dates	June 15 & December 15			June 15 & December 15			N/A		June 1 & December 1		June 1 & December 1
Effective interest rate	3.87		%	4.22		%	0.37%		0.45%		1.18%
Net proceeds (in thousands)1	$	311,646		$	392,393		$	927,300	$	1,033,189	$	1,040,779
Initial conversion rate2	59.4919			73.3299			11.6784		19.4553		19.4553
Initial conversion price	$	16.81		$	13.64		$	85.63	$	51.40	$	51.40
Principal amount per note	$	1,000		$	1,000		$	1,000	$	1,000	$	1,000

1 Net proceeds after deducting offering and issuance costs related to the convertible note and related financial instruments, where applicable.

2 Initial conversion rate of shares is per $1,000 principal amount of the relevant note.

Repurchase of the 2030 Convertible Notes and 2029 Convertible Notes

On December 2, 2025, the Company entered into separate, privately negotiated transactions with a limited number of holders of outstanding 2030 Convertible Notes and 2029 Convertible Notes to repurchase a portion of the 2030 Convertible Notes and 2029 Convertible Notes (the “Repurchase”) for cash. The settlement of the conversion of the 2030 Convertible Notes and 2029 Convertible Notes is through cash, ordinary shares, or a combination of both, at the Group’s election.

The total repurchase cost was approximately $1,632.4 million, which includes accrued and unpaid interest of $8.9 million. The repurchase was accounted for as an induced conversion in accordance with ASU 2024-04. The Company recorded an inducement expense of $111.8 million within “Debt conversion inducement expense” in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and nine months ended March 31, 2026 and a charge to additional paid-in capital of $981.0 million within stockholders’ equity.

As of March 31, 2026, the Group has $445.7 million of aggregate principal amount of the 2030 Convertible Notes and 2029 Convertible Notes outstanding.

In conjunction with the issuance of the above 2032 Convertible Notes and 2033 Convertible Notes and Repurchase, on December 2, 2025, the Company entered into certain share purchase agreements. Refer to Note 17.

- 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 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Cost of revenue (Tables)

9 Months Ended

Mar. 31, 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 March 31, 2026
(in USD thousands)	Bitcoin mining		AI Cloud Services		Total
Electricity	$	30,645	$	1,612	$	32,257
Employee benefits	3,548		2,182		5,730
Other direct expenses	1,143		803		1,946
Total cost of revenue	$	35,336	$	4,597	$	39,933


	Three Months Ended March 31, 2025
(in USD thousands)	Bitcoin mining		AI Cloud Services		Total
Electricity	$	39,314	$	88	$	39,402
Employee benefits	1,719		174		1,893
Other direct expenses	582		74		656
Total cost of revenue	$	41,615	$	336	$	41,951


	Nine Months Ended March 31, 2026
(in USD thousands)	Bitcoin mining		AI Cloud Services		Total
Electricity	$	165,390	$	2,515	$	167,905
Employee benefits	9,959		3,859		13,818
Other direct expenses	3,300		1,346		4,646
Total cost of revenue	$	178,649	$	7,720	$	186,369


	Nine Months Ended March 31, 2025
(in USD thousands)	Bitcoin mining		AI Cloud Services		Total
Electricity	$	99,210	$	184	$	99,394
Employee benefits	4,540		488		5,028
Other direct expenses	1,511		171		1,682
Total cost of revenue	$	105,261	$	843	$	106,104

Basis of presentation, summary of significant accounting policies and recent accounting pronouncements - Recent accounting pronouncements (Details) - Convertible debt	Jun. 13, 2025	Dec. 06, 2024
2030 Convertible Notes
Debt Instrument [Line Items]
Stated interest rate		3.25%
2029 Convertible Notes
Debt Instrument [Line Items]
Stated interest rate	3.50%

- 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

Revenue (Details) $ in Thousands	3 Months Ended		9 Months Ended
Revenue (Details) $ in Thousands	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Nov. 02, 2025 USD ($)	Jun. 30, 2025 USD ($)
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 120,388		$ 120,388			$ 884
Recognition of revenue from deferred revenue	4,855	$ 1,610	862	$ 480
Revenue, remaining performance obligation, amount	710,272		710,272		$ 9,700,000
Average contract term					5 years
Payable portion per tranche, percentage					0.20
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, amount	$ 307,950		$ 307,950
Revenue, remaining performance obligation, period	1 year		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, amount	$ 265,198		$ 265,198
Revenue, remaining performance obligation, period	1 year		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-04-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, period	2 years		2 years

Basis of presentation, summary of significant accounting policies and recent accounting pronouncements (Details)	9 Months Ended
	Mar. 31, 2026 segment
Accounting Policies [Abstract]
Number of reportable segments	2

Derivatives - Schedule of Effect of Derivatives on the Consolidated Statement of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Derivatives not designated as hedging instruments:
Realized gain (loss) on financial instruments	$ 0	$ 0	$ (8,666)	$ (4,215)
Unrealized gain (loss) on financial instruments	(23,700)	(37,900)	533,942	(70,200)
Not designated as hedging instrument
Derivatives not designated as hedging instruments:
Total gain (loss) on derivatives	(23,700)	(16,600)	71,493	(31,200)
Not designated as hedging instrument \| Bitcoin purchase option
Derivatives not designated as hedging instruments:
Realized gain (loss) on financial instruments	0	0	(8,666)	0
Unrealized gain (loss) on financial instruments	0	0	2,910	0
Not designated as hedging instrument \| 2030 Capped Call Transactions
Derivatives not designated as hedging instruments:
Unrealized gain (loss) on financial instruments	0	(16,600)	57,500	(31,200)
Not designated as hedging instrument \| 2029 Capped Call Transactions
Derivatives not designated as hedging instruments:
Unrealized gain (loss) on financial instruments	0	0	80,000	0
Not designated as hedging instrument \| 2031 Capped Call Transactions
Derivatives not designated as hedging instruments:
Unrealized gain (loss) on financial instruments	(3,800)	0	(25,582)	0
Not designated as hedging instrument \| 2032 Capped Call Transactions
Derivatives not designated as hedging instruments:
Unrealized gain (loss) on financial instruments	(10,300)	0	(18,202)	0
Not designated as hedging instrument \| 2033 Capped Call Transactions
Derivatives not designated as hedging instruments:
Unrealized gain (loss) on financial instruments	$ (9,600)	$ 0	$ (16,467)	$ 0

Financial assets - Schedule of Consolidated Balance Sheets Classification of Financial Instruments Carried at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Jun. 30, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total financial assets	$ 0	$ 211,617
2030 Prepaid Forward Contract
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total financial assets	0	83,117
2029 Prepaid Forward Contract
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total financial assets	$ 0	$ 128,500

Leases (Tables)

9 Months Ended

Mar. 31, 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 March 31, 2026 and June 30, 2025:


(in USD thousands)	March 31, 2026		June 30, 2025
Right-of-use assets:
Finance leases	290,459		—
Total right-of-use assets	$	290,459	$	—

Lease liabilities:
Finance leases	274,256		—
Total lease liabilities	$	274,256	$	—

Lease, Cost

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


	Three Months Ended March 31,				Nine Months Ended March 31,
(in USD thousands)	2026		2025		2026		2025
Finance lease cost:
Amortization of ROU asset	10,566		—		11,317		—
Interest on lease liabilities	4,920		—		5,287		—
Total lease expense	$	15,486	$	—	$	16,604	$	—

The following table presents supplemental lease information:


	Nine Months Ended March 31,
(in USD thousands)	2026			2025
Operating cash flows from finance leases	$	4,280		$	—
Investing cash flows from finance leases	$	10,184		$	—
Financing cash flows from finance leases	$	17,612		$	—

Right-of-use assets obtained in exchange for finance lease liabilities	$	291,592		$	—

Weighted-average remaining lease term (in years):
Finance leases	2.2			0
Weighted-average discount rate:
Finance leases	9.7		%	—		%

Finance Lease, Liability, to be Paid, Maturity

The following table presents the Group’s future minimum lease payments as of March 31, 2026:


(in USD thousands)	Finance Leases
Financial Year 2026	$	35,999
Financial Year 2027	143,997
Financial Year 2028	98,668
Financial Year 2029	29,184
Financial Year 2030	—
Thereafter	—
Total undiscounted lease payments	$	307,849
Less present value discount	(33,592)
Present value of lease liabilities	$	274,256

Financial assets - Schedule of Prepaid Forward Contract (Details) $ in Thousands	Jun. 13, 2025 USD ($) shares	Dec. 06, 2024 USD ($) shares
2030 Convertible Notes \| Convertible debt
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Aggregate number of Ordinary shares underlying the contract \| shares		5,700,000
2029 Convertible Notes \| Convertible debt
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Aggregate number of Ordinary shares underlying the contract \| shares	8,818,000
2030 Prepaid Forward Contract
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Net proceeds used to purchase the contract (in thousands) \| $		$ 73,717
2029 Prepaid Forward Contract
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Net proceeds used to purchase the contract (in thousands) \| $	$ 92,500

Selling, general, and administrative expenses

9 Months Ended

Mar. 31, 2026

Other Income and Expenses [Abstract]

Selling, general and administrative expenses

Note 4. Selling, general, and administrative expenses

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


	Three Months Ended March 31,				Nine Months Ended March 31,
(in USD thousands)	2026		2025		2026		2025
Employee benefits	$	11,292	$	4,955	$	28,209	$	14,919
Payroll taxes on stock-based compensation	3,889		617		43,506		2,223
Professional fees	5,498		3,973		21,564		10,351
Stock based compensation	31,487		7,770		162,123		23,929
Insurance	5,697		4,927		14,693		12,569
Renewable energy certificates	1,936		1,565		7,465		3,614
Property taxes	770		295		4,294		851
Non-refundable provincial sales tax	5,255		1,420		8,699		3,722
Sponsorships and marketing	8,843		619		13,920		2,054
Other selling, general and administrative expenses	7,083		2,956		16,391		8,929
Total selling, general and administrative expenses	$	81,750	$	29,097	$	320,864	$	83,161

Income taxes	9 Months Ended
Income taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income taxes	Note 20. Income taxes The effective income tax rate was 2.5% and (11.4)% for the three and nine months ended March 31, 2026 compared to (45.4)% and (11.6)% for the three and nine months ended March 31, 2025. The movement in effective tax rates for the three and nine months ended March 31, 2026 is primarily attributable to changes in permanent differences and other period specific tax items during the respective reporting periods. 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 March 31, 2026

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Organization	9 Months Ended
Organization	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Note 1. Organization Nature of operations and corporate information The Group is a vertically integrated provider of AI Cloud Services, delivering large-scale data centers and GPU clusters for AI training and inference. The Company’s platform is underpinned by an expansive portfolio of grid-connected land and power in renewable-rich regions across the globe.

Stock-based compensation - Schedule of RSUs Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Mar. 31, 2026	Jun. 30, 2025
Service-based RSUs
Number of units
Unvested beginning balance (in shares)	15,567,267
Granted (in shares)	5,165,594
Forfeited (in shares)	(222,382)
Exercised (in shares)	(5,758,627)
Unvested ending balance (in shares)	14,751,852
Vested and exercisable (in shares)	379,741
Weighted average grant-date fair value
Weighted average grant date fair value, beginning balance (in USD per share)	$ 7.68
Granted (in USD per share)	17.27
Forfeited (in USD per share)	11.24
Exercised (in USD per share)	6.45
Weighted average grant date fair value, ending balance (in USD per share)	11.47
Vested and exercisable (in USD per share)	$ 5.74
Aggregate intrinsic value	$ 505,694	$ 226,815
Vested and exercisable, aggregate intrinsic value	$ 13,018
Performance-based RSUs
Number of units
Unvested beginning balance (in shares)	6,158,567
Granted (in shares)	3,732,114
Forfeited (in shares)	(233,865)
Exercised (in shares)	(4,041,829)
Unvested ending balance (in shares)	5,614,987
Vested and exercisable (in shares)	95,773
Weighted average grant-date fair value
Weighted average grant date fair value, beginning balance (in USD per share)	$ 5.28
Granted (in USD per share)	10.34
Forfeited (in USD per share)	6.56
Exercised (in USD per share)	6.37
Weighted average grant date fair value, ending balance (in USD per share)	7.81
Vested and exercisable (in USD per share)	$ 5.37
Aggregate intrinsic value	$ 192,482	$ 89,730
Vested and exercisable, aggregate intrinsic value	$ 3,283

Financial assets (Tables)

9 Months Ended

Mar. 31, 2026

Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]

Schedule of Consolidated Balance Sheets Classification of Financial Instruments Carried at Fair Value

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


(in USD thousands)
Financial assets	Balance Sheet Line	March 31, 2026		June 30, 2025
2030 Prepaid forward contract	Financial assets - Non current	$	—	$	83,117
2029 Prepaid forward contract	Financial assets - Non current	—		128,500

Total financial assets		$	—	$	211,617

Schedule of Effect of Financial Instruments in Statements of Operations and Comprehensive Income (Loss)

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


(in USD thousands)		Three Months Ended March 31,				Nine Months Ended March 31,
Financial assets	Statement of Operations Line	2026		2025		2026		2025
2030 Prepaid forward contract	Unrealized gain (loss) on financial instruments	$	—	$	(21,300)	$	178,183	$	(39,000)
2029 Prepaid forward contract	Unrealized gain (loss) on financial instruments	—		—		275,600		—
Electricity financial asset	Realized (loss) on financial instruments	—		—		—		(4,215)
Total financial assets		$	—	$	(21,300)	$	453,783	$	(43,215)

Schedule of Valuation Techniques and Significant Unobservable Inputs to Measure Fair Value


Fair Value Hierarchy Level	Asset Description	Valuation Technique	Significant Inputs
Level 2	2030 Prepaid forward contract	Analytical formula	Share price, risk free rate, dividend yield
Level 2	2029 Prepaid forward contract	Analytical formula	Share price, risk free rate, dividend yield
Level 2	Prepaid Electricity - Financial asset	Forward Price Approach	Forward Prices from OTC Global Holdings

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


(in USD thousands)	2030 Capped Call		2029 Capped Call		2031 Capped Call		2032 Capped Call		2033 Capped Call		Total
Balance as at July 1, 2025	$	46,400	$	75,700	$	-	$	-	$	-	$	122,100
Initial recognition on October 14, 2025	-		-		55,282		-		-		55,282
Initial recognition on December 8, 2025	-		-		-		101,802		95,167		196,969
Unrealized gain (loss) recognized	57,500		80,000		(25,582)		(18,202)		(16,467)		77,249
Reclassification to equity	(103,900)		(155,700)		-		-		-		(259,600)
Balance as at March 31, 2026	$	-	$	-	$	29,700	$	83,600	$	78,700	$	192,000


Fair Value Hierarchy Level	Asset Description	Valuation Technique	Significant Input
Level 2	Bitcoin purchase option	Monte Carlo simulation option pricing model and Black-Scholes option pricing model	Strike Bitcoin price, spot Bitcoin price, risk free rate, volatility

Schedule of Prepaid Forward Contract

The following table summarizes the key terms of the 2030 Prepaid Forward Contract and 2029 Prepaid Forward Contract (collectively, the “Prepaid Forward Transactions”):

2030 Prepaid Forward Contract

2029 Prepaid Forward Contract

Contractual expiration

August 15, 2030

February 15, 2030

Net proceeds used to purchase the contract (in thousands)

73,717

92,500

Aggregate number of Ordinary shares underlying the contract

5,700,000

8,818,000

Pricing date of the Ordinary shares underlying the contract

December 3, 2024

June 10, 2025

- Definition

+ References + Details

Stock-based compensation - Schedule of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	9 Months Ended
	Dec. 31, 2025	Mar. 31, 2026	Jun. 30, 2025
Number of shares
Outstanding, beginning balance (in shares)	7,878,554	7,878,554
Granted (in shares)		0
Forfeited or canceled (in shares)		0
Exercised (in shares)		(2,370,104)
Outstanding, ending balance (in shares)		5,508,450
Vested and exercisable (in shares)		640,266
Weighted average exercise price (per share)
Outstanding, beginning balance (in USD per share)	$ 47.07	$ 47.07
Granted (in USD per share)		0
Forfeited or canceled (in USD per share)		0
Exercised (in USD per share)		3.17
Outstanding, ending balance (in USD per share)		65.98
Vested and exercisable (in USD per share)		$ 4.29
Aggregate Intrinsic Value and Weighted Average Remaining Contractual Term [Abstract]
Options outstanding, aggregate intrinsic value		$ 20,838	$ 34,648
Options vested and exercisable, aggregate intrinsic value		$ 19,356
Options outstanding, weighted average remaining contractual term	5 years 9 months 18 days	7 years 25 days
Options vested and exercisable, weighted average remaining contractual term		4 years 2 months 8 days

Selling, general, and administrative expenses (Tables)

9 Months Ended

Mar. 31, 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 March 31,				Nine Months Ended March 31,
(in USD thousands)	2026		2025		2026		2025
Employee benefits	$	11,292	$	4,955	$	28,209	$	14,919
Payroll taxes on stock-based compensation	3,889		617		43,506		2,223
Professional fees	5,498		3,973		21,564		10,351
Stock based compensation	31,487		7,770		162,123		23,929
Insurance	5,697		4,927		14,693		12,569
Renewable energy certificates	1,936		1,565		7,465		3,614
Property taxes	770		295		4,294		851
Non-refundable provincial sales tax	5,255		1,420		8,699		3,722
Sponsorships and marketing	8,843		619		13,920		2,054
Other selling, general and administrative expenses	7,083		2,956		16,391		8,929
Total selling, general and administrative expenses	$	81,750	$	29,097	$	320,864	$	83,161

Net income (loss) per share of Ordinary shares

9 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net income (loss) per share of Ordinary shares

Note 19. Net income (loss) per share of Ordinary shares


	Three Months Ended March 31,		Nine Months Ended March 31,
	2026	2025	2026	2025
Stock options	5,508,450	7,888,554	5,508,450	7,888,554
Restricted stock units	19,715,580	8,845,658	24,856,461	8,845,658
Convertible notes	86,170,707	—	59,671,727	—
Capped call transactions	66,508,582	—	32,157,996	—
Prepaid forward transactions	14,519,103	—	6,994,604	—
Total	192,422,422	16,734,212	129,189,238	16,734,212

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


(in thousands, except share and per share amounts)	Three Months Ended March 31,				Nine Months Ended March 31,
	2026		2025		2026		2025
Numerator:
Net income (loss)	$	(247,827)	$	(16,144)	$	(18,622)	$	(89,735)
Convertible notes interest expense, net of tax	—		—		—		—
Numerator for diluted net income (loss) per share of Ordinary shares	$	(247,827)	$	(16,144)	$	(18,622)	$	(89,735)

Denominator:
Basic weighted-average shares used in computing net income (loss) per share of Ordinary shares	333,734,176		218,659,835		300,366,927		206,039,370
Effects of dilutive securities:
Options	—		—		—		—
Restricted stock units	—		—		—		—
Convertible notes	—		—		—		—

Diluted weighted-average shares used in computing net income (loss) per share of Ordinary shares	333,734,176		218,659,835		300,366,927		206,039,370

Basic net income (loss) per share of Ordinary shares	$	(0.74)	$	(0.07)	$	(0.06)	$	(0.44)
Diluted net income (loss) per share of Ordinary shares	$	(0.74)	$	(0.07)	$	(0.06)	$	(0.44)

Financial assets - Schedule of Effect of Financial Instruments in Statements of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Unrealized gain (loss) on financial instruments	$ (23,700)	$ (37,900)	$ 533,942	$ (70,200)
Realized gain (loss) on financial instruments	0	0	(8,666)	(4,215)
2030 Prepaid Forward Contract
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Unrealized gain (loss) on financial instruments	0	(21,300)	178,183	(39,000)
2029 Prepaid Forward Contract
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Unrealized gain (loss) on financial instruments	0	0	275,600	0
Electricity financial asset
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Realized gain (loss) on financial instruments	0	0	0	(4,215)
Prepaid forward and electricity contracts
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Total financial assets	$ 0	$ (21,300)	$ 453,783	$ (43,215)

Accounts payable and accrued expenses (Tables)

9 Months Ended

Mar. 31, 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 thousands)	March 31, 2026		June 30, 2025
Accounts payable	$	97,049	$	81,747
Accrued expenses	364,787		42,368
Loss contingencies	—		20,000

Total accounts payable and accrued expenses	$	461,836	$	144,115

Commitments and contingencies - Narrative (Details) - USD ($)	Mar. 31, 2026	Jun. 30, 2025	Apr. 30, 2025
Loss Contingencies [Line Items]
Capital expenditure commitments	$ 11,902,471,000	$ 368,805,000
Loss contingencies	0	$ 20,000,000
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	27,700,000
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

+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Jun. 30, 2025
Current assets
Cash and cash equivalents	$ 2,213,274	$ 564,526
Accounts receivable, net	69,087	1,564
Deposits and prepaid expenses	89,958	45,908
Derivative assets	0	5,756
Income taxes receivable	0	2,581
Assets held for sale	6,491	0
Other assets and other receivables	45,675	20,838
Total current assets	2,424,486	641,173
Non-current assets
Property, plant and equipment, net	4,369,862	1,930,567
Intangible assets, net	108,803	0
Operating lease right-of-use asset, net	2,948	1,463
Deposits and prepaid expenses	161,805	32,916
Financial assets	0	211,617
Derivative assets	192,000	122,100
Other non-current assets	4,994	486
Total non-current assets	4,840,411	2,299,150
Total assets	7,264,897	2,940,323
Current liabilities
Accounts payable and accrued expenses	461,836	144,115
Operating lease liability, current portion	540	404
Finance lease liability, current portion	122,168	0
Income taxes payable, current portion	910	0
Deferred revenue, current portion	21,790	884
Other liabilities, current portion	44,112	3,945
Total current liabilities	651,356	149,347
Non-current liabilities
Operating lease liability, less current portion	2,285	1,063
Finance lease liability, less current portion	152,088	0
Convertible notes payable	3,687,832	962,765
Deferred revenue, less current portion	98,598	0
Deferred tax liabilities	640	7,971
Income taxes payable, less current portion	2,662	1,454
Other liabilities, less current portion	4,907	234
Total non-current liabilities	3,949,013	973,488
Total liabilities	4,600,369	1,122,835
Commitments and contingencies (See Note 21)
Stockholders’ equity
Additional paid-in capital	(1,728,367)	88,672
Retained earnings (accumulated deficit)	(614,790)	(596,167)
Accumulated other comprehensive income (loss)	(39,398)	(30,073)
Total stockholders’ equity	2,664,528	1,817,488
Total liabilities and stockholders’ equity	7,264,897	2,940,323
Ordinary shares
Stockholders’ equity
Common stock per class	5,047,083	2,355,056
Class B shares
Stockholders’ equity
Common stock per class	$ 0	$ 0

Leases - Schedule of Right of Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Jun. 30, 2025
Leases [Abstract]
Finance lease, right-of-use asset	$ 290,459	$ 0
Finance lease, liability	$ 274,256	$ 0

Commitments and contingencies

9 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and contingencies

Note 21. Commitments and contingencies

Commitments

As at March 31, 2026 and June 30, 2025, the Group had commitments of $11,902,471,000 and $368,805,000, respectively.

The committed amounts are payable as set out below:


(in USD thousands)	March 31, 2026		June 30, 2025




Commitments
Amounts payable within 12 months of balance date:	$	11,899,054	$	368,805
Amounts payable after 12 months of balance date:	3,417		—

Total commitments	$	11,902,471	$	368,805

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 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 deduction based on current 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 to 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 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 has contested the NOA and the associated tariff cost of approximately $100 million. While the outcome of this matter is uncertain at this time, the Group has determined it is not probable that it will result in a future cash outflow and, as such, no loss contingency was recorded as of March 31, 2026. Based on the preliminary nature of this proceeding, the Group cannot reasonably predict the outcome of this matter at this time.

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 at March 31, 2026, the total amount of GST under dispute related to the services supplied to the Australian parent entity is approximately $27.7 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 at March 31, 2026. Accordingly, the Group has not recorded a loss contingency as at March 31, 2026, in respect of this matter.

Leases - Supplemental Lease Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Operating cash flows from finance leases	$ 4,280	$ 0
Payments to Acquire Equipment on Lease	10,184
Investing cash flows from finance leases	17,612	0
Right-of-use assets obtained in exchange for finance lease liabilities	$ 291,592	$ 0
Weighted average remaining lease term (in years)	2 years 2 months 12 days	0 years
Weighted average discount rate, percent	9.70%	0.00%

Leases

9 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

Note 14. 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 and have not changed materially since the Group’s Annual Report for the year ended June 30, 2025. For additional information regarding operating leases, refer to Note 17 in the Group’s Annual Report.

The following table shows the right-of-use assets and lease liabilities as of March 31, 2026 and June 30, 2025:


(in USD thousands)	March 31, 2026		June 30, 2025
Right-of-use assets:
Finance leases	290,459		—
Total right-of-use assets	$	290,459	$	—

Lease liabilities:
Finance leases	274,256		—
Total lease liabilities	$	274,256	$	—

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


	Three Months Ended March 31,				Nine Months Ended March 31,
(in USD thousands)	2026		2025		2026		2025
Finance lease cost:
Amortization of ROU asset	10,566		—		11,317		—
Interest on lease liabilities	4,920		—		5,287		—
Total lease expense	$	15,486	$	—	$	16,604	$	—

The following table presents supplemental lease information:


	Nine Months Ended March 31,
(in USD thousands)	2026			2025
Operating cash flows from finance leases	$	4,280		$	—
Investing cash flows from finance leases	$	10,184		$	—
Financing cash flows from finance leases	$	17,612		$	—

Right-of-use assets obtained in exchange for finance lease liabilities	$	291,592		$	—

Weighted-average remaining lease term (in years):
Finance leases	2.2			0
Weighted-average discount rate:
Finance leases	9.7		%	—		%

The following table presents the Group’s future minimum lease payments as of March 31, 2026:


(in USD thousands)	Finance Leases
Financial Year 2026	$	35,999
Financial Year 2027	143,997
Financial Year 2028	98,668
Financial Year 2029	29,184
Financial Year 2030	—
Thereafter	—
Total undiscounted lease payments	$	307,849
Less present value discount	(33,592)
Present value of lease liabilities	$	274,256

Cost of revenue

9 Months Ended

Mar. 31, 2026

Other Income and Expenses [Abstract]

Cost of revenue

Note 3. Cost of revenue

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


	Three Months Ended March 31, 2026
(in USD thousands)	Bitcoin mining		AI Cloud Services		Total
Electricity	$	30,645	$	1,612	$	32,257
Employee benefits	3,548		2,182		5,730
Other direct expenses	1,143		803		1,946
Total cost of revenue	$	35,336	$	4,597	$	39,933


	Three Months Ended March 31, 2025
(in USD thousands)	Bitcoin mining		AI Cloud Services		Total
Electricity	$	39,314	$	88	$	39,402
Employee benefits	1,719		174		1,893
Other direct expenses	582		74		656
Total cost of revenue	$	41,615	$	336	$	41,951


	Nine Months Ended March 31, 2026
(in USD thousands)	Bitcoin mining		AI Cloud Services		Total
Electricity	$	165,390	$	2,515	$	167,905
Employee benefits	9,959		3,859		13,818
Other direct expenses	3,300		1,346		4,646
Total cost of revenue	$	178,649	$	7,720	$	186,369


	Nine Months Ended March 31, 2025
(in USD thousands)	Bitcoin mining		AI Cloud Services		Total
Electricity	$	99,210	$	184	$	99,394
Employee benefits	4,540		488		5,028
Other direct expenses	1,511		171		1,682
Total cost of revenue	$	105,261	$	843	$	106,104

Basis of presentation, summary of significant accounting policies and recent accounting pronouncements	9 Months Ended
	Mar. 31, 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 Effective July 1, 2025, the Company is required to report to the United States Securities and Exchange Commission (“SEC”) on domestic forms and comply with domestic company rules in the United States. As a result, the Group transitioned from International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”) to accounting principles generally accepted in the United States (“GAAP”) effective June 30, 2025, and has retroactively restated comparative periods. The accompanying Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with 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, 2025, 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. 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 inevitably will 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 our 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 our Annual Report. Segment information An operating segment is a component of an enterprise that engages in business activities from which it may earn revenues and incur expenses, for which discrete financial information is available, whose operating results are regularly evaluated by the chief operating decision maker (“CODM”) to assess performance and allocate resources. The Group’s CODM is William Roberts, the Co-Chief Executive Officer (“Mr. Roberts”). As of March 31, 2026, the Company has identified two reportable segments, each evaluated separately by the CODM: Bitcoin mining and AI Cloud Services. The segments are organized by product lines rather than geographical location. The Bitcoin mining segment generates revenue by mining Bitcoin with the Group’s ASIC hardware, whereas the AI Cloud Services segment earns revenue from providing AI Cloud Services to third-party customers. During the quarter ended September 30, 2025, the Group disaggregated its reportable segments to better align with its evolving business operations and strategic objectives. Accordingly, comparative information for prior periods has been recast to conform to the current-period presentation. Previously, the Group operated and reported as a single segment. Mr. Roberts evaluates performance and allocates resources primarily using segment gross profit (loss), which is defined as segment revenue less segment cost of revenue (exclusive of depreciation and amortization expenses). Mr. Roberts is not provided with segment-specific operating expenses beyond cost of revenue; all other expenses are managed on a consolidated basis. Accordingly, the only expense category included in segment gross profit (loss) is cost of revenue, as there are no other segment items for the reportable segments. Mr. Roberts does not evaluate performance or allocate resources based on segment asset or liability information. Entity-wide disclosures are presented in the Company’s annual Form 10-K, consistent with Accounting Standards Codification (“ASC”) Topic 280, Segment Reporting requirements. Finance leases For leases that are classified as finance leases, the Group recognizes a right‑of‑use asset and a corresponding finance lease liability at lease commencement, measured at the present value of future lease payments, using the interest rate implicit in the lease, or where that rate cannot be readily determined, its incremental borrowing rate. The Group assesses at lease commencement whether it is reasonably certain to exercise a purchase option, considering factors such as the option price relative to the asset’s expected fair value, the significance of leasehold improvements, and operational requirements. When exercise is reasonably certain, the option price is included in the measurement of the right-of-use asset and lease liability. The Group accounts for certain finance leases related to GPU financing arrangements using a portfolio approach under ASC Topic 842, Leases (“ASC 842”). Specifically, the Group applies the lease accounting model to a portfolio of leases with similar characteristics (including underlying asset type, contractual terms, payment structure and end-of-term provisions) when management reasonably expects that applying ASC 842 at a portfolio level will not differ materially from applying the guidance to the individual leases. The Group uses common assumptions for the portfolio and reassesses the appropriateness of the portfolio approach when there are changes in facts and circumstances, including changes to contractual terms, commencement timing, or other factors that could result in material differences compared to individual-lease accounting. The finance lease right‑of‑use asset is included within “Property, plant and equipment, net” on the Condensed Consolidated Balance Sheets and is depreciated on a straight‑line basis over the estimated useful life of the underlying asset, as the Group is reasonably certain to exercise its purchase options. Interest expense on finance lease liabilities is recognized using the effective interest method over the lease term and is generally presented within “Finance expense” in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The Group’s finance leases primarily relate to GPU hardware. Finite-lived intangible assets Intangible assets with finite lives are comprised of connection rights which represent contractual rights to access and use electricity, network and/or other infrastructure capacity at specific sites. These rights are recognized as intangible assets when the Group obtains control of the rights and it is probable that the expected future economic benefits will flow to the Group. Connection rights acquired in a business combination are initially recognized at their fair value as of the acquisition date. Connection rights acquired separately are initially measured at cost, which includes any directly attributable costs necessary to bring the asset to the condition and location necessary for its intended use. Connection rights 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 of connection rights at least annually, and adjusts them prospectively if expectations change. Connection rights are carried at cost (or acquisition-date fair value) less accumulated amortization and accumulated impairment losses. The Group evaluates connection rights for impairment whenever events or changes in circumstances indicate that their 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). 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 December 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 expands existing income tax disclosures (1) for rate reconciliations by requiring disclosure of certain specific categories and additional reconciling items that meet quantitative thresholds and (2) for income taxes paid by requiring disaggregation by certain jurisdictions. ASU 2023-09 is effective for annual periods beginning after December 15, 2024; early adoption is permitted. The Group adopted ASU 2023-09 for its annual period beginning July 1, 2025, which did not have a material impact on the Unaudited Condensed Consolidated Financial Statements. In November 2024, the FASB issued ASU 2024-04, Debt (Subtopic 470-20): Debt with Conversion and Other Options (“ASU 2024-04”). ASU 2024-04 clarifies the assessment of whether a transaction should be accounted for as an induced conversion or extinguishment of convertible debt when changes are made to conversion features as part of an offer to settle the instrument. ASU 2024-04 is effective for reporting periods beginning after December 15, 2025, and interim periods within those annual reporting periods. The Group early adopted ASU 2024-04 on July 1, 2025, using the prospective transition approach. As a result of our adoption, the Group accounted for the repurchase of the 3.25% Convertible Senior Notes due 2030 (the “2030 Convertible Notes”) and 3.50% Convertible Senior Notes due 2029 (the “2029 Convertible Notes”), as an induced conversion. Refer to Note 16 Convertible notes payable for additional details. In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). ASU 2025-05 provides entities with a practical expedient in developing reasonable and supportable forecasts as part of estimating expected credit losses, where entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. ASU 2025-05 is effective for reporting periods beginning after December 15, 2025, and interim periods within those annual reporting periods. Early adoption is permitted. The Group early adopted ASU 2025-05 on July 1, 2025, using the prospective transition approach, which did not have a material impact on the Unaudited Condensed Consolidated Financial Statements. 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 periods beginning after December 15, 2027 and interim periods within annual reporting periods beginning after December 15, 2028; early adoption is permitted. The Group is currently assessing the impact of adopting the standard.

Other liabilities

9 Months Ended

Mar. 31, 2026

Other Liabilities Disclosure [Abstract]

Other liabilities

Note 15. Other liabilities

The components of other liabilities are as follows:


(in USD thousands)	March 31, 2026		June 30, 2025
Current
Employee benefits	$	14,330	$	1,834
Payroll taxes	14,845		566
Accrued interest payable	9,133		1,545
Other liabilities	5,804		—
Total current other liabilities	$	44,112	$	3,945

Non-current
Employee benefits	$	339	$	234
Payroll taxes	$	4,568	—
Total non-current other liabilities	$	4,907	$	234

Total other liabilities	$	49,020	$	4,179

Other liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Jun. 30, 2025
Current
Employee benefits	$ 14,330	$ 1,834
Payroll taxes	14,845	566
Accrued interest payable	9,133	1,545
Other liabilities	5,804	0
Total current other liabilities	44,112	3,945
Non-current
Employee benefits	339	234
Payroll taxes	4,568	0
Total non-current other liabilities	4,907	234
Total other liabilities	$ 49,020	$ 4,179

Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Jun. 30, 2025
Leases [Abstract]
Financial Year 2026	$ 35,999
Financial Year 2027	143,997
Financial Year 2028	98,668
Financial Year 2029	29,184
Financial Year 2030	0
Thereafter	0
Total undiscounted lease payments	307,849
Less present value discount	(33,592)
Present value of lease liabilities	$ 274,256	$ 0

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Revenue:
Total revenue	$ 144,795	$ 144,823	$ 569,782	$ 313,731
Cost of revenue (exclusive of depreciation and amortization shown below):
Total cost of revenue	(39,933)	(41,951)	(186,369)	(106,104)
Operating (expenses) income:
Selling, general and administrative expenses	(81,750)	(29,097)	(320,864)	(83,161)
Depreciation and amortization	(121,245)	(47,311)	(305,647)	(117,319)
Impairment of assets	(140,411)	0	(188,423)	(6,942)
Gain (loss) on disposal of property, plant and equipment	234	1,526	228	1,678
Other operating expenses	(39)	(1,865)	(5,507)	(10,264)
Other operating income	4,826	3,090	10,469	7,820
Total operating (expenses) income	(338,385)	(73,657)	(809,744)	(208,188)
Operating (loss) income	(233,523)	29,215	(426,331)	(561)
Other (expense) income:
Finance expense	(14,837)	(4,119)	(34,785)	(5,863)
Interest income	21,799	1,925	44,702	5,801
Increase (decrease) in fair value of assets held for sale	(2,035)	(95)	(8,484)	(2,161)
Realized gain (loss) on financial instruments	0	0	(8,666)	(4,215)
Unrealized gain (loss) on financial instruments	(23,700)	(37,900)	533,942	(70,200)
Debt conversion inducement expense	0	0	(111,799)	0
Foreign exchange gain (loss)	(1,865)	(318)	(5,369)	(3,691)
Other non-operating income	75	186	75	480
Total other (expense) income	(20,563)	(40,321)	409,616	(79,849)
Income (loss) before taxes	(254,086)	(11,106)	(16,715)	(80,410)
Income tax (expense) benefit	6,259	(5,038)	(1,907)	(9,325)
Net income (loss)	$ (247,827)	$ (16,144)	$ (18,622)	$ (89,735)
Net income (loss) per share of Ordinary shares:
Basic net income (loss) per share of Ordinary shares ( in USD per share)	$ (0.74)	$ (0.07)	$ (0.06)	$ (0.44)
Basic weighted-average shares used in computing net income loss per share of Ordinary shares (in shares)	333,734,176	218,659,835	300,366,927	206,039,370
Diluted net income (loss) per share of Ordinary shares (in USD per share)	$ (0.74)	$ (0.07)	$ (0.06)	$ (0.44)
Diluted weighted-average shares used in computing net income loss per share of Ordinary shares (in shares)	333,734,176	218,659,835	300,366,927	206,039,370
Other comprehensive income (loss):
Change in foreign currency translation adjustments	$ (7,108)	$ 24	$ (9,325)	$ (10,081)
Total comprehensive income (loss)	(254,935)	(16,120)	(27,947)	(99,816)
Bitcoin mining
Revenue:
Total revenue	111,160	141,242	511,502	304,300
Cost of revenue (exclusive of depreciation and amortization shown below):
Total cost of revenue	(35,336)	(41,615)	(178,649)	(105,261)
AI Cloud Services
Revenue:
Total revenue	33,635	3,581	58,280	9,431
Cost of revenue (exclusive of depreciation and amortization shown below):
Total cost of revenue	$ (4,597)	$ (336)	$ (7,720)	$ (843)

Derivatives - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
Derivatives - Narrative (Details) $ in Thousands	Jun. 30, 2025 tranche	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Mar. 31, 2026	Dec. 06, 2024
Derivative [Line Items]
Adjustments to additional paid in capital, capped call transactions reclassification \| $		$ 259,600	$ 259,600
Bitcoin purchase period (in months)	6 months
Number of exercise tranches \| tranche	2
Percentage of bitcoin purchase right				0.50
Interval period for bitcoin purchase	3 months
2031 Convertible Notes \| Convertible debt
Derivative [Line Items]
Stated interest rate		0.00%		0.00%	0.00%
2032 Convertible Notes \| Convertible debt
Derivative [Line Items]
Stated interest rate		0.25%		0.25%	0.25%
2033 Convertible Notes \| Convertible debt
Derivative [Line Items]
Stated interest rate		1.00%		1.00%	1.00%

Financial assets

9 Months Ended

Mar. 31, 2026

Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]

Financial assets

Note 8. Financial assets

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


(in USD thousands)
Financial assets	Balance Sheet Line	March 31, 2026		June 30, 2025
2030 Prepaid forward contract	Financial assets - Non current	$	—	$	83,117
2029 Prepaid forward contract	Financial assets - Non current	—		128,500

Total financial assets		$	—	$	211,617

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


(in USD thousands)		Three Months Ended March 31,				Nine Months Ended March 31,
Financial assets	Statement of Operations Line	2026		2025		2026		2025
2030 Prepaid forward contract	Unrealized gain (loss) on financial instruments	$	—	$	(21,300)	$	178,183	$	(39,000)
2029 Prepaid forward contract	Unrealized gain (loss) on financial instruments	—		—		275,600		—
Electricity financial asset	Realized (loss) on financial instruments	—		—		—		(4,215)
Total financial assets		$	—	$	(21,300)	$	453,783	$	(43,215)


Fair Value Hierarchy Level	Asset Description	Valuation Technique	Significant Inputs
Level 2	2030 Prepaid forward contract	Analytical formula	Share price, risk free rate, dividend yield
Level 2	2029 Prepaid forward contract	Analytical formula	Share price, risk free rate, dividend yield
Level 2	Prepaid Electricity - Financial asset	Forward Price Approach	Forward Prices from OTC Global Holdings

Prepaid Forward Contracts

2030 Prepaid Forward Contract

On December 6, 2024, the Group issued $440,000,000 in aggregate principal amount of the 2030 Convertible Notes. In conjunction with the offering of the 2030 Convertible Notes, the Group also entered into a prepaid forward share purchase contract (“2030 Prepaid Forward Contract”) transactions with a financial institution (“2030 Forward Counterparty”). The 2030 Prepaid Forward Contract is a separate transaction to the 2030 Convertible Notes entered into by the Group with the 2030 Forward Counterparty and is not part of the terms of the 2030 Convertible Notes and will not affect any holder’s rights under the 2030 Convertible Notes. Holders of the 2030 Convertible Notes will not have any rights with respect to the 2030 Prepaid Forward Contract.

2029 Prepaid Forward Contract

On June 13, 2025, the Group issued $550,000,000 in aggregate principal amount of the 2029 Convertible Notes. In conjunction with the offering of the 2029 Convertible Notes, the Group also entered into a prepaid forward share purchase contract (“2029 Prepaid Forward Contract”) transactions with a financial institution (“2029 Forward Counterparty”). The 2029 Prepaid Forward Contract is a separate transaction to the 2029 Convertible Notes entered into by the Group with the 2029 Forward Counterparty and is not part of the terms of the 2029 Convertible Notes and will not affect any holder’s rights under the 2029 Convertible Notes. Holders of the 2029 Convertible Notes will not have any rights with respect to the 2029 Prepaid Forward Contract.

The following table summarizes the key terms of the 2030 Prepaid Forward Contract and 2029 Prepaid Forward Contract (collectively, the “Prepaid Forward Transactions”):

2030 Prepaid Forward Contract

2029 Prepaid Forward Contract

Contractual expiration

August 15, 2030

February 15, 2030

Net proceeds used to purchase the contract (in thousands)

73,717

92,500

Aggregate number of Ordinary shares underlying the contract

5,700,000

8,818,000

Pricing date of the Ordinary shares underlying the contract

December 3, 2024

June 10, 2025

Reclassification to equity

On November 19, 2025, the Company’s shareholders approved the repurchase of the Company’s Ordinary shares underlying the Prepaid Forward Transactions, if so elected. Following shareholder approval at the Company’s annual general meeting, the Prepaid Forward Transactions met the conditions for equity classification under ASC Topic 815‑40, Contracts in Entity’s Own Equity (“ASC 815-40”). Accordingly, the Prepaid Forward Transactions were reclassified to stockholders’ equity as a reduction of additional paid‑in capital at their fair value on the date of shareholder approval of $665,400,000.

All of the Prepaid Forward Transactions were outstanding as of March 31, 2026.

Subsequent events (Details) $ / shares in Units, $ in Thousands, € in Millions				1 Months Ended	3 Months Ended		9 Months Ended
	May 07, 2026 USD ($) $ / shares shares	May 07, 2026 EUR (€)	May 04, 2026 USD ($)	May 07, 2026 USD ($) $ / shares shares	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Nov. 02, 2025 USD ($)
Subsequent Event [Line Items]
Average contract term									5 years
Revenue, remaining performance obligation, amount					$ 710,272		$ 710,272		$ 9,700,000
Impairment of assets					$ 140,411	$ 0	188,423	$ 6,942
Proceeds from the issuance of Ordinary shares							$ 2,630,814	$ 339,272
Subsequent event
Subsequent Event [Line Items]
Average contract term	5 years			5 years
Revenue, remaining performance obligation, amount	$ 3,400,000			$ 3,400,000
Number of securities called by warrants \| shares	30,000,000			30,000,000
Proceeds from warrant exercises				$ 2,100,000
Exercise price of warrants (in dollars per share) \| $ / shares	$ 70.00			$ 70.00
Warrant vesting period	6 months			6 months
Impairment of assets				$ 520,000
Derivative, term of contract	5 years
Issuance of ordinary shares (in shares) \| shares				15,877,502
Proceeds from the issuance of Ordinary shares				$ 683,483
Class of warrant exercisable \| shares	600,000			600,000
Subsequent event \| Mirantis, Inc.
Subsequent Event [Line Items]
Voting equity interest acquired (as a percentage)			100.00%
Business combination, consideration transferred			$ 625,000
Consideration transferred, percentage in the form of cash			10.00%
Subsequent event \| Nostrum Group
Subsequent Event [Line Items]
Voting equity interest acquired (as a percentage)	100.00%			100.00%
Business combination, consideration transferred \| €		€ 165
Consideration transferred, percentage in the form of cash	65.00%			65.00%
Consideration transferred, percentage in the form of ordinary shares	35.00%			35.00%

Intangible assets, net

9 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets, net

Note 12. Intangible assets, net

The components of intangible assets are as follows:


	March 31, 2026
(in USD thousands)		Acquired Intangibles, Gross		Accumulated Amortization		Acquired Intangibles, Net		Weighted-Average Lives (in years)
Connection rights for electricity services		$	105,123	$	—	$	105,123	12
Land purchase options		$	2,500	$	—	$	2,500	—
Goodwill		$	1,180	$	—	$	1,180	—
Total		$	108,803	$	—	$	108,803	12

The Group did not have any intangible assets as of June 30, 2025.

During the three months ended December 31, 2025, the Group acquired contractual rights to acquire land parcels and secured connection rights for electricity in Oklahoma. These transactions are accounted for as an asset acquisition. The total cost of the asset acquisition was $112.0 million. Amounts paid to obtain purchase rights are capitalized as intangible assets and reclassified to land upon exercise of the land purchase rights. The connection right is amortized on a straight‑line basis over 12 years, the contractual term, and is expected to begin in the fourth quarter of fiscal year 2028. The estimated amortization expense for each fiscal year is approximately $8.8 million.

During the three months ended March 31, 2026, the Group recorded goodwill in connection with a business combination. The price payable of $1.2 million is not material to the Group’s condensed consolidated financial statements.

For the three and nine months ended March 31, 2026 and 2025, there was nil amortization expense related to finite-lived intangible assets.

Stock-based compensation

9 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-based compensation

Note 18. Stock-based compensation

In June 2023, the Board approved the 2023 Long-Term Incentive Plan (“2023 LTIP”) under which participating employees and directors are typically granted RSUs in three tranches: two tranches with time-based vesting conditions and a third tranche with a performance-based vesting condition. As of March 31, 2026, the Company had an aggregate of 0 Ordinary shares reserved for future issuance under the 2023 LTIP.

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. As of March 31, 2026, the Company had an aggregate of 17.5 million Ordinary shares reserved for future issuance under the 2025 Omnibus Plan.


	Three Months Ended March 31,				Nine Months Ended March 31,
(in USD thousands)	2026		2025		2026		2025
Stock options	$	2,161	$	3,004	$	23,432	$	9,372
Service-based RSUs	25,857		4,285		102,507		13,118
Performance-based RSUs	3,469		481		36,184		1,439
Total stock-based compensation	$	31,487	$	7,770	$	162,123	$	23,929

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 nine months ended March 31, 2026:


(in USD thousands, except share and per share amounts)	Number of units	Weighted average grant-date fair value		Aggregate intrinsic value
Outstanding as of June 30, 2025	15,567,267	$	7.68	$	226,815
Granted	5,165,594	17.27

Forfeited	(222,382)	11.24
Exercised	(5,758,627)	6.45
Outstanding as of March 31, 2026	14,751,852	$	11.47	$	505,694
Vested and exercisable as of March 31, 2026	379,741	$	5.74	$	13,018

The Group had approximately $86,167,000 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 1.19 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 performance period regardless of whether the market condition and requisite service period are met.

The following table presents a summary of activity for the RSUs with market conditions under all plans during the nine months ended March 31, 2026:


(in USD thousands, except share and per share amounts)	Number of units	Weighted average grant-date fair value		Aggregate intrinsic value
Outstanding as of June 30, 2025	6,158,567	$	5.28	$	89,730
Granted	3,732,114	10.34

Forfeited	(233,865)	6.56
Exercised	(4,041,829)	6.37
Outstanding as of March 31, 2026	5,614,987	$	7.81	$	192,482
Vested and exercisable as of March 31, 2026	95,773	$	5.37	$	3,283

During the nine months ended March 31, 2026, the Group issued the following RSUs with market conditions:

•3,732,114 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 $29,636,000 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 1.65 years.

Stock options

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


(in USD thousands, 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, 2025	7,878,554	$	47.07	$	34,648	5.80
Granted	—	—
Forfeited or canceled	—	—
Exercised	(2,370,104)	3.17
Outstanding as of March 31, 2026	5,508,450	$	65.98	$	20,838	7.07
Vested and exercisable as of March 31, 2026	640,266	$	4.29	$	19,356	4.19

The Group had approximately $38,211,000 of total unrecognized compensation expense related to unvested stock options as of March 31, 2026, which is expected to be recognized over a weighted-average remaining vesting period of approximately 4.40 years, subject to the early achievement of any associated performance-based vesting hurdles.

No options were granted during the nine months ended March 31, 2026.

Stock-based compensation - Schedule of Share-Based Compensation Expense Recognized in Consolidated Statements of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 31,487	$ 7,770	$ 162,123	$ 23,929
Stock options
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	2,161	3,004	23,432	9,372
Service-based RSUs
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	25,857	4,285	102,507	13,118
Performance-based RSUs
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 3,469	$ 481	$ 36,184	$ 1,439

Derivatives - Schedule of Derivative Instruments, Capped Call Transactions (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Mar. 31, 2026 USD ($) $ / shares $ / unit
2031 Capped Call Transactions
Derivative [Line Items]
Net proceeds used to purchase the capped call transactions	$ 56,700
Transaction costs expensed	$ 1,418
Initial cap price \| $ / unit	120.18
2031 Capped Call Transactions \| Ordinary shares
Derivative [Line Items]
Last reported sale price of Ordinary shares \| $ / shares	$ 60.09
2032 Capped Call Transactions
Derivative [Line Items]
Net proceeds used to purchase the capped call transactions	$ 104,305
Transaction costs expensed	$ 2,503
Initial cap price \| $ / unit	82.24
2032 Capped Call Transactions \| Ordinary shares
Derivative [Line Items]
Last reported sale price of Ordinary shares \| $ / shares	$ 41.12
2033 Capped Call Transactions
Derivative [Line Items]
Net proceeds used to purchase the capped call transactions	$ 96,715
Transaction costs expensed	$ 1,547
Initial cap price \| $ / unit	82.24
2033 Capped Call Transactions \| Ordinary shares
Derivative [Line Items]
Last reported sale price of Ordinary shares \| $ / shares	$ 41.12
2030 Capped Call Transactions
Derivative [Line Items]
Net proceeds used to purchase the capped call transactions	$ 44,352
Transaction costs expensed	$ 1,452
Initial cap price \| $ / unit	25.86
2030 Capped Call Transactions \| Ordinary shares
Derivative [Line Items]
Last reported sale price of Ordinary shares \| $ / shares	$ 12.93
2029 Capped Call Transactions
Derivative [Line Items]
Net proceeds used to purchase the capped call transactions	$ 53,790
Transaction costs expensed	$ 2,790
Initial cap price \| $ / unit	20.98
2029 Capped Call Transactions \| Ordinary shares
Derivative [Line Items]
Last reported sale price of Ordinary shares \| $ / shares	$ 10.49

Property, plant and equipment, net (Tables)

9 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of Property Plant and Equipment

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


(in USD thousands)	March 31, 2026		June 30, 2025
Mining hardware	$	1,041,767	$	1,135,584
GPU hardware	811,390		76,001
Buildings	690,060		639,750
Right-of-use assets - Finance lease	301,776		—
Plant and equipment	8,827		10,002
Land	43,756		13,086
Leasehold improvements	34		43
Construction in progress	2,089,371		237,734
Property, plant and equipment, gross	4,986,981		2,112,200
Less: Accumulated depreciation	(445,617)		(181,246)
Less: Impairment	(171,502)		(385)
Property, plant and equipment, net	$	4,369,862	$	1,930,567

Schedule of Changes in Actual and Expected Depreciation Expense

The impact of these changes on the actual and expected depreciation expense is as follows:


	Years ended June 30,
(in USD thousands)	2026		2027		2028		2029
December 31, 2025 change in useful life	$	4,349	$	(4,166)	$	(8,444)	$	(1,213)

Deposits and prepayments

9 Months Ended

Mar. 31, 2026

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

Deposits and prepayments

Note 7. Deposits and prepayments

The components of deposits and prepaid expenses are as follows:


(in USD thousands)	March 31, 2026		June 30, 2025
Current
Security deposits	45,172		12,894
Prepayments	$	44,786	$	33,015
Total current deposits and prepaid expenses	$	89,958	$	45,908

Non-current
Security deposits	$	156,868	$	29,847

Prepayments	4,937		$	3,068
Total non-current deposits and prepaid expenses	$	161,805	$	32,916

Total deposits and prepaid expenses	$	251,763	$	78,824

Prepayments

Prepayments at March 31, 2026 and June 30, 2025 primarily include electricity, insurance and lease prepayments made.

Security deposits

Security deposits at March 31, 2026 and June 30, 2025, include deposits paid for development projects.

Computer hardware prepayments

Computer hardware prepayments represent payments made by the Group for the purchase of mining and AI hardware that are yet to be delivered as of March 31, 2026 and June 30, 2025. These prepayments are in accordance with payment schedules set out in relevant purchase agreements with hardware manufacturers.

Basis of presentation, summary of significant accounting policies and recent accounting pronouncements (Policies)	9 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of presentation and principles of consolidation	Basis of presentation and principles of consolidation Effective July 1, 2025, the Company is required to report to the United States Securities and Exchange Commission (“SEC”) on domestic forms and comply with domestic company rules in the United States. As a result, the Group transitioned from International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”) to accounting principles generally accepted in the United States (“GAAP”) effective June 30, 2025, and has retroactively restated comparative periods. The accompanying Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with 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, 2025, 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.
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 inevitably will 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.
Segment information	Segment information An operating segment is a component of an enterprise that engages in business activities from which it may earn revenues and incur expenses, for which discrete financial information is available, whose operating results are regularly evaluated by the chief operating decision maker (“CODM”) to assess performance and allocate resources. The Group’s CODM is William Roberts, the Co-Chief Executive Officer (“Mr. Roberts”). As of March 31, 2026, the Company has identified two reportable segments, each evaluated separately by the CODM: Bitcoin mining and AI Cloud Services. The segments are organized by product lines rather than geographical location. The Bitcoin mining segment generates revenue by mining Bitcoin with the Group’s ASIC hardware, whereas the AI Cloud Services segment earns revenue from providing AI Cloud Services to third-party customers. During the quarter ended September 30, 2025, the Group disaggregated its reportable segments to better align with its evolving business operations and strategic objectives. Accordingly, comparative information for prior periods has been recast to conform to the current-period presentation. Previously, the Group operated and reported as a single segment. Mr. Roberts evaluates performance and allocates resources primarily using segment gross profit (loss), which is defined as segment revenue less segment cost of revenue (exclusive of depreciation and amortization expenses). Mr. Roberts is not provided with segment-specific operating expenses beyond cost of revenue; all other expenses are managed on a consolidated basis. Accordingly, the only expense category included in segment gross profit (loss) is cost of revenue, as there are no other segment items for the reportable segments. Mr. Roberts does not evaluate performance or allocate resources based on segment asset or liability information. Entity-wide disclosures are presented in the Company’s annual Form 10-K, consistent with Accounting Standards Codification (“ASC”) Topic 280, Segment Reporting requirements.
Finance leases	Finance leases For leases that are classified as finance leases, the Group recognizes a right‑of‑use asset and a corresponding finance lease liability at lease commencement, measured at the present value of future lease payments, using the interest rate implicit in the lease, or where that rate cannot be readily determined, its incremental borrowing rate. The Group assesses at lease commencement whether it is reasonably certain to exercise a purchase option, considering factors such as the option price relative to the asset’s expected fair value, the significance of leasehold improvements, and operational requirements. When exercise is reasonably certain, the option price is included in the measurement of the right-of-use asset and lease liability. The Group accounts for certain finance leases related to GPU financing arrangements using a portfolio approach under ASC Topic 842, Leases (“ASC 842”). Specifically, the Group applies the lease accounting model to a portfolio of leases with similar characteristics (including underlying asset type, contractual terms, payment structure and end-of-term provisions) when management reasonably expects that applying ASC 842 at a portfolio level will not differ materially from applying the guidance to the individual leases. The Group uses common assumptions for the portfolio and reassesses the appropriateness of the portfolio approach when there are changes in facts and circumstances, including changes to contractual terms, commencement timing, or other factors that could result in material differences compared to individual-lease accounting. The finance lease right‑of‑use asset is included within “Property, plant and equipment, net” on the Condensed Consolidated Balance Sheets and is depreciated on a straight‑line basis over the estimated useful life of the underlying asset, as the Group is reasonably certain to exercise its purchase options. Interest expense on finance lease liabilities is recognized using the effective interest method over the lease term and is generally presented within “Finance expense” in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The Group’s finance leases primarily relate to GPU hardware.
Finite-lived intangible assets	Finite-lived intangible assets Intangible assets with finite lives are comprised of connection rights which represent contractual rights to access and use electricity, network and/or other infrastructure capacity at specific sites. These rights are recognized as intangible assets when the Group obtains control of the rights and it is probable that the expected future economic benefits will flow to the Group. Connection rights acquired in a business combination are initially recognized at their fair value as of the acquisition date. Connection rights acquired separately are initially measured at cost, which includes any directly attributable costs necessary to bring the asset to the condition and location necessary for its intended use. Connection rights 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 of connection rights at least annually, and adjusts them prospectively if expectations change. Connection rights are carried at cost (or acquisition-date fair value) less accumulated amortization and accumulated impairment losses. The Group evaluates connection rights for impairment whenever events or changes in circumstances indicate that their 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).
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 December 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 expands existing income tax disclosures (1) for rate reconciliations by requiring disclosure of certain specific categories and additional reconciling items that meet quantitative thresholds and (2) for income taxes paid by requiring disaggregation by certain jurisdictions. ASU 2023-09 is effective for annual periods beginning after December 15, 2024; early adoption is permitted. The Group adopted ASU 2023-09 for its annual period beginning July 1, 2025, which did not have a material impact on the Unaudited Condensed Consolidated Financial Statements. In November 2024, the FASB issued ASU 2024-04, Debt (Subtopic 470-20): Debt with Conversion and Other Options (“ASU 2024-04”). ASU 2024-04 clarifies the assessment of whether a transaction should be accounted for as an induced conversion or extinguishment of convertible debt when changes are made to conversion features as part of an offer to settle the instrument. ASU 2024-04 is effective for reporting periods beginning after December 15, 2025, and interim periods within those annual reporting periods. The Group early adopted ASU 2024-04 on July 1, 2025, using the prospective transition approach. As a result of our adoption, the Group accounted for the repurchase of the 3.25% Convertible Senior Notes due 2030 (the “2030 Convertible Notes”) and 3.50% Convertible Senior Notes due 2029 (the “2029 Convertible Notes”), as an induced conversion. Refer to Note 16 Convertible notes payable for additional details. In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). ASU 2025-05 provides entities with a practical expedient in developing reasonable and supportable forecasts as part of estimating expected credit losses, where entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. ASU 2025-05 is effective for reporting periods beginning after December 15, 2025, and interim periods within those annual reporting periods. Early adoption is permitted. The Group early adopted ASU 2025-05 on July 1, 2025, using the prospective transition approach, which did not have a material impact on the Unaudited Condensed Consolidated Financial Statements. 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 periods beginning after December 15, 2027 and interim periods within annual reporting periods beginning after December 15, 2028; early adoption is permitted. The Group is currently assessing the impact of adopting the standard.

- Definition

Disclosure of accounting policy for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
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+ Details

Convertible notes payable - Key Terms of the Convertible Notes (Details)					9 Months Ended
	Dec. 08, 2025	Oct. 14, 2025	Jun. 13, 2025 USD ($) $ / shares	Dec. 06, 2024 USD ($) $ / shares	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)
Debt Instrument [Line Items]
Net proceeds					$ 3,299,555,000	$ 311,646,000
2030 Convertible Notes \| Convertible debt
Debt Instrument [Line Items]
Remaining principal					212,310,000
Stated interest rate				3.25%
Effective interest rate				3.87%
Net proceeds				$ 311,646
Initial conversion rate				0.0595
Initial conversion price (in USD per share) \| $ / shares				$ 16.81
2029 Convertible Notes \| Convertible debt
Debt Instrument [Line Items]
Remaining principal					233,389,000
Stated interest rate			3.50%
Effective interest rate			4.22%
Net proceeds			$ 392,393
Initial conversion rate			0.0733
Initial conversion price (in USD per share) \| $ / shares			$ 13.64
2031 Convertible Notes \| Convertible debt
Debt Instrument [Line Items]
Remaining principal					$ 1,000,000,000
Stated interest rate				0.00%	0.00%
Effective interest rate				0.37%
Net proceeds				$ 927,300
Initial conversion rate		0.0117
Initial conversion price (in USD per share) \| $ / shares				$ 85.63
2032 Convertible Notes \| Convertible debt
Debt Instrument [Line Items]
Remaining principal					$ 1,150,000,000
Stated interest rate				0.25%	0.25%
Effective interest rate				0.45%
Net proceeds				$ 1,033,189
Initial conversion rate	0.0195
Initial conversion price (in USD per share) \| $ / shares				$ 51.40
2033 Convertible Notes \| Convertible debt
Debt Instrument [Line Items]
Remaining principal					$ 1,150,000,000
Stated interest rate				1.00%	1.00%
Effective interest rate				1.18%
Net proceeds				$ 1,040,779
Initial conversion rate	0.0195
Initial conversion price (in USD per share) \| $ / shares				$ 51.40

Convertible notes payable (Tables)

9 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Convertible Notes Payable

Details of the Group’s notes payable are as follows:


	2030 Convertible Notes		2029 Convertible Notes		2031 Convertible Notes		2032 Convertible Notes		2033 Convertible Notes		Total
Balance at July 1, 2025	$	427,837	$	534,928	$	—	$	—	$	—	$	962,765
Initial recognition on October 14, 2025	—		—		979,252		—		—		979,252
Initial recognition on December 8, 2025	—		—		—		1,135,136		1,135,134		2,270,270
Change in estimate related to accrued debt issuance costs	104		—		(20)		—		—		84
Interest expenses	9,773		12,785		1,673		1,612		4,207		30,050
Coupon interest payable	(8,423)		(10,990)		—		(902)		(3,610)		(23,925)
Induced conversion of notes	(221,946)		(308,718)		—		—		—		(530,664)
Convertible notes outstanding as at March 31, 2026	207,345		228,005		980,905		1,135,846		1,135,731		3,687,832
Convertible notes due within one year	—		—		—		—		—		—
Total convertible notes, net of portion due within one year	$	207,345	$	228,005	$	980,905	$	1,135,846	$	1,135,731	$	3,687,832

The following table summarizes the key terms of the convertible notes:


	2030 Convertible Notes			2029 Convertible Notes			2031 Convertible Notes		2032 Convertible Notes		2033 Convertible Notes
Issuance date	December 6, 2024			June 13, 2025			October 14, 2025		December 8, 2025		December 8, 2025
Maturity date	June 15, 2030			December 15, 2029			July 1, 2031		June 1, 2032		June 1, 2033
Remaining principal (in thousands)	$	212,310		$	233,389		$	1,000,000	$	1,150,000	$	1,150,000
Stated interest rate	3.25		%	3.50		%	0%		0.25%		1.00%
Interest payment dates	June 15 & December 15			June 15 & December 15			N/A		June 1 & December 1		June 1 & December 1
Effective interest rate	3.87		%	4.22		%	0.37%		0.45%		1.18%
Net proceeds (in thousands)1	$	311,646		$	392,393		$	927,300	$	1,033,189	$	1,040,779
Initial conversion rate2	59.4919			73.3299			11.6784		19.4553		19.4553
Initial conversion price	$	16.81		$	13.64		$	85.63	$	51.40	$	51.40
Principal amount per note	$	1,000		$	1,000		$	1,000	$	1,000	$	1,000

1 Net proceeds after deducting offering and issuance costs related to the convertible note and related financial instruments, where applicable.

2 Initial conversion rate of shares is per $1,000 principal amount of the relevant note

Commitments and contingencies (Tables)

9 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Committed Amounts Payable

The committed amounts are payable as set out below:


(in USD thousands)	March 31, 2026		June 30, 2025




Commitments
Amounts payable within 12 months of balance date:	$	11,899,054	$	368,805
Amounts payable after 12 months of balance date:	3,417		—

Total commitments	$	11,902,471	$	368,805

Fair value measurement (Tables)

9 Months Ended

Mar. 31, 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 March 31, 2026
(in USD thousands)	Total carrying value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)





Derivative assets
2031 Capped Call Transactions	$	29,700	$	-	$	-	$	29,700
2032 Capped Call Transactions	83,600		-		-		83,600
2033 Capped Call Transactions	78,700		-		-		78,700
Total derivative assets	$	192,000	$	-	$	-	$	192,000


	Fair value measured as of June 30, 2025
(in USD thousands)	Total carrying value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Financial assets
2030 Prepaid Forward Contract	$	83,117	$	-	$	83,117	$	-
2029 Prepaid Forward Contract	128,500		-		128,500		-
Total financial assets	$	211,617	$	-	$	211,617	$	-

Derivative assets
2030 Capped Call Transactions	$	46,400	$	-	$	-	$	46,400
2029 Capped Call Transactions	75,700		-		-		75,700
Bitcoin purchase option	5,756		-		5,756		-
Total derivative assets	$	127,856	$	-	$	5,756	$	122,100

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 March 31, 2026
(in USD thousands)	Total carrying value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
2030 Convertible Notes	$	207,345	$	478,240	$	-	$	-
2029 Convertible Notes	228,005		639,022		-		-
2031 Convertible Notes	980,905		717,787		-		-
2032 Convertible Notes	1,135,846		1,019,139		-		-
2033 Convertible Notes	1,135,731		1,005,685		-		-
Total	$	3,687,832	$	3,859,873	$	-	$	-


	Fair value measured as of June 30, 2025
(in USD thousands)	Total carrying value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
2030 Convertible Notes	$	427,837	$	483,089	$	-	$	-
2029 Convertible Notes	534,928		712,844		-		-
Total	$	962,765	$	1,195,933	$	-	$	-

Income taxes (Details)	3 Months Ended		9 Months Ended
Income taxes (Details)	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Effective income tax rate (as percent)	2.50%	(45.40%)	(11.40%)	(11.60%)

Fair value measurement (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Jun. 30, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	$ 0	$ 211,617
Total derivative assets	192,000	127,856
Total	3,687,832	962,765
2030 Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	207,345	427,837
2029 Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	228,005	534,928
2031 Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	980,905
2032 Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	1,135,846
2033 Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	1,135,731
2031 Capped Call Transactions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	29,700	0
2032 Capped Call Transactions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	83,600	0
2033 Capped Call Transactions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	78,700	0
2030 Capped Call Transactions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	0	46,400
2029 Capped Call Transactions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	0	75,700
Bitcoin purchase option
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	0	5,756
2030 Prepaid Forward Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0	83,117
2029 Prepaid Forward Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0	128,500
Quoted prices in active markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets		0
Total derivative assets	0	0
Total	3,859,873	1,195,933
Quoted prices in active markets (Level 1) \| 2030 Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	478,240	483,089
Quoted prices in active markets (Level 1) \| 2029 Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	639,022	712,844
Quoted prices in active markets (Level 1) \| 2031 Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	717,787
Quoted prices in active markets (Level 1) \| 2032 Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	1,019,139
Quoted prices in active markets (Level 1) \| 2033 Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	1,005,685
Quoted prices in active markets (Level 1) \| 2031 Capped Call Transactions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	0
Quoted prices in active markets (Level 1) \| 2032 Capped Call Transactions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	0
Quoted prices in active markets (Level 1) \| 2033 Capped Call Transactions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	0
Quoted prices in active markets (Level 1) \| 2030 Capped Call Transactions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets		0
Quoted prices in active markets (Level 1) \| 2029 Capped Call Transactions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets		0
Quoted prices in active markets (Level 1) \| Bitcoin purchase option
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets		0
Quoted prices in active markets (Level 1) \| 2030 Prepaid Forward Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets		0
Quoted prices in active markets (Level 1) \| 2029 Prepaid Forward Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets		0
Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets		211,617
Total derivative assets	0	5,756
Total	0	0
Significant other observable inputs (Level 2) \| 2030 Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Significant other observable inputs (Level 2) \| 2029 Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Significant other observable inputs (Level 2) \| 2031 Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0
Significant other observable inputs (Level 2) \| 2032 Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0
Significant other observable inputs (Level 2) \| 2033 Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0
Significant other observable inputs (Level 2) \| 2031 Capped Call Transactions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	0
Significant other observable inputs (Level 2) \| 2032 Capped Call Transactions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	0
Significant other observable inputs (Level 2) \| 2033 Capped Call Transactions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	0
Significant other observable inputs (Level 2) \| 2030 Capped Call Transactions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets		0
Significant other observable inputs (Level 2) \| 2029 Capped Call Transactions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets		0
Significant other observable inputs (Level 2) \| Bitcoin purchase option
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets		5,756
Significant other observable inputs (Level 2) \| 2030 Prepaid Forward Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets		83,117
Significant other observable inputs (Level 2) \| 2029 Prepaid Forward Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets		128,500
Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets		0
Total derivative assets	192,000	122,100
Total	0	0
Significant unobservable inputs (Level 3) \| 2030 Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Significant unobservable inputs (Level 3) \| 2029 Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Significant unobservable inputs (Level 3) \| 2031 Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0
Significant unobservable inputs (Level 3) \| 2032 Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0
Significant unobservable inputs (Level 3) \| 2033 Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0
Significant unobservable inputs (Level 3) \| 2031 Capped Call Transactions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	29,700
Significant unobservable inputs (Level 3) \| 2032 Capped Call Transactions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	83,600
Significant unobservable inputs (Level 3) \| 2033 Capped Call Transactions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	$ 78,700
Significant unobservable inputs (Level 3) \| 2030 Capped Call Transactions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets		46,400
Significant unobservable inputs (Level 3) \| 2029 Capped Call Transactions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets		75,700
Significant unobservable inputs (Level 3) \| Bitcoin purchase option
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets		0
Significant unobservable inputs (Level 3) \| 2030 Prepaid Forward Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets		0
Significant unobservable inputs (Level 3) \| 2029 Prepaid Forward Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets		$ 0