New York, Feb 9, 2026, 08:48 EST — Premarket
- IREN shares slipped in premarket action, capping off a choppy week tied to its quarterly results.
- Bitcoin slipped Monday morning, putting fresh pressure on crypto-linked stocks.
- Investors are eyeing IREN’s AI cloud ramp-up to see if it can make up for weaker mining trends.
Shares of IREN Limited slipped roughly 0.9% to $41.46 ahead of the bell on Monday, following a Friday close at $41.83. 1
The shift is significant. IREN now trades on two big themes: bitcoin exposure and the scramble to expand AI computing muscle. Shares have been lurching with both stories.
This week, investors are watching to see if the company can ramp up funding and push out fresh AI data center capacity quickly enough to shift its valuation—without the benefit of another crypto rally.
Bitcoin slipped roughly 3.1% to trade near $69,064 early Monday, a move that tends to ripple through mining stocks ahead of the U.S. session.
Last Thursday, IREN posted fiscal Q2 revenue of $184.7 million, with a net loss coming in at $155.4 million. The company cited a decline in bitcoin mining revenue―partially offset by a pickup in AI cloud services revenue. “The strongest demand environment to date,” is how Co-CEO Daniel Roberts described it. 2
IREN has locked in $3.6 billion in GPU financing, with an annual interest rate coming in under 6%. Those GPUs—graphics processing units—power AI model training and operations. Between this financing and a $1.9 billion prepayment from Microsoft, IREN figures about 95% of capital spending for GPUs under the contract is taken care of. Cash and cash equivalents at January’s close stood at $2.8 billion.
The company set its sights on 140,000 GPUs and is going after $3.4 billion in annual recurring revenue, or ARR, by the close of 2026. That $3.4 billion figure refers to the run-rate metric commonly used for contract income. Alongside that, it revealed plans for a 1.6 gigawatt data center campus out in Oklahoma, bringing its secured grid-connected power total above 4.5 gigawatts.
Last year, Microsoft inked a $9.7 billion deal with IREN, securing access to Nvidia’s top-tier chips—an effort that’s emblematic of the current rush for more computing power. 3
Some analysts say investors aren’t as willing to back hefty AI spending as before. Cantor Fitzgerald’s Brett Knoblauch trimmed his price target on IREN this day, though he stuck with an Overweight call, writing that “AI sentiment” had cooled, a note quoted by Barron’s showed. 4
The downside risk is hard to ignore. IREN itself has pointed out its $3.4 billion ARR goal isn’t locked in—it’s reliant on some big assumptions, and the financing piece still hinges on paperwork and where rates land. Any holdup in chip supply, softer-than-hoped AI usage, or another crypto drop could hit hard.
Come Monday, traders are set to watch bitcoin’s moves and keep an eye on any signals about risk appetite in AI infrastructure. Crypto mining stocks, along with data center names, could see action right out of the gate.
Investors are now looking ahead to the company’s upcoming earnings, slated for release on or about May 13. 5
