IREN stock surges 20% as AI cloud revenue jumps 182%

The former Bitcoin miner posted $228 million in quarterly revenue, though a wider net loss and a delayed ARR target tempered the picture IREN shares jumped approximately 20.02% on Friday, November 6, 2026, closing at about $21.64. The neocloud operator’s fiscal first-quarter 2027 results showed its AI business accelerating faster than its own shareholders seemed to expect. AI cloud revenue hit $200 million for the quarter. That is up 182% from $71 million in fiscal Q4 2026, meaning the segment nearly tripled in three months. Total revenue reached $228 million, a 66% quarter-over-quarter gain that beat analyst expectations. Profitability on the AI side looks healthy, at least at the gross level. The company reported an 86% gross margin in its AI cloud segment.

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