Crypto

IREN Stock Plummets 6% on $639M Mining Equipment Writedown

Guavy AI Editorial Team Published August 28, 2026

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IREN Limited (NASDAQ:IREN) stock fell 6% to $38.22 after the company's fiscal 2026 report revealed a $639M mining equipment writedown, driving a $703M full-year net loss. Despite this, AI Cloud revenue surged nearly 8x to $129M, with 2026 capacity largely sold out due to a $3.4B NVIDIA contract and successful Horizon 1 deployment to Microsoft.

CEO Daniel Roberts stated that the June-quarter loss was a non-cash charge on retiring hardware, as IREN transitions from Bitcoin mining to AI cloud infrastructure. The company has secured contracts targeting $4 billion of annualized revenue for capacity by year end, with ARR not being the same as recognized GAAP revenue.

TeraWulf (NASDAQ:WULF) and Applied Digital (NASDAQ:APLD) stocks eased less than 1% in sympathy with IREN's writedown. Bitcoin (CRYPTO:BTC) was up 0.3% over the past 24 hours to $79,490, removing crypto from the equation.

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