"IREN Ltd (NASDAQ:IREN) reports Fiscal Q2 2026 earnings after market close today at 4:00 PM ET. The stock has been on a wild ride, up 273% over the past year but down 31% in the past week heading into the print. The company's transformation from pure Bitcoin miner to AI cloud infrastructure provider is the story investors are watching. IREN landed a $9.7 billion Microsoft contract for GPU deployments, targeting $1.9 billion in annual recurring revenue from that relationship alone."
"First, look for progress on the Microsoft partnership and broader AI cloud momentum. Last quarter delivered $7.3 million in AI Cloud revenue alongside $232.9 million from Bitcoin mining. The company is targeting $3.4 billion in AI Cloud ARR by end of 2026 through expansion to 140,000 GPUs. Any updates on new customer contracts beyond Together AI, Fluidstack, and Fireworks AI would signal the pipeline is filling."
"Second, watch guidance on the revenue mix shift. Bitcoin mining still dominates today, but the AI infrastructure buildout represents the future valuation story. Management's timeline for when AI Cloud revenue overtakes mining matters. Third, capital allocation and the Sweetwater 1 substation targeting April 2026 energization will show whether the infrastructure expansion stays on schedule. The company had $1.8 billion in cash last quarter to fund growth."
IREN Ltd is reporting Fiscal Q2 2026 results after market close, with a volatile stock that rose 273% over the past year but fell 31% in the past week. The company is shifting from Bitcoin mining toward AI cloud infrastructure, secured a $9.7 billion Microsoft GPU deployment contract expected to generate $1.9 billion ARR, and earned Bernstein recognition as a top AI infrastructure pick. Last quarter AI Cloud revenue was $7.3 million versus $232.9 million from mining. Management targets $3.4 billion AI Cloud ARR by end-2026 via expansion to 140,000 GPUs. Key focuses include Microsoft partnership progress, revenue-mix guidance, new customer contracts, capital allocation, and Sweetwater 1 energization; cash was $1.8 billion last quarter.
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