IREN Ltd

IREN: XNAS (USA)

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IREN Earnings: AI Cloud Ramps Up at Scale; Growth and Financing Challenges Still Ahead

Luke Yang, Tucker Hawthorne

Nov 6, 2026

IREN's AI cloud started to scale following its delivery of 50 MW Horizon 1 to Microsoft. First-quarter AI revenue grew 182% sequentially to $200 million. It also expanded contracts with a frontier AI lab. Revenue backlog is now over $20 billion, with two-thirds at or above investment grade.

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IREN Ltd

IREN Earnings: AI Cloud Ramps Up at Scale; Growth and Financing Challenges Still Ahead

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