IREN Pushes $4 Billion ARR Goal to 2027 as Bitcoin Mining Revenue Drops 58%

IREN shares fell nearly 17% to close at $18.03 on November 5. A Microsoft-requested design change pushed IREN's $4 billion revenue target into early 2027. AI cloud revenue rose 182% to $200 million, while Bitcoin mining revenue fell 58% to $28 million. IREN expects about $15 billion in remaining capital spending in fiscal 2027.