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 after financing, corporate expenses, depreciation and the capital needed to build the infrastructure.

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