Crypto
IREN's Shift to AI Cloud Services Hits Share Price Amid Quarterly Loss
Data center firm IREN has signed a new multi-year contract with frontier AI lab and secured $2.8 billion in new financing to help fund its AI chip purchases.
The company's shares fell more than 7% in extended trading after it swung to a quarterly loss of $684 million, driven by costs tied to retiring Bitcoin mining hardware as it shifts to AI cloud services.
The quarterly net loss included a $450.4 million non-cash impairment, primarily related to the decommissioning of Bitcoin mining hardware.