IREN Moves Its $4 Billion AI Cloud Goal Into 2027, With $6 Billion of Capex Yet to Be Financed
By Unchained
AI summary of the source article
IREN pushed its $4 billion annualized revenue target to early 2027, citing customer-requested design changes. The company posted $228 million in quarterly revenue, driven by AI cloud expansion, while $6 billion of its $15 billion capex plan remains unfunded.
Why it matters
Co-founder and Co-CEO Daniel Roberts stated that owning the underlying land, power, and data centers "gives us more ways to fund growth and lets us set its pace."
Key facts
- IREN delayed its $4 billion annualized run-rate revenue target from year-end to January or February 2027.
- Quarterly revenue climbed 66% to $228 million, with AI cloud revenue reaching $200 million and bitcoin mining dropping to $28 million.
- Out of $15 billion in planned capital spending for fiscal 2027, $6 billion is yet to be financed.
Source excerpt · Unchained
The bitcoin miner turned AI cloud provider blamed a customer-requested change and supplier timing for the delay, as AI cloud revenue rose to $200 million last quarter. The post IREN Moves Its $4 Billion AI Cloud Goal Into 2027, With $6 Billion of Capex Yet to Be Financed appeared first on Unchained .