New York, Feb 6, 2026, 12:13 ET — Regular session
- IREN shares jumped roughly 7% following a steep selloff linked to its quarterly results.
- The bitcoin miner is pushing a shift to AI cloud services, supported by a Microsoft deal and fresh funding for GPUs.
- Execution risk remains a key concern as crypto-linked revenue continues to lead.
Shares of IREN Limited jumped nearly 7% to $42.64 on Friday, rebounding sharply in heavy volume after tumbling the previous day on a quarterly revenue miss.
The Nasdaq-listed bitcoin miner dropped over 11% on Thursday following its earnings report, then remained volatile into Friday as investors sifted through the details and weighed the AI expansion narrative. 1
This move is crucial as IREN attempts an expensive shift: cutting back on bitcoin mining and boosting revenue by leasing graphics chips to AI clients. The pivot has seen sporadic gains, yet results like these highlight how much of the business remains tied to crypto prices and hardware cycles.
IREN reported total revenue of $184.7 million for the quarter ended Dec. 31, down from $240.3 million the previous quarter. The company swung to a net loss of $155.4 million, compared with net income of $384.6 million in the prior period. It announced securing $3.6 billion in GPU financing linked to its Microsoft agreement and unveiled plans for a new 1.6-gigawatt data center campus in Oklahoma. This raises its secured grid-connected power capacity to over 4.5 gigawatts. Co-founder and co-CEO Daniel Roberts described demand as the “strongest” the company has experienced, while cautioning that both the financing rate and the $3.4 billion annual recurring revenue goal depend on certain conditions and assumptions. 2
Annual recurring revenue, or ARR, measures the run-rate companies use to gauge contract size. It differs from booked revenue and fluctuates based on pricing, utilization, and delivery timing.
Crypto gave the market a boost today. Bitcoin climbed roughly 4%, while big U.S. miners Marathon Digital and Riot Platforms jumped around 20% and 16%, respectively. It’s a sharp reminder of how these stocks can swing wildly, acting like leveraged plays on the cryptocurrency itself.
A regulatory filing on Thursday included the company’s earnings release and confirmed the quarter’s financial statements were submitted to the SEC on Feb. 5. 3
Cantor Fitzgerald’s Brett Knoblauch slashed his price target on IREN to $82 from $136 but held onto a bullish rating. He flagged uncertainty over returns from the firm’s AI efforts, despite its bid to expand beyond mining. 4
The downside risk hasn’t vanished. IREN’s bitcoin mining revenue still makes up most of its sales, while the AI push demands capital, hardware shipments, and paying customers to match management’s ambitious targets.
There’s another wrinkle in the details: some financing and pricing elements aren’t locked in yet, and a rise in rates or squeezed capital markets could swiftly alter the economics for data center developers.
Traders now turn to see if crypto can maintain its gains through the weekend and how IREN performs once U.S. markets reopen Monday. Eyes will be on any new updates from the earnings call and the financing documents linked to the Microsoft rollout.
