Business · Companies · 3 hrs ago
Iren shares rise after cloud-computing deal announcement
Iren's stock rose after a steep selloff.
The company announced a new cloud-computing deal.
It also said much of its backlog is tied to investment-grade counterparties.
A backlog is work or business that has been secured but is not yet completed.
The deal and backlog comments came as the stock moved higher.
The deal's terms and customer were not specified, and no next steps were given.
Iren shares rose in extended trading after the company reported results and announced a cloud-computing deal.
The company said more than $4 billion in annual recurring revenue projected for 2026 had been delayed until at least January.
Co-CEO Daniel Roberts said Microsoft requested changes to network infrastructure to support 200 megawatts of capacity.
Quarterly revenue rose 66% from the prior quarter to $228 million, while AI Cloud revenue more than doubled to $200 million.
Iren said its revenue backlog grew 22% to $20.3 billion, with about two-thirds tied to investment-grade counterparties.
- Who
- Iren, a neocloud company. Co-CEO Daniel Roberts identified Microsoft as the customer that requested a change.
- What
- Iren shares rose after the company reported earnings and announced a cloud-computing deal. It also said more than $4 billion in projected annual recurring revenue had been delayed.
- When
- Thursday, November 5, 2026. Shares rose in extended trading.
- Where
- Not stated
- Why
- Iren announced a new cloud-computing deal and said much of its backlog was tied to investment-grade counterparties. The company said the revenue delay followed a customer request and supplier timing.
Investors concerned about delivery and financing
Iren
Delivery and financing
Investors concerned about delivery and financing
Concerns are mounting that cash-burning companies reliant on debt may struggle to meet obligations as interest rates rise and lenders pull back.
Iren
Roberts said the $4 billion annual recurring revenue target is fully contracted and funded.
Market outlook
Investors concerned about delivery and financing
The article describes selective capital markets and falling shares in the sector.
Iren
Roberts said there was a disconnect between public markets and what Iren was seeing at the customer level.
Iren shares fell 55%, according to CNBC.
Iren reported quarterly revenue of $228 million and said more than $4 billion in projected 2026 annual recurring revenue had been pushed out to at least January.
Iren shares rose in extended trading after the results and cloud-computing deal announcement.
- Quarterly revenue
- $228 million, up 66% from the prior quarter
- AI Cloud revenue
- $200 million, more than double the prior quarter
- Revenue backlog
- $20.3 billion, up 22% from the prior period
- Delayed annual recurring revenue
- More than $4 billion, pushed out to at least January
- Network capacity
- 200 megawatts intended to serve latest-generation frontier models
2 sources
What people are saying
Capital markets have become more selective in the last few weeks, and the questions have undoubtedly moved from how big the contract is to whether it can be delivered, financed, and run at a profit
There is a disconnect between what we're seeing in public market and what we're seeing at the customer level