IREN Shares Rise in Pre-Market Trading on Earnings Report, AI Growth Outlook
CoinDesk
IREN shares rose in pre-market trading following a record Q1 earnings report driven by surging bitcoin mining revenue and AI cloud expansion.Summary
IREN reported record fiscal first-quarter earnings, with net income reaching $384.6 million and total revenue soaring 355% to $240.3 million, largely due to bitcoin mining revenue of $232.9 million. The Sydney-based company is pivoting its data center assets toward the AI compute market, highlighted by a recent five-year, $9.7 billion AI cloud contract with Microsoft. This deal, along with others, supports IREN's target of achieving $3.4 billion in AI Cloud Annualized Run Rate (ARR) by the end of 2026, supported by an expansion to 140,000 GPUs. Despite a recent stock slide, shares were up in pre-market trading.
(Source：CoinDesk)