New York, Feb 7, 2026, 07:08 EST — The market is closed.
IREN Limited shares rose 5.1% to $41.83 on Friday, recovering some ground after a tumultuous reaction to its quarterly earnings update and a new artificial intelligence (AI) funding plan. The company’s quarterly results revealed a net loss of $155.4 million, alongside a notable transition from a reliance on bitcoin mining to a focus on AI infrastructure.
For the quarter ending December 31, IREN posted $184.7 million in revenue, which included $167.4 million from its bitcoin mining operations—down from previous periods—and $17.3 million derived from AI cloud services. In a strategic move, IREN announced it has secured $3.6 billion in financing for GPU resources aligned with a partnership with Microsoft. As of January 31, the company reported cash and cash equivalents totaling $2.8 billion. Co-founder and co-CEO Daniel Roberts described the quarter as “meaningful progress” in terms of both capacity growth and capital acquisition.
With the mining of bitcoin becoming increasingly tied to volatile cryptocurrency prices, IREN is rapidly pivoting its business model toward leasing its GPU-equipped hardware for AI workloads. This shift aims to improve profit margins, although it will require substantial investment and meticulous execution.
The market’s perception of IREN has changed dramatically; the stock is no longer viewed solely through the lens of traditional data-center investments. Instead, it now reflects a dual dependency on bitcoin price fluctuations and the uncertain landscape for ongoing AI funding.
Analysts at Cantor Fitzgerald reacted to the quarterly report by lowering their price target for IREN to $82 from $136 while maintaining an Overweight rating. They pointed to a decline in sequential revenue and adjusted EBITDA as the company reallocates resources from bitcoin mining to AI computing. In their assessment, the dip in stock price post-earnings could represent a “buying opportunity.”
As for bitcoin itself, the cryptocurrency climbed 3.1% to $68,345 late Friday, and shares of U.S.-listed miners also closed higher, with companies like Marathon Digital, Riot Platforms, and CleanSpark all experiencing gains.
IREN’s Q2 presentation highlighted plans for a 1.6-gigawatt data center campus in Oklahoma, further expanding its capacity through 2028. However, the financing and delivery chain remains in flux. According to a recent filing, the $3.6 billion GPU financing facility is pending final agreements, and Microsoft retains termination rights should delivery dates not be met. In addition, the company outlined its GPU shipment schedule under a purchase agreement with Dell, which includes four batches slated for 2026, beginning in March.
As the markets reopen on Monday, February 9, IREN will likely attract renewed attention from traders eager to gauge whether the recent rebound in its stock price is sustainable, particularly in light of bitcoin’s performance over the weekend. The upcoming March date holds significance as well; it marks when IREN expects to commence shipments of its first GPU batch, a milestone that investors will closely monitor.
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