IREN Ltd

IREN Q1 FY26 (Jul-Sep 2025) results disclose revenue by business line in supplemental reporting. Total revenue was a record $240.3M (+355% vs Q1 FY25). Bitcoin mining revenue was $232.9M. AI Cloud Services revenue was $7.3M. Math: $7.3M / $240.3M = 3.04%. AI Cloud Services grew modestly quarter-over-quarter ($7.0M to $7.3M, +4%), while Bitcoin mining surged. The company announced a transformational $9.7 billion multi-year AI cloud infrastructure contract with Microsoft during this quarter and secured new multi-year AI Cloud contracts with Together AI, Fluidstack, and Fireworks AI. IREN targets $500M+ AI Cloud annualized run rate by end of Q1 CY2026 and $3.4B AI Cloud ARR by end of 2026 with expansion to 140,000 GPUs. While AI Cloud revenue is still only 3% of total, the company is in a massive capital deployment phase pivoting toward AI infrastructure. IREN uses a June 30 fiscal year; this quarter (Q1 FY26) corresponds to calendar Q3 2025.