IREN, the Nasdaq-listed bitcoin miner turned AI cloud provider, now expects to reach more than $4 billion in annualized run-rate revenue in January 2027 instead of by the end of this year, and the date could move to the end of February, the company said on Thursday with its results for the quarter ended Sept. 30.
IREN also set out how it plans to pay for its buildout. It has $15 billion of planned capital spending left in fiscal 2027, which ends in June. About $9 billion of that is covered by cash, committed GPU financing and customer prepayments. The other $6 billion, or 40% of the total by Unchained’s math, is expected to come from GPU and data center financing, prepayments and other sources “subject to market conditions,” the company said. IREN said the program behind the $4 billion target is itself fully funded, and the $6 billion is meant for capacity beyond it.
The funding climate for these companies came up on Unchained in October. Asked about bitcoin miners that had pivoted to AI hosting, with IREN among them, Coinbase head of institutional strategy John D’Agostino said on Unchained’s Bits + Bips, “I think they believe the equity markets are tapped out,” adding that “the debt markets are starting to get skittish about that.”
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A ‘Customer-Requested’ Change
Co-founder and Co-CEO Daniel Roberts tied the delay to “a customer-requested design change and supplier timing” that moved the target from year-end. The release did not name the customer. Reuters reported that the delayed deliveries are for Microsoft, which asked for changes to the network design, and that IREN faces no financial penalties as a result. IREN said its Horizon 1 data center went into service for Microsoft during the quarter.
AI Cloud Revenue Climbs
Total revenue rose 66% from the prior quarter to $228 million. AI cloud revenue reached $200 million, up from $71 million, and made up about 88% of sales, compared with about 52% three months earlier, by Unchained’s count. Bitcoin mining revenue fell to $28 million from $67 million. The net loss narrowed to $263 million from $684 million, while adjusted EBITDA rose to $66 million from $19 million.
Revenue backlog grew 22% to $20.3 billion, with about two-thirds tied to investment-grade counterparties. Since the quarter ended, IREN said it has expanded a contract with an unnamed frontier AI lab and signed a five-year deal at about $22 million a megawatt, with the customer prepaying 90% of the related GPU spending.
IREN shares closed Thursday’s regular session at $18.03, down about 17%, before the results came out, according to price data.
“We own the land, the power and the data centers under all of it, which gives us more ways to fund growth and lets us set its pace,” Roberts said in the release.
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