IREN's $2.4 Billion Bet on AI Infrastructure Sparks Wall Street Divergence

IREN's financials have created one of Wall Street's widest divergences yet. On Friday, its stock shed 12 percent to €30.80, pushing it beneath its 50-day moving average and 55 percent adrift from a November peak.

The company has been transitioning from Bitcoin mining to AI infrastructure, with its AI cloud revenue now surpassing its Bitcoin take. In the fiscal fourth quarter, IREN's AI cloud revenue reached $70.5 million, compared to $66.7 million in Bitcoin mining.

However, the numbers also show a net loss of $702.6 million for fiscal 2026, with $638.8 million tied to impairment charges. But this includes a non-cash writedown on retired Bitcoin mining hardware and value losses on equipment held for sale.

The revenue trajectory reinforces the point: AI cloud sales surged 685 percent year over year to $128.8 million, while total revenue fell 26.7 percent to $137.2 million due to a deliberate de-emphasis of the legacy mining business.