Iren Shares Plunge on Writedown as AI Cloud Business Surges

Iren Limited (NASDAQ:IREN) shares fell by 6% to $38.22 following its fiscal 2026 report, which included a significant writedown of older mining equipment valued at nearly $640 million.

The company's AI Cloud business saw growth, with revenue more than doubling to $128.8 million from the previous year, but investors focused on the impairment charge.

Iren's management framed the transition as necessary for its pivot from Bitcoin mining to AI cloud infrastructure, describing it as a non-cash charge on retiring hardware.

The company has secured contracts targeting $4 billion of annualized revenue for capacity by year end, with CEO Daniel Roberts stating that 'Our 2026 capacity is largely sold out.'