IREN Limited shares fell approximately 6% on October 7, 2026, following reports from SemiAnalysis alleging significant reliability issues at its Canadian data centers in Prince George and Mackenzie. The research firm cited user complaints regarding extended power outages, network upgrades, and storage failures, labeling the sites as the '#1 worst site in the industry.' Unlike other locations, these specific Canadian facilities are critical to IREN's current operational ramp, with co-founder Daniel Roberts confirming that GPU racking is underway and remaining capacity is targeted for the December quarter. The controversy centers on whether these reliability claims will impact customer retention during a crucial expansion phase. While SemiAnalysis noted that newer Texas sites at Childress and Sweetwater appear to be performing well and hosting Microsoft's Horizon buildings, the allegations specifically target the British Columbia locations where IREN has secured major financing for its GPU infrastructure. The company has not issued an official response to the claims, leaving investors uncertain about the validity of user reports versus audited data. Financially, IREN faces pressure as it has missed consensus EBITDA in each of the last four quarters, with the June-quarter results coming in 54% below estimates. Analysts expect quarterly EBITDA to surge from roughly $65 million in the September quarter to approximately $193 million in the December quarter and $683 million by March 2027. The stock's immediate outlook depends on whether IREN can demonstrate stable uptime at its Canadian sites and secure renewals from key customers like AI and Fireworks AI, which have reportedly expanded their engagements.