IREN Delays More Than $4 Billion in Annual Recurring Revenue Until 2027

IREN is shifting more than $4 billion in annual recurring revenue it expected to reach in 2026 into at least January 2027, delaying a major milestone for its expanding AI cloud business.

The delay followed a customer request to reconfigure and upgrade network infrastructure, along with supplier timing. Microsoft is the customer behind the requested changes. The changes are intended to prepare 200 megawatts of capacity to serve the latest frontier AI models. The timing could also push payment into February.

The delayed revenue target remains fully contracted and funded. Its revenue backlog rose 22% from the prior period to $20.3 billion, with about two-thirds tied to investment-grade counterparties.

Quarterly revenue rose 66% from the previous quarter to $228 million. AI cloud services brought in $200 million, more than twice the prior quarter's amount, while Bitcoin mining generated the rest. Bitcoin mining was IREN's main business before its move toward AI infrastructure.

IREN plans $15 billion in capital expenditures over the rest of its fiscal year, including $9 billion in cash and committed financing. The remaining $6 billion is targeted financing that depends on market conditions.