IREN Stock Soars on AI Cloud Growth Ahead of Earnings Report

IREN stock surged ahead of its fiscal 2026 earnings report, which is scheduled for August 27. The company's shares rose 5.73% to $42.09 on August 26.

The growth in IREN's AI cloud revenue nearly doubled to $33.6 million in the March-end quarter, while Bitcoin mining revenue fell to $111.2 million during the same period.

IREN has raised its 2026 annualized run-rate revenue target for AI cloud from $3.7 billion to more than $4 billion after signing $2.8 billion in new multi-year contracts. The company increased this target due to the signed deals, which cover about 85% of the revised target.

The results of IREN's earnings report are expected to provide a clearer view of its transition from Bitcoin mining toward AI cloud infrastructure, particularly as mining revenue has declined while its AI business has expanded.