IREN’s AI Pivot Is Still Mostly a Bitcoin Business: 82% of FY2026 Revenue Came From Hashing
IREN's fiscal 2026 results show that 82% of its revenue still comes from Bitcoin mining, despite a significant pivot towards AI Cloud Services. The company wrote down $638.8 million in mining rigs to repurpose data centers for AI workloads, resulting in a $702.6 million net loss. While IREN aims for a $4 billion annualized run-rate revenue target by year-end, actual GAAP revenue is contingent on customer acceptance of deployed hardware and facilities.
- Entities
- Company: Microsoft
- Topic: Artificial Intelligence
- Company: IREN
- Topic: Bitcoin Mining
- Topic: Cloud Service
- Company: NVIDIA
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