IREN’s Bitcoin Mining Revenue Falls as AI Cloud Sales Nearly Triple

TL;DR: IREN reported $200 million in quarterly AI Cloud revenue, up from $71 million the previous quarter, while Bitcoin mining revenue fell from $67 million to $28 million. Its November 5 results underline how quickly some former mining-led businesses are shifting towards AI infrastructure — and how expensive that shift remains. IREN’s latest quarterly results offer a particularly stark view of the transition taking place across publicly listed Bitcoin infrastructure companies. A November 5 filing with the SEC reports $200 million of AI Cloud revenue for the quarter ended September 30, 2026, compared with $71 million in the preceding quarter. Bitcoin mining revenue, meanwhile, dropped to $28 million from $67 million.

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