IREN AI Cloud Revenue Nearly Tripled to $200M

IREN reported AI Cloud revenue of $200 million for the quarter ended 30 September 2026 (Q1 FY27), up 182% from $71 million the prior quarter, which the company describes as "nearly tripled". Total revenue rose 66% quarter on quarter to $228 million, and revenue backlog rose 22% to $20.3 billion (IREN release; CNBC; Reuters). In the same report, IREN moved its >$4 billion annualized run-rate (ARR) target from year-end 2026 to January 2027, possibly the end of February, citing a customer-requested design change and supplier timing. On the call it named Microsoft as the customer seeking network upgrades, and Reuters reports no penalties apply. IREN also said that after quarter-end it contracted H100 GPUs at double its previous H100 pricing (a company statement). The net loss narrowed to $263 million. ARR is an operating metric, not GAAP revenue.