IREN AI Cloud Revenue Jumps 94% as Bitcoin Mining Falls 34%

As of May 20, IREN faces the question of whether surging AI cloud revenues can offset ongoing Bitcoin mining weakness during its infrastructure pivot. The story began May 15 when IREN closed a $3 billion convertible notes offering that delivered $2.96 billion in net proceeds to fund GPU deployments and data-center expansion. On May 17 the company announced a full strategic shift, targeting $3.7 billion in annualized AI revenue and 480 MW of capacity by year-end, supported by a $3.4 billion Nvidia contract and a $9.7 billion Microsoft hosting deal. Latest quarterly results show AI cloud revenue climbing 94.2% sequentially to $33.6 million while mining revenue dropped 33.6% to $111.2 million, highlighting the accelerating transition away from crypto.