Iren Reports $20 Billion Revenue Backlog and Tripled AI Cloud Revenue in Q1 2027

During its fiscal 2027 first-quarter earnings call, Iren (IREN) announced a significant milestone with its revenue backlog surpassing $20 billion. A key driver of this growth is the company's AI cloud segment, which saw revenue nearly triple quarter-over-quarter to reach $200 million. The company's vertical integration—owning land, power assets, and grid connections—provides it with unique operational flexibility and protection against long-term lease liabilities. To manage capital intensity, Iren is utilizing customer prepayments that can cover up to 90% of GPU capital expenditures, significantly shortening payback periods. Management also highlighted strong pricing power driven by AI demand, noting that they have successfully recontracted older hardware at double the original prices and secured short-term contracts at much higher rates per megawatt.

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