New York, Feb 6, 2026, 17:45 EST — After-hours
IREN Limited (IREN) reversed earlier losses and pushed higher after hours Friday, tracking a sharp rally in bitcoin that helped lift crypto-related stocks. Shares bounced 5.1% to $41.83, having touched both $33.64 and $44.18 earlier. Bitcoin surged 11.4% to around $71,198, and names like Marathon Digital, Riot Platforms, and CleanSpark all jumped nearly 20%.
This bounce is key: IREN is pushing to rebrand as an AI infrastructure name, but crypto’s volatility still shapes its reality. As bitcoin rallies, shares behave like a miner’s. When investor focus shifts to AI deals and capital, the narrative changes—and so does the stock.
IREN on Thursday disclosed it’s secured $3.6 billion in GPU financing tied to its Microsoft deal, locking in an annual interest rate under 6%. The company said Microsoft’s $1.9 billion prepayment should cover 95% of its capital costs for GPUs. IREN repeated its target for $3.4 billion in ARR by the end of 2026 and unveiled plans for a 1.6-gigawatt data center campus in Oklahoma, aiming for power to ramp up starting 2028. “We are seeing the strongest demand environment to date,” co-CEO Daniel Roberts said. 1
For the three months ending Dec. 31, the company booked $184.7 million in revenue—bitcoin mining made up $167.4 million of that, while AI cloud services chipped in $17.3 million, compared with just $2.7 million from that segment a year ago. Net loss came in at $155.4 million. Management cited a bigger unrealized loss tied to financial instruments and costs related to a debt conversion inducement as primary culprits. 2
Unrealized losses—meaning losses on paper—can flip direction quickly. When markets lurch, they can easily overwhelm operating results.
It was still all about crypto on Friday. Bitcoin’s surge set off a sharp bounce in mining stocks—these names typically outpace the coin itself when things rip higher.
So IREN finds itself wedged between rival investor camps. During the December quarter, bitcoin mining revenue remained much larger than the company’s AI cloud business, despite moves to steer more capacity into those higher-value AI workloads.
There are a few catches. IREN flagged that final terms on GPU financing and the interest rate still hinge on closing documentation and various conditions. As for the $3.4 billion ARR goal, that’s not locked in—it isn’t fully contracted, and there’s no guarantee the company will actually hit it. 3
Now the focus shifts to execution: actual delivery times for GPUs, speed of commissioning, the pace of AI demand converting into real contracts. And then there’s the question mark over the crypto rebound—will it stick?
Bitcoin runs nonstop through the weekend, while U.S. equities resume trading Monday, Feb. 9. Should crypto prices slip before then, miners like IREN might be looking at another choppy open.
