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IREN pivots from Bitcoin mining to AI Cloud, targeting major capacity
The company reported a quarter decline in revenue and EBITDA, while AI Cloud revenue nearly doubled as investors bet on its infrastructure buildout for AI.
IREN Limited is repositioning away from Bitcoin mining and toward cloud computing for artificial intelligence, with the core of its strategy focused on securing power, building data centers, installing GPUs, and delivering computing capacity to customers, according to Yahoo Finance.
The shift is designed to turn contracted AI demand into a larger infrastructure business, with management pointing to AI Cloud as its fastest growing segment. The outlet notes that, relative to software-heavy peers such as CoreWeave or Nebius, IREN emphasizes physical execution, including land and power acquisition and data center connectivity.
In its third quarter of fiscal 2026, IREN reported revenue of $144.8 million, down from $184.7 million in the prior quarter, and adjusted EBITDA of $59.5 million, down from $75.3 million. The company also posted a net loss of $247.8 million.
Despite the overall decline, Yahoo Finance highlights that investors appear to be looking past the shrinking mining line, as Bitcoin mining revenue fell to $111.2 million from $167.4 million while AI Cloud revenue nearly doubled to $33.6 million from $17.3 million. Management’s plan for 2026 includes 480 megawatts of AI Cloud capacity, 150,000 GPUs, and $3.7 billion in annual recurring revenue by year end, with secured power at 5 gigawatts and additional sites planned in Europe and Asia Pacific.
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