IREN Ltd

IREN: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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IREN Earnings: Solid Progress Catching Up With Leading Neocloud Firms in Service Delivery

Luke Yang

Aug 28, 2026

IREN is making progress with its artificial intelligence cloud transition. Quarterly AI cloud revenue of $71 million surpassed bitcoin mining revenue of $67 million for the first time. It also landed a multiyear deal with a frontier AI lab and delivered the 50-MW Horizon 1 data center to Microsoft.

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IREN Ltd

IREN Earnings: Solid Progress Catching Up With Leading Neocloud Firms in Service Delivery

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