The short version
IREN describes itself as an AI cloud company. Its fiscal 2026 annual report shows revenue of $707.0 million, up 41%. AI Cloud Services grew almost eightfold, from $16.4 million to $128.8 million. But Bitcoin mining still brought in $578.2 million, 82% of the total.
The balance sheet tells the rest of the story. Total debt went from $963 million to $7.6 billion, and total assets from $2.9 billion to $15.8 billion, as IREN bought GPUs and rebuilt data centers for AI. It recorded $638.8 million of impairments, largely for equipment from older air-cooled mining sites that are being converted, and general and administrative costs rose from $136.5 million to $449.1 million.
Two customers back the bet. Microsoft signed a contract worth about $9.7 billion for GPU capacity in Texas, and Nvidia one worth about $3.4 billion. In the filing's own words, together they represent a substantial majority of IREN's contracted AI cloud revenue.
What to watch next: the remaining phases of the Microsoft contract are due to go live over the coming months, and IREN expects its Bitcoin mining wind-down to be largely finished by the end of 2026. If that happens on schedule, next year's filing should show AI cloud revenue catching up with the story.
82% of IREN's revenue is still Bitcoin