Neocloud IREN says $4 billion in annualized revenue being delayed due to customer request

IREN says a customer request has delayed the timing of about $4 billion in annualised revenue, though the company says the target remains fully contracted and funded. The delay comes as investors scrutinise whether AI infrastructure firms can finance and profitably deliver their expansion plans.

IREN’s backlog rose 22% to $20.3 billion, around two-thirds of it with investment-grade customers. It plans $15 billion in capital spending for the rest of the fiscal year, including $6 billion in financing that depends on market conditions, and says a customer will fund 90% of the GPU costs for a project. The company has contracts with Nvidia, Microsoft and 13 other customers.