IREN Delays $4 Billion Revenue Target as AI Sales Rise

IREN reported a sharp shift toward AI cloud revenue in the quarter ended September 30, 2026, while moving its target of more than $4 billion in annualized run-rate revenue from year-end to January 2027, with timing possibly extending into February. The company also reported a $263 million net loss and said Microsoft-requested design changes affected delivery timing for a 200-megawatt project. AI cloud revenue rose 182% from the June quarter to $200 million, accounting for most of IREN’s $228 million in total revenue. Total revenue increased 66% from $137 million in the prior quarter and exceeded the average analyst estimate of $221.28 million reported by LSEG. IREN’s results covered its fiscal first quarter, which ended September 30. Bitcoin mining revenue fell to $28 million from $67 million in the June quarter as IREN reduced mining operations while shifting capacity toward AI infrastructure. The company attributed the lower revenue to reduced production and weaker average Bitcoin prices. It has said it expects to substantially complete the transition by December 31, 2026, while keeping Bitcoin mining operations at immaterial levels through 2027. IREN said the more than $4...