IREN Stock Rebounds Nearly 20% as AI Cloud Revenue Nearly Triples

IREN Limited (NASDAQ: IREN) shares rebounded nearly 20% to $21.62 in Friday’s premarket trading after the company reported a 182% sequential increase in AI Cloud revenue to $200 million for its fiscal first quarter. The rebound followed a two-day selloff in which IREN shares lost approximately 26.3%. Total revenue rose 66% to $228 million in the quarter ended September 30, 2026, exceeding analysts’ consensus estimate of $221.28 million , according to LSEG data. IREN also reported a 22% increase in its contracted revenue backlog to $20.3 billion at quarter-end. The results included a revised timeline for IREN’s target of more than $4 billion in operating annualized run-rate revenue (ARR), which the company now expects to reach in January 2027 rather than December 2026, with a possible extension through February.

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