NEW YORK, February 10, 2026, 11:48 (EST) — Regular trading is underway.
IREN shares slid 1.6% to $45.42 late Tuesday morning, giving back a slice of Monday’s jump. The bitcoin miner and AI cloud company, listed on the Nasdaq, changed hands in a $44.75 to $47.10 band.
The pullback extends a choppy run. IREN tumbled 17.4% on Feb. 4, dropped another 11.5% Feb. 5, then bounced 10.3% Monday, finishing at $46.15 after dipping to $40.58 earlier in the session. 1
Investors are watching how quickly IREN pivots from bitcoin mining to focus on AI cloud, where the company rents out GPUs—key chips for powering artificial intelligence. In its Feb. 5 results, IREN reported revenue down to $184.7 million with a net loss of $155.4 million. AI cloud services brought in $17.3 million, and co-CEO Daniel Roberts described demand as the “strongest” so far. The company landed $3.6 billion in GPU financing for its Microsoft deal at under 6% interest; add a $1.9 billion advance payment from Microsoft, and IREN says about 95% of the associated capital needs are covered. The target for annualized recurring revenue remains $3.4 billion by the end of 2026. 2
Bitcoin lost roughly 1%, trading near $69,405. Traders tend to use the token’s moves as a read on miner stocks.
Shares of other U.S.-listed miners ticked up during the session. Marathon Digital, Riot Platforms, CleanSpark, and Core Scientific each saw slight gains, trading in positive territory.
CFO Anthony Lewis told analysts on the Feb. 5 earnings call that the company locked in a $3.6 billion “delayed draw” term loan from Goldman Sachs and JPMorgan. That structure lets the firm tap the cash as equipment bills come due. According to Lewis, the five-year loan is secured by both GPUs and contracted Microsoft cash flows. The rate? Expected to come in under 6%. 3
The financing is key: IREN’s artificial intelligence initiative hinges on a $9.7 billion, five-year deal with Microsoft to secure Nvidia’s high-end chips via Dell, Reuters reported back in November. That contract comes with strings—IREN risks losing it if it falls behind on deliveries, and according to the report, those chips are heading for phased rollout at the company’s Childress, Texas site through 2026. 4
The knife cuts both ways here: if bitcoin prices slide further, miners feel it in their cash flows. Any holdup—whether it’s power connections, building work, or waiting on chips—can stall that pivot to steadier AI-driven income.
Right now, investors are eyeing whether Tuesday brings just some profit-taking off Monday’s swing, or if we’re in for another round of heavy-volume whipsawing. The next step for Bitcoin remains front and center.
Investors will be watching IREN’s upcoming earnings on May 13 for fresh numbers on GPU rollouts, contracted ARR, and any new signals on how quickly the company is pivoting from bitcoin to AI. 5
