IREN Delays $4 Billion Revenue After Microsoft Requests 200-MW Network Upgrade
Updated
Updated · CNBC · Nov 5
IREN Delays $4 Billion Revenue After Microsoft Requests 200-MW Network Upgrade
3 articles · Updated · CNBC · Nov 5
Summary
$4 billion in annual recurring revenue once expected in 2026 will now arrive no earlier than January, with payment potentially slipping to February, IREN said in Thursday earnings.
Microsoft requested a network reconfiguration and upgrade so 200 megawatts of capacity can support newer frontier AI models, prompting the timing shift despite IREN saying the revenue is fully contracted and funded.
Revenue still rose 66% quarter over quarter to $228 million, topping estimates, while AI Cloud revenue more than doubled to $200 million and net loss narrowed to $263 million from $684 million.
Investors remain focused on financing risk after IREN's 55% one-month stock slide and a broader AI selloff, even as the company reported a $20.3 billion backlog and plans $15 billion in remaining fiscal-year capex.