IREN's AI Cloud Revenue Explodes as Crypto Mining Revenues Plummet

IREN Ltd., known for its Bitcoin mining operations, is rapidly transforming into an AI infrastructure firm. Its fiscal 2026 results demonstrate this shift, with AI cloud revenue skyrocketing by 687% to $128.8 million from $16.4 million in the previous year.

The company's fourth-quarter AI cloud revenue of $70.5 million marked a 110% increase from the same period last year. In contrast, its Bitcoin mining revenue declined by 41% to $66.7 million, reflecting IREN's increasing focus on AI infrastructure and cloud services.

Citizens analyst Gregory Miller raised his expectations due to the growing contribution from AI cloud and the expansion of IREN's platform. He reiterated a Buy rating and maintained his $80 price target, implying around 114% upside potential from recent levels.