IREN stock falls 2.23 percent as FY26 loss hits USD 702.6 million

IREN stock was trading at USD 46 on Nasdaq on September 24, 2026, down 2.23 percent, while its market capitalization stood at USD 16,415,442,884. The share price was 40.16 percent below its 52-week high of USD 76.87, putting the company valuation against a volatile market backdrop.

Revenue growth meets heavy charges

In its fiscal 2026 results released August 27, 2026, IREN reported total revenue of USD 707.0 million for the year ended June 30, 2026, up from USD 501.0 million in fiscal 2025. That represents growth of 41.1 percent.

The income statement was far less supportive. IREN reported a fiscal 2026 net loss of USD 702.6 million, compared with net income of USD 86.9 million in fiscal 2025. The company attributed USD 638.8 million of the latest-year impact to non-cash asset impairments linked to decommissioned Bitcoin mining hardware.

AI revenue changes the mix

AI Cloud Services revenue climbed to USD 128.8 million in fiscal 2026 from USD 16.4 million a year earlier, while Bitcoin Mining revenue reached USD 578.2 million. The figures show that the AI business is expanding quickly, but Bitcoin mining still generated 81.8 percent of annual revenue.

Quarterly data point to the transition underway. AI Cloud Services generated USD 70.5 million in the quarter ended June 30, 2026, exceeding Bitcoin Mining revenue of USD 66.7 million for the first time in a reported quarter. For investors, that mix shift matters because it offers a clearer test of whether IREN can convert its data-center infrastructure into recurring AI demand.

Analyst target stays above price

JPMorgan upgraded IREN to Overweight from Underweight and raised its price target to USD 65 from USD 46 on September 14, 2026, according to MarketBeat. The new target stood 41.30 percent above the September 24 price, but the gap also reflects the execution risk visible in the fiscal 2026 loss.

IREN stock remains highly volatile

IREN stock stood at USD 46 on Nasdaq on September 24, 2026, with a 52-week range of USD 28.93 to USD 76.87. The combination of a 41.1 percent revenue increase, a USD 702.6 million net loss and a 2.23 percent daily decline leaves the AI infrastructure transition as the central valuation issue.