Data center firm IREN signs new deal with frontier AI lab; quarterly loss hits shares
IREN shares fell more than 7% in extended trading after the company swung to a quarterly loss, driven by costs tied to retiring bitcoin mining hardware as it shifts to AI cloud services.
- ✓IREN shares fell more than 7% in extended trading after the company swung to a quarterly loss, driven by costs tied to retiring bitcoin mining hardware as it shifts to AI cloud services.
- ✓* The new financing deal includes a $2.4 billion facility led by asset management firm Blue Owl and bond giant Pacific Investment Management Company.
- ✓* IREN reported a fourth-quarter net loss of $684 million, compared with net income of $176.9 million a year earlier.
- ✓* Revenue fell 27% to $137.2 million but was slightly above analysts' average estimate of $136.8 million, according to data compiled by LSEG.
(Catch all the Technology News News, and Latest News Updates on The Economic Times.)
SynopsisIREN shares fell more than 7% in extended trading after the company swung to a quarterly loss, driven by costs tied to retiring bitcoin mining hardware as it shifts to AI cloud services.
AgenciesData center firm IREN said on Thursday it has signed a new multi-year contract with a frontier AI lab and secured $2.8 billion in new financing to help fund its AI chip purchases.
IREN shares fell more than 7% in extended trading after the company swung to a quarterly loss, driven by costs tied to retiring bitcoin mining hardware as it shifts to AI cloud services.
* The new financing deal includes a $2.4 billion facility led by asset management firm Blue Owl and bond giant Pacific Investment Management Company.
* IREN reported a fourth-quarter net loss of $684 million, compared with net income of $176.9 million a year earlier.
* Revenue fell 27% to $137.2 million but was slightly above analysts' average estimate of $136.8 million, according to data compiled by LSEG.
* The quarterly net loss included a $450.4 million non-cash impairment, primarily related to the decommissioning of bitcoin mining hardware.
* IREN said its 2026 compute capacity was largely sold out, and that it was already in late-stage discussions with new customers over a significant portion of capacity for 2027. (Reporting by Anzar Mehraj and Deborah Sophia in Bengaluru; Editing by Subhranshu Sahu)
Read more news onIREN Data CenterAI chip financingbitcoin mining transitionquarterly loss reportmulti-year contract AI lab
(Catch all the Technology News News, and Latest News Updates on The Economic Times.)
Elevate your knowledge and leadership skills at a cost cheaper than your daily tea.
As IndiGo, Air India scramble for pilots, fresh headwinds hit hardWhen a CFO resigns, is ‘personal reasons’ explanation enough?FCNR (B) scheme garners USD65 bn, but why isn't the rupee gaining?ET Prime special: Bigger, Better or Both? Understanding business to figure out the mystery: Power Grid Corp – Part 1US bond yield: Will it become a new pain point?Bigger or Better: BEL’s biggest shareholder is also its biggest customer – and its rule-maker. Final partTrain station to rocket propellants, a Nagpur firm’s INR21k-cr journeyThe Nifty doesn't predict India. It records itET Prime special series: Bigger or Better? Bharat Electronics’ 2013 to 2026 journey – Part 2ET Prime special series: Bigger or Better? Bharat Electronics’ 2013 to 2026 journey – Part 1
- •Aspirants and citizens are advised to monitor official notices and circulars issued by ET Tech & Digital India.
- •Verify all prescribed eligibility criteria, cutoff dates, and authenticated document requirements prior to formal submissions.
- •Track connected examination timetables, vacancy advisories, and administrative gazettes on SuchnaSetu.
| Issuing Authority | ET Tech & Digital India |
|---|---|
| Topic Category | TECHNOLOGY |
| Jurisdiction | All India / National |
| Publication Date | 28 August 2026 |