IREN revenue rises to $228M as AI cloud overtakes Bitcoin mining

what happened

IREN, an operator of an AI cloud platform and data centers, published its results for the first fiscal quarter of 2027 in a Form 8-K filed with the SEC on November 5, 2026. Total revenue reached $228 million, up from $137 million a quarter earlier. The AI Cloud segment drove the gain, generating $200 million versus $71 million. Revenue from Bitcoin mining fell to $28 million from $67 million.

The company posted a net loss of $263 million, while Adjusted EBITDA climbed to $66 million from $19 million. IREN moved its target for annualized run-rate (ARR) revenue above $4 billion from the end of 2026 to January 2027, with a possible slip into February. It blamed a customer-requested design change and supplier timing. The company says the target is fully contracted and funded, and its revenue backlog has reached $20.3 billion, about two-thirds of it held by investment-grade counterparties.

why it matters

For miners, this report shows a shift in business model. Bitcoin mining now contributes less of IREN's revenue, so the company is less exposed to BTC price and hashrate swings, while AI cloud rentals carry more of the income. Its main asset is increasingly power: over 5GW of secured capacity and more than 30,000 acres of land support data centers rather than mining alone.

market impact

Miners: a growing AI cloud share reduces IREN's dependence on the Bitcoin price

• ↔IREN shares mixed — revenue growth is offset by a large net loss

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