IREN Limited's AI Dream Meets Financial Reality

IREN reported $144.8 million revenue versus $219 million expectations while AI cloud revenue reached only $33.6 million sequentially. Nvidia's $3.4 billion agreement and 600,000 GPU-linked warrants significantly strengthened IREN's infrastructure credibility and hyperscaler positioning. Operating cash flow reached just $75 million while quarterly capital expenditures surged to approximately $1.36 billion during expansion.