IREN’s Bitcoin Mining Revenue Falls as AI Cloud Sales Nearly Triple

TL;DR: IREN reported $200 million in quarterly AI Cloud revenue, up from $71 million the previous quarter, while Bitcoin mining revenue fell from $67 million to $28 million. Its November 5 results underline how quickly some former mining-led businesses are shifting towards AI infrastructure — and how expensive that shift remains. IREN’s latest quarterly results offer a particularly stark view of the transition taking place across publicly listed Bitcoin infrastructure companies. A November 5 filing with the SEC reports $200 million of AI Cloud revenue for the quarter ended September 30, 2026, compared with $71 million in the preceding quarter. Bitcoin mining revenue, meanwhile, dropped to $28 million from $67 million. Total revenue rose to $228 million from $137 million, meaning the overall business expanded even as mining became a much smaller share of the total. A different business is driving the growth The company says AI Cloud revenue increased 182% sequentially and reported an 86% segment gross margin. That is a large change in a single quarter, supported by data-centre capacity coming online and customer contracts. But the term ‘gross margin’ is not a synonym for cash profit...