IREN Mining Revenue Falls 58% as AI Sales Reach $200 Million

The headline number is the mining decline, but the more telling signal is the revenue mix: AI sales are now large enough to be the story while bitcoin mining shrinks. That IREN is targeting a substantial completion of its mining transition by December, yet pushing its AI revenue run-rate target into early 2027, suggests the pivot's economics are taking longer to land than the timeline implies. The open question is whether the AI revenue trajectory holds as mining winds down, since the two are moving in opposite directions on very different clocks.