New York, February 5, 2026, 18:49 EST — After-hours
Shares of IREN Limited dropped roughly 11% in late after-hours trading Thursday, settling at $39.79 after fluctuating between $44.91 and $28.70 during the session. Around 69.9 million shares changed hands, per market data.
Crypto-linked stocks took a sharp hit following bitcoin’s roughly 14% drop to near $63,367. Marathon Digital slid about 19%, Riot Platforms dropped around 15%, and CleanSpark lost roughly 19%.
For IREN, the decline comes at a tricky time. The company remains tied to bitcoin mining economics, yet the stock is now more focused on its ability to quickly develop and fund a sizable AI cloud business that could shift the narrative.
IREN reported cash and cash equivalents of $2.8 billion as of Jan. 31. Quarterly revenue dropped to $184.7 million from $240.3 million in the previous quarter, driven by bitcoin mining revenue falling to $167.4 million, while AI cloud services revenue increased to $17.3 million. Net income swung to a $155.4 million loss. Adjusted EBITDA, which excludes certain items, slipped to $75.3 million, weighed down by substantial non-cash charges: $219.2 million linked to convertible-note hedges and induced conversions, $31.8 million in mining hardware impairments as the company replaces ASICs—bitcoin-mining chips—with GPUs, and $58.2 million in stock-based compensation. IREN also highlighted $3.6 billion in GPU financing for its Microsoft contract at an interest rate below 6%, alongside a $1.9 billion prepayment. The company announced plans for a 1.6-gigawatt data-center campus in Oklahoma and kept its end-2026 targets steady at 140,000 GPUs and $3.4 billion in annual recurring revenue (ARR).
During the earnings call, co-CEO Daniel Roberts assured analysts that “Power is not a constraint for us,” highlighting strong demand for both new and older GPU models. Chief commercial officer Kent Draper pointed out that “time to data center” now plays a crucial role in commercial discussions. Meanwhile, IREN detailed a delayed-draw term loan arranged by Goldman Sachs and J.P. Morgan. Investing.com
In its quarterly filing, IREN revealed a deal with Microsoft inked in November 2025 to deliver dedicated GPU services at its Childress, Texas facility. The contract is pegged at roughly $9.7 billion over around five years. The company noted it usually sells all bitcoin mined daily and had no bitcoin holdings on its balance sheet as of Dec. 31. Installed hashrate capacity was about 46 exahashes per second.
A separate Form 8-K filed Thursday noted the company furnished the earnings release as an exhibit instead of “filing” it, which limits liability under Section 18 of the Exchange Act. SEC
Some details remain unsettled. IREN noted that GPU financing and interest rates hinge on pricing parameters, base rates, and final documentation. It also warned its $3.4 billion ARR target isn’t fully locked in, relying on timely delivery and commissioning of GPUs.
The key wild card is still execution: turning power and data-center capacity into signed deals, then rushing GPUs to site and getting them powered up fast enough to start generating revenue. Any delays could hand control back to the crypto side of the business.
Traders will keep an eye on bitcoin as well. A sharper drop could hit miner stocks hard, no matter the individual company news. On the flip side, a rebound might hide poor quarter-to-quarter results.
When Nasdaq trading kicks back in on Friday, February 6, IREN’s shares should offer a clearer picture. Investors will be watching closely for updates on financing terms and how fast the AI rollout is progressing.
