IREN's Pivot to AI Cloud Services Spark Concerns Over Funding

IREN's fiscal 2026 results revealed a net loss of $702.6 million, a stark reversal from the $86.9 million profit posted in the previous year.

The company's revenue climbed 41.1 percent to $707 million, but adjusted EBITDA slipped 8.9 percent to $245.7 million.

However, a closer look at IREN's business reveals that it has quietly shifted its focus from Bitcoin mining to AI cloud services, with the latter surpassing the former in revenue for the first time.

This pivot is reflected in the company's significant investment in liquid-cooled data center construction, with management guiding to capital expenditures of $25 billion to $30 billion for the current fiscal year.