> ## Content Index > Fetch the complete content index at: https://www.bullished.co/llms.txt > Use this file to discover other available public pages before exploring further. # IREN Pushes Its $4 Billion Revenue Milestone To January, Possibly February, After Microsoft Design Change - URL: https://www.bullished.co/iren-pushes-its-4-billion-revenue-milestone-to-january-possibly-february-after-microsoft-754d1606/ - Published: 2026-11-06T08:14:07.000Z - Updated: 2026-11-06T08:14:07.000Z - Description: Co-CEO Daniel Roberts also said planned spending for the rest of the fiscal year is about $15 billion, lowered because of financial markets. - Author: Matteo Parrino - Tags: Earnings, IREN, Industry: Technology [IREN](https://www.bullished.co/tag/iren/), which builds data centers and runs AI computing capacity for customers, has [pushed back its target](https://www.cnbc.com/2026/11/05/iren-earnings-report-q1-2027-.html?ref=bullished.co) of more than $4 billion in operating annualized revenue from year-end to January, and co-CEO Daniel Roberts said on the company's earnings call Thursday it [may run to the end of February](https://www.benzinga.com/markets/earnings/26/11/62955661/iren-stock-pops-after-q1-ai-cloud-revenue-nearly-triples-to-200-million?ref=bullished.co) if suppliers are late. He [blamed](https://www.cnbc.com/2026/11/05/iren-earnings-report-q1-2027-.html?ref=bullished.co) a customer-requested design change and supplier timing. ## A design change and late equipment Roberts said the company set the target in July for year-end. A customer asked for a change outside the original scope, which IREN agreed to, and the data centers are [practically done](https://www.businessinsider.com/iren-blames-microsoft-change-for-delay-to-texas-ai-center-2026-11?ref=bullished.co), with remaining equipment still awaited to finish commissioning. Asked by a Macquarie analyst about the Microsoft capacity, Roberts said Microsoft requested network upgrades after Horizon One was handed over, to support 200 megawatts of capacity for the latest frontier models. "We're here to say yes to customers, not no," he said. He called the added capital cost "entirely immaterial" against the cluster's total spending and said the lessons would carry to other sites under construction. Chief Financial Officer Anthony Lewis said the ramp is expected to extend into early 2027. ## Spending plan cut to about $15 billion Lewis said planned capital spending for the rest of the fiscal year is about $15 billion, down from the prior estimate. Cash and undrawn commitments cover about $9 billion, leaving $6 billion still to fund. He said indicative sources of $12 billion to $15 billion exist against that, before convertibles or equity. A BTIG analyst asked why spending keeps ticking down. Roberts said the cut is not about a lack of growth opportunities: "purely and simply financial markets." He said what is happening in the business is "very disconnected" from what the market shows. ## Demand claims and the quarter's numbers IREN also runs Bitcoin mining, which it is winding down for AI. AI cloud revenue was $200 million for the September quarter, up 183% from the prior quarter, and total revenue was $228 million, Lewis said. Bitcoin mining revenue fell to $28 million. Adjusted EBITDA was $66 million, a margin of about 29%, and the net loss was $263 million. Roberts said contracts signed since quarter end include a five-year deal at $22 million of annualized revenue per megawatt, with a customer prepayment covering about 90% of GPU capital spending. He said backlog is over $20 billion, two-thirds with investment-grade customers. Roberts closed the call by calling the more than $4 billion of operating annualized revenue funded and "targeted for January." Learn - [How To Read An Earnings Call Transcript: Start With Guidance, Then Find What's Missing →](https://www.bullished.co/learn/how-to-read-an-earnings-call/) How to read an earnings call transcript: check guidance first, look for dropped metrics, compare growth with last quarter, and watch hedged wording. ### Sources - [Iren earnings report Q1 2027](https://www.cnbc.com/2026/11/05/iren-earnings-report-q1-2027-.html?ref=bullished.co) — CNBC - [IREN's bitcoin mining revenue drops 58% as firm plans full exit by year-end](https://www.theblock.co/news/business/2026-11-05-irens-mining-revenue-drops-435783?ref=bullished.co) — theblock.co - [IREN Blames Microsoft Change for Delay to Texas AI Center - Business Insider](https://www.businessinsider.com/iren-blames-microsoft-change-for-delay-to-texas-ai-center-2026-11?ref=bullished.co) — Business Insider - [Iren net loss narrows to $263 million amid Texas data centre uncertainty and Microsoft contract changes](https://www.afr.com/companies/infrastructure/iren-confirms-delay-at-texas-data-centre-for-microsoft-narrows-losses-20261106-p61bse?ref=bullished.co) — afr.com - [IREN Stock Pops After Q1 AI Cloud Revenue Nearly Triples to $200 Million](https://www.benzinga.com/markets/earnings/26/11/62955661/iren-stock-pops-after-q1-ai-cloud-revenue-nearly-triples-to-200-million?ref=bullished.co) — benzinga.com ### More on IREN - [IREN Stock Soars As CEO Breaks Down How It Funds GPUs: 'There's More Customer Demand Than We Can Build For'](https://www.bullished.co/iren-stock-soars-as-ceo-breaks-down-how-it-funds-gpus-theres-more-customer-demand-than-we-can-build-for/) - [AI Cloud Firm IREN Signs On As Real Madrid Sponsor, Joining Emirates, Adidas And HP](https://www.bullished.co/ai-cloud-firm-iren-signs-on-as-real-madrid-sponsor-joining-emirates-adidas-and-hp/) - [IREN Budgets $25 Billion To $30 Billion For Its AI Build-Out — More Than Its Entire $13.9 Billion Market Value](https://www.bullished.co/iren-budgets-25-billion-to-30-billion-for-its-ai-build-out-more-than-its-entire-13-9-billion-market-value/) [All IREN (IREN) coverage →](https://www.bullished.co/tag/iren/)