Crypto
Data Centre Firm IREN Signs New AI Contract Amid Quarterly Loss
Data centre firm IREN has signed a new multi-year contract with a frontier AI lab and secured $2.8 billion in new financing to fund its AI chip purchases.
The financing deal includes a $2.4 billion facility led by asset management firm Blue Owl and bond giant Pacific Investment Management Company.
However, IREN shares fell more than 7% in extended trading after the company reported a quarterly net loss of $684 million, compared to net income of $176.9 million a year earlier.
The quarterly net loss included a $450.4 million non-cash impairment related to the decommissioning of bitcoin mining hardware.