EL7.AI
StocksMediumUpdated×4•Originally published 5 November 2026•Updated 6 November 2026•
1 min read

IREN Reveals Microsoft Role in Project Delays Amid Pivot from Bitcoin Mining

Key Facts

1IREN targets bringing more than $4 billion of ARR online in January 2027, with a possible extension to the end of February.
2Quarterly AI Cloud revenue rose 182% to $200 million.
3The revenue backlog stood at $20.3 billion on September 30, up 22% quarter over quarter.
4Planned remaining capital expenditures for fiscal 2027 totaled about $15 billion.

Reports identified Microsoft as the specific customer that requested network design changes, leading to the delay in IREN's AI data center infrastructure deliveries. Consequently, IREN pushed its target to bring more than $4 billion in annualized revenue run rate online to January 2027 from the end of 2026. The company stated in its first-quarter fiscal 2027 results that the customer-requested design change and supplier timing prompted the schedule revision.

IREN plans to complete a full exit from bitcoin mining by the end of 2026 to focus on cloud services, as AI Cloud revenue surged 182% to $200 million in the quarter ended September 30, 2026. IREN shares closed down approximately 17% in trading on November 5, 2026, despite total revenue of $228 million topping analyst estimates, Reuters reported. The company reported a net loss of $263 million for the quarter, while maintaining $15 billion in planned remaining capital expenditures for fiscal 2027.

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