IREN Ltd

IREN: XNAS (USA)

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IREN Earnings: Data Center Buildout Roadmap Promising to Capture Demand; Raising Valuation

Luke Yang

May 8, 2026

IREN's third quarter was affected by lower bitcoin prices and the capacity transition to artificial intelligence cloud. Total revenue fell 22% sequentially to $145 million, but AI cloud revenue roughly doubled to $34 million. GPU capacity ramp-up led to a quarterly operating loss of $239 million.

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IREN Ltd

IREN Earnings: Data Center Buildout Roadmap Promising to Capture Demand; Raising Valuation

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