IREN's Mining Exit Accelerates Amid AI Cloud Growth

IREN Limited's transition from Bitcoin mining to AI Cloud is accelerating, but at a cost. In the June quarter, total revenues fell to $137.2 million, down from $144.8 million sequentially, as mining revenues dropped to $66.7 million from $111.2 million. Meanwhile, AI Cloud revenues rose to $70.5 million from $33.6 million.

The shift is clear across the full fiscal year, with AI Cloud revenues climbing to $128.8 million from $16.4 million a year earlier, roughly eightfold, while Bitcoin mining still contributed $578.2 million. Management expects mining operations to be effectively decommissioned by the end of December 2026.

The exit comes with a price tag: IREN posted a $684 million fourth-quarter net loss, driven by $450.4 million of non-cash impairments tied to decommissioned mining hardware and a $102.1 million reduction in the fair value of mining equipment held for sale.