The data-center company moved its operational target from year-end to January 2027, with a possible extension through the end of February, after design changes requested by Microsoft and supplier timing affected the schedule.
IREN estimates it will spend about $15 billion on computing equipment and infrastructure over the rest of its fiscal year as it expands its superintelligence (SI) cloud business. The Australia-based company also delayed some infrastructure deliveries for Microsoft, for which it is building 200 megawatts of data-center capacity in Texas.
IREN had targeted year-end for capacity supporting more than $4 billion in annualized run-rate revenue to become operational. It now targets January 2027 and says the timing could extend through the end of February. Annualized run-rate revenue expresses revenue at an annual rate rather than the amount recognized in a single quarter.
IREN said the shift followed a customer-requested design change and supplier timing. The company said the delay would not incur financial penalties because Microsoft requested changes to the network design, CNA Business said in its November 5 account of the results.
For the quarter ended 30 September, IREN reported $228 million in total revenue, above the $221.28 million average analyst estimate compiled by LSEG. SI-cloud revenue rose to $200 million from $71 million in the preceding three months.
The company’s shares rose 4% in extended trading after the results. They had closed down about 17% during a broader selloff affecting chipmakers and SI-cloud providers.
Separately from its forecast spending for the rest of the fiscal year, IREN’s filing showed $18.95 billion in capital commitments at the end of September, up from $13.81 billion three months earlier.
IREN also operates bitcoin-mining facilities that it has been progressively converting to SI-cloud use. It received a $9.7 billion Microsoft contract for computing power in November 2025. Under a May 2026 agreement, IREN also agreed to provide Nvidia with managed GPU cloud services for its internal AI and research workloads using 60 megawatts of existing capacity at Childress, Texas.
The prime minister told parliament on 6 November that additional revenue from the Bank of Japan’s increased fund sales should support crisis management and growth areas, including economic security. The bank estimates extra annual proceeds of 1 trillion yen (about $6.3 billion); transfers remain unsettled.
IREN executives said the company exited September with $1 billion in annualized run-rate revenue. They expect roughly one-quarter of that amount to be recognized as revenue in the December quarter.
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