Bitcoin miner IREN still gets 82% of revenue from BTC after clearing room for Microsoft AI cloud

According to CryptoSlate, Bitcoin mining supplied 81.8% of IREN's fiscal 2026 revenue, generating $578.2 million of the company's $707 million annual total. AI Cloud Services contributed $128.8 million during the same period. The ongoing data center transition resulted in a $638.8 million non-cash impairment, largely driven by retiring mining hardware for AI infrastructure, and contributed to a $702.6 million net loss.

IREN reported $1 billion in operating annualized run-rate revenue as of Aug. 26, alongside a $4 billion contracted AI run-rate target. Reaching this target depends on physical infrastructure delivery, commissioning, and customer acceptance. Microsoft accepted Horizon 1 in August, while Horizons 2 through 4 are targeted for phased delivery in calendar Q4 2026, with contractual grace periods extending into Q2 2027.

To support the Microsoft contract, IREN raised GPU financing through a delayed-draw loan and senior notes, alongside a separate Mackenzie financing of up to $2.4 billion. Microsoft and NVIDIA represented a substantial majority of contracted revenue, though counterparty and performance risks remain.