IREN Moves Its $4 Billion AI Cloud Goal Into 2027, With $6 Billion of Capex Yet to Be Financed

Brief

By Dextape Desk · November 6, 2026

IREN, a Nasdaq-listed former bitcoin miner now selling AI cloud capacity, projects topping $4 billion in yearly run-rate revenue in January 2027, possibly February, instead of by the end of the current year. Co-CEO Daniel Roberts blamed a design change a customer requested, along with supplier timing. Reuters reported the delayed deliveries are for Microsoft and that no financial penalties apply. Horizon 1 entered service for Microsoft during the quarter. Total revenue rose 66% to $228 million, with AI cloud making up about 88% by Unchained's count. Of the $15 billion planned for fiscal 2027, ending in June, roughly $9 billion has funding in place. The remaining $6 billion depends on financing and other sources tied to market conditions, IREN said, while the $4 billion program is fully funded.

Why it matters: The delayed timeline and funding split show how former bitcoin miners turned AI cloud providers rely on large outside financing for expansion.

Mentioned: Bitcoin, Nasdaq

Summary by Dextape, based on reporting by Unchained. Machine-written from Unchained’s report and checked against it · How Dextape writes