IREN posts $228M revenue as AI Cloud sales jump 182%

The former Bitcoin miner now earns most of its money renting out AI compute, while mining revenue slid to $28 million IREN, the Nasdaq-listed company once known mainly as a Bitcoin miner, reported $228 million in quarterly revenue. Most of that came from a business that has nothing to do with hashing blocks. Its AI Cloud segment brought in $200 million, up 182% from the prior quarter. Bitcoin mining, the company’s original identity, contributed $28 million. The miner has become a landlord for AI workloads, and the rent is very good. The results cover IREN’s first quarter of fiscal 2027, reported on November 5, 2026. Total revenue rose 66% quarter-over-quarter, and the research findings note it beat revenue consensus estimates. The AI Cloud segment did the heavy lifting.

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