IREN went from
bitcoin mining to a
$4.4B AI-cloud
target.
A small power-and-data-center company landed multi-billion-dollar hyperscaler contracts.
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✦ The bottom line
IREN's bitcoin mining still pays the bills. But its bigger story is AI cloud: signed hyperscaler contracts that take its annual run-rate revenue toward $4.4 billion once new Nvidia Blackwell servers come online.
↓ the brief below
✦ Teach me
Money coming in
For IREN, revenue today is mostly bitcoin mining. The story tomorrow is AI cloud — renting GPU computers to companies training AI. The 'ARR' figure (annual run rate) is what management expects the business to bring in per year once contracts are fully live, not what it earned last year.
Wall Street calls this
Revenue · ARR
The gap between today's revenue and tomorrow's ARR is exactly the pivot you're betting on.
The target · annual run-rate revenue
$4.4
B
Management targets $4.4B of annual revenue run rate once Blackwell servers are commissioned in early 2027 — built from Microsoft + a new AI-cloud contract + planned GPU deployments.
$4.4B is a future number — and a future number is only as good as the contracts behind it. So the next question is who's actually paying. The biggest piece, by far, is one customer: Microsoft. That contract alone explains a large share of the ARR target. Here's its size.
The anchor customer · Microsoft contract
$1.9
B/yr
Microsoft's multi-year AI-cloud contract is expected to deliver about $1.9B of average annual revenue — IREN's anchor customer and biggest single piece of the ARR.
Future contracts are the story; today's revenue is the proof the pivot is actually starting. Over the past nine months, IREN's reported revenue is a real number — and it's grown sharply, mostly from bitcoin mining plus the early ramp of AI cloud. Here's where the company stands today.
The starting line · 9-month revenue
$570
M
$570M of revenue in the first nine months of fiscal 2026, up 82% from a year ago — the early proof of the AI ramp on top of the bitcoin engine.
Source · 10-Q · Statements of Operations (nine-month revenue, Q3 FY26 vs Q3 FY25) · 9M FY26 (nine months ended Mar 31, 2026) · Filed May 8, 2026
⚠
Watch
Revenue +82% over 9 months; a $4.4B ARR target — but most of it is contracted future, not yet earned.