Bitcoin miner IREN's share price falls as AI cloud revenue surpasses mining revenue amid accelerated data center conversion.
AI & Agents ·
IREN's stock fell 8.2% to $37.19 after the company reported a $684 million quarterly loss driven by asset impairments totaling $450.4 million, mostly from retired mining equipment. For the first time, the company's AI cloud revenue of $70.5 million exceeded its Bitcoin mining revenue of $66.7 million as data center conversion accelerated, though mining revenue declined 40% quarter-over-quarter. The company holds $4 billion in contracted annualized revenue scheduled to become operational by year-end, backed by $6.4 billion in GPU financing that includes a five-year Microsoft agreement at a 6% weighted-average rate.