IREN Delivers First Horizon 1 Data Center as More Than $4 Billion ARR Target Moves to 2027

IREN said it delivered its first Horizon 1 data center to Microsoft and received NVIDIA Exemplar certification as fiscal first-quarter 2027 revenue rose 66% quarter over quarter to $228 million.

AI cloud revenue climbed 182% sequentially to $200 million, with gross margin of about 86%. Revenue backlog reached $20.3 billion, up 22% from the previous quarter.

IREN said its more than $4 billion annualized revenue target is signed and funded. The company had aimed to reach it by the end of 2026, but customer design changes and shifts in supplier delivery schedules moved the expected timing to January 2027, with completion possible as late as the end of February.

IREN shares fell 16.95% to close at $18.03 on Friday, Nov. 6.