IREN announces a $3.4B NVIDIA AI Cloud contract in its third quarter 2026 report as revenue declines during its strategic transition.

IREN reported third quarter 2026 revenue of $144.8 million, down from $184.7 million in the prior quarter, resulting in a net loss of $247.8 million. The results reflect the company's ongoing transition from Bitcoin mining to AI Cloud services, which included significant non-cash impairment charges related to decommissioning mining hardware.

Key Highlights

• In a significant strategic development, the company announced a 5-year, $3.4 billion AI Cloud contract with NVIDIA for its Blackwell GPUs.
• IREN also entered into a broader 5GW strategic partnership with NVIDIA, which includes a right for NVIDIA to invest up to $2.1 billion in the company.
• The business transition is evident in segment results, as AI Cloud Services revenue grew to $33.6 million from $17.3 million sequentially, while Bitcoin Mining revenue declined to $111.2 million.