IREN shares dropped 3.3% to $43.87 on Thursday. Co-CEO Daniel Roberts addressed investor concerns during the Goldman Sachs technology conference in San Francisco, noting that the market is shifting focus from contract announcements to actual delivered capacity.
The company reported $70.5 million in AI cloud revenue for the June quarter. IREN claims an annualized run rate of $1 billion, with an additional $4 billion in capacity contracted for 2026. These figures only convert to reported revenue once sites become operational and are accepted by customers.
In August, Microsoft accepted the 50-megawatt Horizon 1 site under a five-year agreement valued at $9.7 billion. IREN plans to launch three more sites before the end of the year. Despite recent stock performance, ten analysts maintain an average price target of $75.67 for the company.
