IREN Limited said its AI infrastructure expansion remains on track, targeting 480 MW in 2026, 1,210 MW in 2027, and 5 GW longer term.

Q3 revenue fell to $144.8M, missing estimates, as lower Bitcoin prices and mining hardware shutdowns hurt results.

Bitcoin mining revenue dropped to $111.2M, while AI cloud revenue rose to $33.6M.

Net loss widened to $247.8M; adjusted EBITDA declined to $59.5M.

Co-CEO Daniel Roberts said demand for AI compute and data center capacity supports IREN’s strategy.

Shares jumped 8.9% after-hours after announcing an AI partnership with Nvidia and a Spain data center acquisition.