From BigGo Finance · BigGo Finance · · 1m 30s
IREN Reports $702.6M Loss Amid AI Cloud Claims
IREN's $702.6 million loss highlights AI cloud revenue gap despite $4 billion in claimed contracts.
In brief
IREN's $702.6 million loss highlights AI cloud revenue gap despite $4 billion in claimed contracts. IREN reported a $702.6 million net loss for fiscal 2026 despite claiming $4 billion in contracted annualized run-rate revenue for its data center capacity. Originally reported by BigGo Finance.
IREN Reports $702.6M Net Loss
IREN reported a $702.6 million net loss for fiscal 2026 despite claiming $4 billion in contracted annualized run-rate revenue for its data center capacity.
Non-Cash Impairment Charges
The loss included $638.8 million in non-cash impairment charges tied to mining equipment decommissioning.
AI Cloud Revenue Growth
AI cloud services revenue grew to $128.8 million from $16.4 million, but Bitcoin mining remained the larger revenue source at $578.2 million.
Unconfirmed Anthropic Deal
A reported multi-year cloud deal with Anthropic remains unconfirmed by either party.
Industry Backlog Gap
CoinShares estimates miners hold over $100 billion in AI and HPC backlogs, yet only 550 megawatts of more than 4 gigawatts contracted are currently billing.
Bitcoin Price Pressure
Bitcoin's price of $58,400 sits below the reported $75,500 cash cost per coin, pressuring margins across the sector.
Mining Equipment Cancellations
Core Scientific paid more than $41.9 million to cancel equipment orders, while Keel ceased mining operations entirely on June 29, 2026.
Facility Buildouts
IREN has completed delivery of Horizon 1, a 50-megawatt liquid-cooled facility, to Microsoft.
In short
IREN reported a $702.6 million net loss for fiscal 2026 despite claiming $4 billion in contracted annualized run-rate revenue for its data center capacity.
