IREN's Bitcoin mining revenue slips as AI Cloud sales nearly triple
IREN booked $200 million in AI Cloud revenue last quarter while mining revenue fell to $28 million, according to NewsBTC.
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what happened
In a November 5 filing with the SEC, IREN reported AI Cloud revenue of $200 million for the quarter ended September 30, 2026, up from $71 million in the prior quarter. Bitcoin mining revenue fell from $67 million to $28 million over the same period. Total revenue rose to $228 million from $137 million, so mining now makes up a much smaller share of the business. NewsBTC reports these figures.
The company also posted a net loss of $263 million, against $684 million a quarter earlier, while adjusted EBITDA rose to $66 million from $19 million. Its revenue backlog grew to $20.3 billion, about two-thirds tied to investment-grade counterparties. A target of more than $4 billion in annual recurring revenue slipped from the end of 2026 to January 2027, and completion could stretch into February.
why it matters
For miners, the key question is the economics of each unit of hashing power, which depend on the Bitcoin price, network difficulty and the cost of power and equipment. The pivot to AI infrastructure reshapes the business mix, but cash flow, financing and the timing of capacity coming online remain open questions.
market impact
Bitcoin miners: mining's share of revenue shrinks as AI cloud business grows
tags
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on polymarket
sources
- IREN’s Bitcoin Mining Revenue Falls as AI Cloud Sales Nearly Triple — newsbtc.com, 7 November 2026 at 20:00 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
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