Bitcoin miner IREN’s AI revenue milestone slips into 2027 as expansion seeks $6 billion

Bitcoin miner IREN has moved its AI operating-revenue milestone from December 31, 2026, to January 31, 2027, potentially extending through the end of February. The target of more than $4 billion is an annualized operating measure, not recognized annual revenue. Its November 5 results also identify a separate $6 billion financing target for wider expansion beyond the conditionally funded initial program. IREN’s quarterly resultsManagement defines funding coverage around an initial 0.3GW of IT capacity. Its broader plan includes $15 billion of remaining FY27 data-center and GPU spending, measured from September 30.What IREN’s AI financing coversIREN’s earnings presentation divides that remaining spending into $5.8 billion of cash, including restricted cash, $3.2 billion of committed funding and $6 billion still to fund. The first two categories make up the $9 billion bucket cited in its results. All three figures use the September 30 baseline. Quarterly earnings presentationThe $9 billion includes undrawn GPU financing facilities and contracted customer prepayments still to be received. Facility conditions, the release of escrowed proceeds and availability periods govern access to th...