IREN Delays $4 Billion AI Revenue Target to 2027 and Seeks $6 Billion Funding

Data center operator and Bitcoin miner IREN has postponed its milestone of surpassing $4 billion in annualized recurring AI revenue to early 2027 while seeking an additional $6 billion to finance its $15 billion FY27 expansion. For the quarter ending September 30, total revenue rose 66% sequentially to $228 million as AI cloud revenue surged 182% to $200 million, generating 87.7% of total sales. Meanwhile, Bitcoin mining revenue fell 58% to $28 million, down from $67 million in the prior quarter, amid an ongoing transition away from cryptocurrency mining.