Update
IREN Shares Surge 20% Amid AI Cloud Revenue Growth
IREN, a neocloud operator, reported a 20.02% increase in its stock price on November 6, 2026, closing at about $21.64. The company's AI cloud revenue reached $200 million in the fiscal first-quarter 2027, up 182% from $71 million in the previous quarter. Total revenue increased to $228 million, marking a 66% quarter-over-quarter growth. IREN's revenue backlog now stands at $20.3 billion, up 22% from the previous quarter. However, the company posted a net loss of $263 million and delayed its ARR target to early 2027 due to a design change and equipment delays at its Childress, Texas facility. The facility houses the first Microsoft data hall, which is part of a $9.7 billion five-year cloud services contract with Microsoft.