NEW YORK, May 7, 2026, 10:08 (EDT)
- IREN will release its fiscal third-quarter numbers after Thursday’s closing bell, with management scheduled to host a conference call at 5 p.m. Eastern. The stock last traded at $59.50 in New York, down $1.48.
- Analysts surveyed by Zacks and cited by TradingView are looking for $213 million in revenue, with a per-share loss pegged at 18 cents.
- Just two days after IREN struck a deal to acquire Mirantis for roughly $625 million in stock, the report drops—bolstering the company’s AI cloud expansion with new software and support capabilities.
Thursday’s quarterly update from IREN Limited is shaping up as an early measure of whether the former bitcoin miner’s aggressive, expensive pivot to AI infrastructure will start delivering more reliable revenue.
Awkward timing, but significant. IREN rolled out news of its Mirantis partnership, fired up a big Texas power facility, and it’s still adding to its Nvidia chip pile. Analysts, though, are sticking with forecasts for a quarterly loss, and investors are scanning the results to see whether Microsoft’s AI push is moving the needle yet.
IREN plans to post its quarterly results for the period ended March 31 after the U.S. market closes. Analysts at Zacks are looking for revenue to jump 43.8% from the same stretch last year, but expect IREN to swing to a loss compared to earnings of 11 cents per share a year ago. According to Zacks, IREN hasn’t topped expectations in any of the past four quarters.
Bitcoin has faded from the center of the company’s story. These days, IREN bills itself as a vertically integrated AI cloud provider—one that manages everything from the power and real estate to the data centers and GPUs, the hardware behind AI model training and inference.
The Mirantis deal targets a gap in the chain—software, monitoring, and support. Mirantis brings over 1,500 enterprise customers and offers tools for managing Kubernetes clusters, the backbone for running applications over large server fleets. IREN co-founder and co-CEO Daniel Roberts said Mirantis will bolster how IREN’s compute gets “deployed, managed and operated for customers.” IREN
Mirantis founder and CEO Alex Freedland framed the agreement in enterprise language, noting that AI has brought “a new set of customer requirements.” He said customers now demand platforms that are “open, flexible and built for scale.” The transaction—paid entirely in stock—still needs to clear standard closing hurdles, including regulatory sign-offs. IREN
Power is another factor. On May 1, IREN reported it had brought its 1.4-gigawatt Sweetwater 1 data center online in Texas, linking the high-voltage substation there to the ERCOT grid. The company described this as a key step for its larger, 2-gigawatt Sweetwater campus—a noteworthy move as grid connections remain a top hurdle for AI data center projects.
IREN didn’t wait around on hardware. Back in March, the company announced it had locked in agreements to buy over 50,000 Nvidia B300 GPUs, aiming to ramp its total fleet up to 150,000 units. Management projects that, assuming deliveries and customer contracts fall into place as planned, the expanded setup could bring in more than $3.7 billion in annualized run-rate revenue by the close of 2026—though that’s still just a company forecast, not revenue in the bank.
Thursday’s significance is clear after the latest numbers. IREN turned in $184.7 million in revenue for the December quarter, sliding from $240.3 million the previous period, and posted a net loss of $155.4 million. Most of the top line—$167.4 million—still came from Bitcoin mining, with AI cloud services adding $17.3 million.
At the heart of the bull thesis is Microsoft, still the main customer in focus. Reuters broke news back in November that Microsoft inked a $9.7 billion, five-year cloud agreement with IREN, securing access to Nvidia chips for deployment at IREN’s Childress, Texas site through 2026. That deal isn’t a given, though—the contract allows for termination if IREN fails to hit delivery deadlines, according to Reuters.
That now puts IREN alongside the likes of CoreWeave and Nebius—so-called “neoclouds” that focus on renting out Nvidia-powered compute, not the usual broad spectrum of cloud services. Reuters reported AI computing demand has fueled their rise. Microsoft, for its part, also inked a significant infrastructure-capacity agreement with Nebius, according to the news agency. Reuters
How much credit IREN deserves before its buildout delivers is still up for debate. Cantor Fitzgerald trimmed its price target to $61 from $82 but stuck with an Overweight rating, TipRanks data shows. Cantor’s note argues AI infrastructure remains a compelling bet, with potential supply and demand pressures supporting prices. Analyst Brett Knoblauch made the April 9 call, according to TickerNerd.
The concern: IREN could secure plenty of power and hardware but fall short on landing enough high-margin contracted revenue to back up its spending spree. Management has flagged that its goals hinge on access to capital, getting equipment delivered and commissioned, and locking in customer deals. On top of that, the Mirantis partnership adds another layer of integration risk, and with mining still providing the bulk of reported revenue, bitcoin prices remain a key variable.
Thursday’s report boils down to a handful of numbers: AI cloud revenue, cash burn, capex, debt levels, and Microsoft deployment milestones—if there’s detail. Ambition isn’t the question; proof is.
