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IREN, known as Iris Energy until 2024, is a Nasdaq-listed company that moved from bitcoin mining on renewable power to renting GPU capacity for AI.

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IREN delays Microsoft AI capacity at Childress to early 2027, plans $15 billion in spending

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IREN reported $228 million in quarterly revenue on 5 November 2026, moved its Microsoft-linked target to January or February and set about $15 billion of capex.

Summary

IREN reported revenue of $228 million for the quarter to 30 September 2026, up 66% on the previous quarter, with AI cloud revenue of about $200 million and a net loss of $263 million. It said a Microsoft-requested networking change at its Childress, Texas campus pushes its target of more than $4 billion in annualized revenue from December to January or February, and it plans about $15 billion of capital spending for the rest of its fiscal year.