Iren reported $200 million in quarterly AI revenue and signed a new 5-year cloud contract. The customer prepaid approximately 90% of the associated GPU costs, reducing Iren’s need for additional debt financing.
Iren’s AI revenue rose from $71 million in the previous quarter and $7 million a year earlier. The data centre operator nevertheless reported a quarterly loss of $263 million.
Iren has moved from bitcoin mining into AI cloud and data centre infrastructure. Alongside the new prepaid contract, it expanded an existing agreement with a leading frontier AI lab. The source does not identify either customer.
Iren now expects to reach its $4 billion annualised revenue target in January or February rather than December. Critical equipment shortages and a Microsoft-requested design change have slowed a Texas data centre project. For companies planning AI capacity, the delay shows why signed contracts and available infrastructure need to be assessed separately.
A signed 5-year contract represents a longer-term capacity commitment rather than an announcement of possible demand.
Customer prepayment reduces the provider’s need for additional borrowing to fund the associated GPUs.
The delayed revenue target shows that equipment supply and customer design requirements can still disrupt AI infrastructure delivery.
Written automatically by the Made in 10 Newsroom from the source above.
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