Key Highlights
- IREN shares rose 5.73% to $42.09 ahead of the company’s August 27 earnings report.
- AI cloud revenue nearly doubled to $33.6 million, while Bitcoin mining revenue fell to $111.2 million in the March-end quarter.
- IREN raised its 2026 AI cloud revenue target to more than $4 billion after signing $2.8 billion in new multi-year contracts.
Bitcoin mining and AI cloud infrastructure firm IREN shares (Nasdaq: IREN) climbed on Tuesday as investors looked ahead to the company’s fiscal 2026 earnings report, scheduled for August 27 after market close.
At the time of writing, IREN was trading at $42.09, up 5.73% over the past 24 hours, according to Yahoo Finance data at 1:31 IST on August 26. The move pushed IREN’s market capitalization to about $14.97 billion, with an average volume of 45.7 million shares.
The results could provide a clearer view of the company’s transition from Bitcoin mining toward AI cloud infrastructure, particularly as mining revenue has declined while its AI business has expanded.
AI cloud growth takes center stage
IREN’s March-end quarter showed the shift in its revenue mix. The company reported revenue of $144.8 million, down from the previous quarter, while AI cloud revenue nearly doubled to $33.6 million.
At the same time, Bitcoin mining revenue fell to $111.2 million from $167.4 million. The surge also came as IREN decommissioned some of its Bitcoin mining hardware. Adjusted EBITDA also fell to $59.5 million.
IREN also decommissioned some Bitcoin mining hardware during the period, making the performance of its AI cloud operations a key metric for the upcoming results.
IREN raises its AI revenue target
IREN has raised its 2026 annualized run-rate revenue target for AI cloud from $3.7 billion to more than $4 billion.
The company increased the target after signing $2.8 billion in new multi-year contracts. IREN said about 85% of the revised target is already contracted. The contracts still require IREN to deliver the infrastructure needed to generate the associated revenue. Its first 50-megawatt liquid-cooled AI cloud deployment for Microsoft, known as Horizon 1, has been delivered and accepted.
The project is part of a five-year, $9.7 billion cloud services contract covering four 50MW deployments. Investors will be watching the progress of Horizons 2-4, as well as IREN’s plan to reach 480MW of AI cloud capacity in 2026.
IREN had about $7.6 billion in cash and cash equivalents as of June 30. This included $1.7 billion in restricted cash linked to Microsoft GPU financing. Customer prepayments also covered about 45% of the capital spending tied to those GPUs.
IREN stock tests key price levels
IREN shares recently fell to a weekly low of $39.55 and have since traded within a range bounded by support near $39.22 and resistance around $49.28.
According to the TradingView chart, if IREN breaks above the $49.71 resistance level, the next possible level is around $62. If not, the stock could move toward $35.
The Relative Strength Index (RSI) is currently around 58 on August 26 at 1:31 IST, indicating that the stock was neither in overbought nor oversold territory.
With earnings approaching, investors now have several numbers to watch. The results could show whether IREN’s growing AI cloud business is starting to offset the fall in Bitcoin mining revenue, while also showing how quickly the company is turning its large AI contracts into actual business.
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