For the quarter ended September 30, IREN generated $200 million in AI cloud revenue—more than seven times the $28 million in mining revenue for the same period, $BTC . Mining revenue was still $67 million last quarter. AI cloud revenue rose 182% quarter over quarter, with an 86% gross margin.
Mining revenue is close to becoming a rounding error. Demand isn’t the bottleneck: contracted revenue backlog grew 22% quarter over quarter to $20.3 billion. The five-year AI cloud contract signed at quarter-end was worth about $22 million per megawatt, and customers prepay 90% of GPU capital expenditures. But the $4 billion ARR target has been pushed from the end of 2026 to January 2027, and could slip to February, due to customer design changes and adjustments to supplier delivery schedules.
Net loss narrowed to $263 million from $684 million last quarter, while adjusted EBITDA was $66 million. Whether the January ARR figure can be delivered matters more than this quarter’s growth rate.
#比特币矿企 #AI云计算
Mining revenue is close to becoming a rounding error. Demand isn’t the bottleneck: contracted revenue backlog grew 22% quarter over quarter to $20.3 billion. The five-year AI cloud contract signed at quarter-end was worth about $22 million per megawatt, and customers prepay 90% of GPU capital expenditures. But the $4 billion ARR target has been pushed from the end of 2026 to January 2027, and could slip to February, due to customer design changes and adjustments to supplier delivery schedules.
Net loss narrowed to $263 million from $684 million last quarter, while adjusted EBITDA was $66 million. Whether the January ARR figure can be delivered matters more than this quarter’s growth rate.
#比特币矿企 #AI云计算