Iren falls as AI transition costs drive quarterly loss

IREN

28/08/2026 11:17

** Shares of data center firm Iren IREN.O fall 6.61% to $37.85 premarket after costs tied to its shift from bitcoin mining to AI cloud services pushed it to a quarterly loss
** The company said on Thursday it had signed a multi-year agreement with a frontier AI lab and secured $2.8 billion in financing to support AI chip purchases
** It reported a Q4 net loss of $684 mln versus net income of $176.9 mln a year earlier
     ** Iren also said its 2026 compute capacity is largely sold out and it is in late-stage talks for 2027 capacity
** Of 17 analysts covering the stock, 13 rate it "buy" or "strong buy", with a median price target of $80.00 implying a ~97% upside from its current price — data compiled by LSEG
** Up to the last day's close, the stock is up 7.3% YTD

(Reporting by Kanishka Ajmera in Bengaluru)
((mail to: Kanishka.Ajmera@thomsonreuters.com))