IREN AI Cloud Revenue Surges 687% as Bitcoin Mining Pivot Accelerates
Bitcoin (BTC)
Editor:
Eugene Serbin
Startupfortune.com reports that IREN’s AI cloud revenue jumped 687% year-over-year to $128.8 million for fiscal 2026. In the fourth quarter alone, AI cloud revenue reached $70.5 million, surpassing Bitcoin mining revenue of $66.7 million for the first time in the company’s history. This shift marks a historic crossover where renting out GPUs now generates more income than mining coins.
IREN signed a five-year, $9.7 billion agreement with Microsoft for dedicated GPU infrastructure at its Horizon facilities in Childress, Texas. Nvidia GB300 NVL72 systems are being installed across four planned data centers totaling approximately 200 megawatts. The company also secured $2.8 billion in new multi-year contracts with customers including Perplexity, Figure AI, and Together AI.
These deals pushed IREN’s year-end 2026 AI Cloud revenue target from $3.7 billion to over $4 billion. IREN co-CEO Daniel Roberts stated that demand for capacity exceeds what the company can build, with 85% of the $4 billion target already signed. Despite a $703 million net loss for fiscal 2026, the stock traded between $41 and $44 in early October. The company has secured over 5 gigawatts of power across Texas, Canada, Spain, and Australia to support this expansion.
How the market reacted
Whalio's own Binance spot order flow for BTC, measured when this story was written up on 5 October 2026. Not the outlet's figures.
Bitcoin is trading at $86,530 with a 1-hour buy ratio of 40.4% and a 4-hour buy ratio of 45.5%, both trailing the 24-hour buy ratio of 49.7%. This divergence suggests that short-term buying pressure is fading relative to the broader daily trend. The 1-hour volume delta is -$5,647,517, while the 4-hour delta is -$15,154,022, indicating net selling in the immediate and near-term windows. Volume delta measures the difference between buy and sell volume, so negative values mean sellers are currently dominating the flow. Over the last 24 hours, the cumulative volume delta closed at -$147,054,040, confirming sustained selling pressure despite the high buy ratio. Spot volume for the period was $683,674,415 across 1,340,109 trades.
The latest daily buy ratio of 46.7% sits at the 18th percentile of the last 322 days, against a median of 49.2% - weaker buying than most days.
Was that an ordinary day?
The same Binance spot measurements for BTC, averaged over the days leading up to the story.
Over the preceding week, the 7-day average buy ratio was 48.2%, making today’s 24-hour ratio of 49.7% slightly above average by 1.6 points. However, the 24-hour spot volume of $683,674,415 is only 0.50x the weekly average, indicating significantly lower trading activity than usual. Net buying occurred on only 2 of the past 7 days, and the 8-day volume delta totaled -$490,444,535. This volume contraction makes today an unusually quiet day for the coin compared to its recent history. The price has risen 2.4% over the last 8 days despite the negative volume delta, suggesting a lack of conviction in the current upward move.