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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
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Sign InIn a move reflecting the surging global demand for advanced processing power, IREN has announced a profound strategic pivot toward AI infrastructure. According to reports, AI cloud services revenue grew by a remarkable 94.2% quarter-over-quarter in Q3 FY2026, effectively offsetting the wind-down in its Bitcoin mining operations. The company is now targeting an annual revenue run rate of $3.7 billion by the end of 2026, bolstered by the commissioning of its Horizon data centers.
This transition occurs as tech giants like Microsoft and NVIDIA race to secure data center capacity, positioning IREN as a vertically integrated infrastructure leader. Compared to peers, companies such as CoreWeave and Applied Digital have shown similar trajectories in capturing higher margins from AI relative to crypto mining. Per market data, IREN's inclusion in the Russell 1000 index has further catalyzed institutional interest, providing the capital backing necessary for its ambitious Horizon infrastructure rollout.
Looking ahead, investors are closely monitoring the operational timeline of new data centers as a primary catalyst for the stock's valuation. In the absence of specific closing price data, the focus remains on the sustainability of cloud revenue growth rates. Markets are also awaiting the U.S. Non-Farm Payrolls data on July 2, 2026, which could influence broader risk appetite across the technology and growth sectors.