New York, Feb 7, 2026, 07:08 EST — The market is closed.
- IREN shares finished Friday with a 5.1% gain, swinging higher after a choppy response to its quarterly update and new AI funding plan.
- The company posted a quarterly loss of $155.4 million and detailed GPU financing linked to its Microsoft contract.
- Traders are eyeing bitcoin’s weekend action, looking for signs of momentum when U.S. markets come back online Monday.
IREN Limited shares picked up 5.1% to land at $41.83 on Friday, recovering some ground after a volatile stretch following earnings.
IREN, shifting from bitcoin mining to AI infrastructure, posted $184.7 million in revenue for the quarter ending Dec. 31. Net loss: $155.4 million. Bitcoin mining brought in $167.4 million, down for the period, while AI cloud services notched up $17.3 million in revenue. The company also announced it secured $3.6 billion in GPU financing backing its Microsoft deal, with cash and cash equivalents at $2.8 billion as of Jan. 31. Co-founder and co-CEO Daniel Roberts described the quarter as “meaningful progress” on both capacity growth and raising capital. 1
IREN is rushing to move beyond bitcoin mining, a business tightly tied to volatile crypto prices, and shift toward leasing out its GPU-packed hardware for AI workloads. The idea: better margins. The catch? It’s going to take hefty investments and flawless follow-through.
The stock no longer moves like your standard data-center play; instead, it’s turned into a double-edged bet—tracking both bitcoin’s swings and the shaky outlook for continued AI funding.
Cantor Fitzgerald slashed its IREN price target to $82 from $136 but stuck with its Overweight rating, pointing to weaker sequential revenue and adjusted EBITDA as the company shifts capacity from bitcoin mining over to AI compute. In a note, the firm called the after-hours slide a “buying opportunity.” 2
Bitcoin climbed 3.1% to $68,345 late Friday. Shares of U.S.-listed miners closed in the green as well—Marathon Digital, Riot Platforms, and CleanSpark all posted gains.
IREN’s Q2 deck flagged a 1.6 gigawatt Oklahoma data center campus, plugging another sizable project into its grid-connected portfolio and stretching anticipated capacity increases out to 2028. 3
The financing and delivery pipeline hasn’t settled down yet. According to a filing, that approximately $3.6 billion delayed-draw GPU facility is still hanging on final agreements and the usual closing steps. Microsoft’s deal, for its part, carries termination rights if delivery dates slip. Meanwhile, the company also detailed GPU shipments under its Dell purchase agreement: four batches are slated for 2026, kicking off in March. 4
Come Monday, Feb. 9, IREN will be back in focus—traders want to see if the rebound has any staying power, or if bitcoin’s weekend activity ends up helping or hurting. March is the next line on the calendar: that’s when the company expects to start shipping the first batch of GPUs, a date investors aren’t ignoring.
