IREN AI Cloud quarterly revenue nearly triples to $200 million

Nov 5, 2026
IREN reports AI Cloud revenue of $200 million for its fiscal first quarter, up 182% sequentially, while total revenue rose 66% to $228 million.

IREN reported AI Cloud revenue of $200 million for the quarter ended September 30, 2026, up 182% sequentially, according to its earnings release. Total quarterly revenue rose 66% sequentially to $228 million, while the AI Cloud segment recorded an 86% gross margin.

The company reported a net loss of $263 million. Its revenue backlog increased 22% sequentially to $20.3 billion, with about two-thirds tied to investment-grade counterparties.

IREN said its target of more than $4 billion in annual recurring revenue is fully contracted and funded. The target is now scheduled for January 2027, rather than the end of 2026, following a customer-requested design change and supplier timing, and may extend to February 2027.

During the quarter, IREN placed Horizon 1 into service for Microsoft and received NVIDIA Exemplar Cloud status for its NVIDIA GB300 NVL72 systems. After the quarter, the company signed a five-year contract priced at about $22 million per megawatt, with the customer prepaying 90% of GPU capital costs, and a short-term contract priced at $40 million per megawatt.

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