Summary

• IREN Limited missed revenue estimates by 34%, yet shares rallied after announcing a $3.4 billion Nvidia AI cloud agreement.
• AI Cloud revenue surged 94% sequentially to $33.6 million as Bitcoin mining revenues declined during ASIC decommissioning.
• IREN now has $3.1 billion ARR contracted and targets $3.7 billion exiting 2026 through aggressive GPU deployments.
• The company spent $1.36 billion on infrastructure and GPUs, highlighting both execution ambition and financing dependence.

IREN Limited’s (IREN) quarter created a strange setup. The financials were objectively poor, with revenue underperforming consensus by nearly 34% and the bottom line worsening considerably as Bitcoin (BTC-USD) mining revenues

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