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IREN Stock Rises After Hours on AI Cloud Revenue Jump
IREN shares rose 6.2% after hours as IREN Q1 FY27 results showed AI Cloud revenue nearly tripling to $200 million and total revenue up 66% to $228 million.
IREN shares rose 6.2% in after-hours trading on November 5, 2026, after the company released its IREN Q1 FY27 results. AI Cloud revenue nearly tripled to $200 million in the three months to September 30, 2026.
What IREN reported in its Q1 FY27 results
IREN compares this quarter with the previous quarter (ended June 30, 2026), not with a year earlier.
| Metric | This period | Prior quarter | Change |
|---|---|---|---|
| Total revenue | $228M | $137M | +66% |
| AI Cloud revenue | $200M | $71M | +182% |
| Bitcoin Mining revenue | $28M | $67M | -58% |
| Net loss | $263M | $684M | Loss $421M smaller |
| Adjusted EBITDA | $66M | $19M | +247% |
Adjusted EBITDA is profit before interest, tax, depreciation and some other items. The AI Cloud segment's gross margin, the share of revenue left after direct costs, was 86%, the same as the prior quarter. Revenue backlog, meaning revenue already signed under customer contracts but not yet earned, rose 22% to $20.3 billion. About two-thirds of it is with investment-grade customers, those with strong credit ratings.
The company's target of more than $4 billion in annualized run-rate revenue (ARR) is fully contracted and funded. ARR is the yearly revenue the contracted computing capacity would bring in once running. The timing slipped from year-end 2026 to January 2027, and may extend to February, after a customer-requested design change and supplier timing.
Why the stock rose 6.2% after hours
This is an early after-hours read on thin volume, as of 21:48 UTC, and can change by the next session's open. Beyond the revenue jump, the release highlighted new contracts signed after the quarter: a five-year deal at about $22 million per megawatt with 90% of the related GPU spending prepaid by the customer, and a short-term deal at $40 million per megawatt. IREN also said contracted pricing rose 11% on three-year deals and 12% on five-year deals.
What to watch next
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Whether the more than $4 billion ARR goal is reached by January 31, 2027 or slips to end-February.
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Progress on Horizon 2-4, now in late-stage construction.
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The 2GW Sweetwater Hub's status in ERCOT's Batch Zero process, the Texas grid operator's grouped connection review.
FAQ
How is IREN paying for its expansion?
IREN expects $15 billion of remaining planned FY27 capital spending. It plans to cover $9 billion with cash, committed GPU financing and prepayments, and to seek the other $6 billion from further financing, subject to market conditions.
Who are IREN's AI Cloud customers?
IREN has customer contracts with NVIDIA, Microsoft and 13 other customers. Its Horizon 1 data center went into service for Microsoft this quarter.
Sources
This article is for information only and is not investment advice.