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IREN shares rise despite 34% revenue miss, boosted by $3.4B Nvidia AI cloud deal and strong AI growth.

Market News
08 May 2026
Seeking Alpha
View Source
Bullish
pluang ai news

IREN Limited reported revenue 34% below estimates and a worsened bottom line due to declining Bitcoin mining income. However, shares rose after announcing a $3.4 billion AI cloud agreement with Nvidia. The company's AI cloud revenue jumped 94% sequentially to $33.6 million, and it now holds $3.1 billion in annual recurring revenue contracts, aiming for $3.7 billion by the end of 2026 through aggressive GPU deployments. IREN invested $1.36 billion in infrastructure and GPUs, signaling strong growth ambitions but also reliance on financing.

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