Bitcoin miner IREN’s AI revenue milestone slips into 2027 as expansion seeks $6 billion
Summary
Bitcoin miner IREN pushed its target of exceeding $4 billion in annualized AI operating revenue from December 2026 to January 2027, potentially February, citing a customer design change and supplier timing. The figure is a projected run rate, not recognized revenue, and depends on commissioning and customer acceptance. IREN says $9 billion in cash and committed funding covers remaining costs for its initial 0.3GW program, while it still seeks another $6 billion for broader expansion. It has ordered GPUs for an additional 0.3GW. In the September quarter, AI revenue reached $200 million, up from $71 million in June, while Bitcoin mining revenue was $28 million.
