IREN Shares Surge 18% as AI Cloud Revenue Reaches $200 Million

Shares of data center operator IREN surged approximately 18% following quarterly earnings that highlighted an accelerating pivot toward artificial intelligence infrastructure. For the quarter ending September 30, AI cloud revenue climbed 182% sequentially to $200 million, generating 87.7% of total revenue, which rose 66% to $228 million. Concurrently, Bitcoin mining revenue contracted 58% quarter-over-quarter from $67 million to $28 million as hardware values dropped from $597 million to $226 million. While net loss narrowed to $263 million and contracted backlog rose to $20.3 billion, target timelines for $4 billion in annualized recurring revenue shifted to early 2027.