# IREN Shares Rise 20% as AI Cloud Revenue Jumps 182% in Quarter

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/51930
Published: 2026-11-09T00:03:32.000Z
Updated: 2026-11-09T00:03:32.000Z
Section: Business

> AI cloud revenue reached $200 million in fiscal first-quarter 2027, as total revenue climbed to $228 million. IREN also posted a $263 million net loss.

IREN shares rose about 20% on Friday, Nov. 6, closing at $21.64 after the Bitcoin miner's fiscal first-quarter results showed its AI cloud business rapidly overtaking mining revenue.

AI cloud revenue reached $200 million, up 182% from $71 million in fiscal fourth-quarter 2026. Bitcoin mining revenue fell to $28 million from $67 million as IREN shifted capacity toward AI workloads. Total revenue rose 66% from the prior quarter to $228 million, and the AI cloud segment posted an 86% gross margin.

IREN's revenue backlog stood at $20.3 billion, up 22% from the prior quarter, while operating annual recurring revenue doubled to $1 billion. The company also reported a $263 million net loss, wider than analysts had projected.

IREN pushed its goal of more than $4 billion in annual recurring revenue to early 2027. It attributed the delay to a design change requested by Microsoft and equipment delays at its Childress, Texas, facility. IREN said the target remains fully contracted and funded. The site’s first Microsoft data hall came online with NVIDIA GB300 systems during the quarter, anchoring a five-year, $9.7 billion cloud services contract.