Applied Digital vs IREN
Both are primarily Data Center Operators (Colo) companies. IREN is larger by market cap ($16.5B vs $7.6B). IREN reports higher tracked revenue ($707M vs $611M).
Shared segment: AI & Data Center.
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Side-by-side
| Applied Digital | IREN | |
|---|---|---|
| Market cap | $7.6B | $16.5B |
| Revenue | $611M (FY2026) | $707M (FY2026) |
| Primary segment | Data Center Operators (Colo) | Data Center Operators (Colo) |
| Market position | challenger | challenger |
| Country | United States | Australia |
| Tracked suppliers | 7 | 7 |
| Tracked customers | 5 | 5 |
| Chokepoint / criticality | 7/100 | 7/100 |
Market caps/revenue from the wafergraph dataset · data as of 2026-10-04. Criticality is a graph-derived chokepoint score (0–100). Coverage is partial; "Unpriced" means no reliable market cap.
How Applied Digital and IREN compare
- Size: IREN is the larger company by market cap.
- Revenue: IREN reports higher tracked revenue.
- Supply-chain criticality: Both companies have the same chokepoint score (7/100).
- Footprint: Applied Digital (United States) vs IREN (Australia).
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Cite as: wafergraph, “Applied Digital vs IREN”, https://wafergraph.com/compare/applied_digital-vs-iren (data as of 2026-10-04).
Frequently asked questions3
- Is Applied Digital bigger than IREN?
- IREN is larger by market cap ($16.5B vs $7.6B).
- What's the difference between Applied Digital and IREN?
- Applied Digital is a challenger in Data Center Operators (Colo) based in United States; IREN is a challenger in Data Center Operators (Colo) based in Australia. Both operate in the AI & Data Center segment.
- Who are Applied Digital's and IREN's suppliers?
- wafergraph tracks 7 suppliers for Applied Digital and 7 for IREN.