IREN moved its more than $4 billion annualized run-rate target to January 2027.
Why it matters: The delay could push back the timing of potential recognized revenue, cash flow and earnings from IREN's AI infrastructure buildout. The $4 billion figure is an annualized run-rate metric, not reported GAAP revenue.
- IREN shifted the target from the end of 2026 to January 2027, with completion potentially extending through February 2027.
- IREN attributed the delay to a customer-requested design change outside the original scope and supplier timing.
- IREN reported $228 million of quarterly revenue for the period ended September 30, including $200 million from AI Cloud.
- IREN said it expects approximately $15 billion of fiscal 2027 capital expenditure.
IREN said on November 5, 2026, that its more than $4 billion annualized run-rate revenue target, previously expected by the end of 2026, is now targeted for January 2027 and could extend through the end of February. IREN said the target remains fully contracted and funded. Its earnings release defines the measure as an operating metric based on contracted, commissioned GPU capacity rather than GAAP revenue.
Co-CEO Daniel Roberts said the shift followed a customer-requested design change outside the original scope and supplier timing, according to the earnings-call transcript. IREN said the relevant data centers were practically complete but still awaited equipment required for commissioning.
Reuters reported that the infrastructure was being built for Microsoft and that the change involved network design.
IREN reported $228 million of revenue for the quarter ended September 30, including $200 million from AI Cloud, compared with $137 million and $71 million, respectively, for the quarter ended June 30. Backlog rose 22% sequentially to $20.3 billion, with approximately two-thirds tied to investment-grade counterparties.
IREN also said in its earnings release that it expects approximately $15 billion of fiscal 2027 capital expenditure. Reuters reported that IREN shares fell about 17% during the November 5, 2026 trading session and rose about 4% in extended trading after the release.
By the numbers
- $4 billion-plus - IREN's targeted annualized run-rate revenue metric, not GAAP revenue
- $228 million - quarterly revenue for the period ended September 30, including $200 million from AI Cloud
- $20.3 billion - backlog after a 22% sequential increase
Yes, but: The target is an annualized run-rate based on contracted, commissioned GPU capacity. It does not represent recognized revenue for the period, and IREN did not quantify the financial effect of the delay.
What's next: IREN is targeting January 2027 completion, with the schedule potentially extending through February 2027.