IREN reports AI Cloud revenue up about eightfold and $2.8 billion of GPU financing, but a $702.6 million net loss

IREN published its fiscal 2026 results on 27 August 2026. The release says AI Cloud Services revenue rose about eightfold to $128.8 million on total revenue of $707.0 million, and it signed a new multi-year contract with a leading frontier AI lab. It reported $4 billion of contracted run-rate revenue for 2026 capacity and $2.8 billion of new GPU financings, a different $2.8 billion from the 20 July contract value. The net loss was $702.6 million against net income of $86.9 million a year earlier, and IREN says it includes $638.8 million of non-cash impairments from retiring Bitcoin mining hardware. We file this because IREN ties its results and financing to AI Cloud demand in its own words. How we read it: the business is shifting to AI computing with lenders funding the GPUs, but the year swung to a large loss. What would change this: delays or costlier financing. Why it matters to you: it shows what AI capacity costs to finance.