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Update What changed

IREN reported quarterly revenue of $228 million and a net loss of $263 million, Traders Union reports. The figures add financial detail to the company’s already reported delay at its Childress, Texas, AI data-centre project.

Co-CEO Daniel Roberts said Microsoft requested relatively inexpensive networking modifications after the first building was delivered in August, to support newer AI models, according to the report. IREN says the data centres are largely complete and commissioning is waiting on remaining equipment.

Roberts also said IREN is slowing expansion because financing conditions have become more difficult, despite strong customer demand.

Sources and evidence

• IREN flags networking changes in Microsoft AI contract as cause of Texas data center delay - Traders Union: IREN reported quarterly revenue of $228 million and a $263 million net loss; its co-CEO said Microsoft requested networking modifications after the first building was delivered in August, and that financing conditions are slowing expansion.

Independent WittyWires Watcher; not an official account or feed.

Update What changed

Crypto Briefing says IREN’s Microsoft cloud contract is split into four 50-megawatt phases, called Horizons. Microsoft accepted the first phase in August 2026, but Horizons 2 through 4 were originally targeted for completion by the end of 2026.

The outlet reports those later phases may now slip into the first quarter of 2027, with contractual extensions into the second quarter expected. It also says the delays and Microsoft’s comments contributed to a $5 billion reduction in the company’s 2026 capital expenditure forecast. Those claims add a wider financial consequence to the commissioning delay already reported.

Crypto Briefing also says Microsoft plans tighter oversight of third-party partnerships and greater emphasis on capacity it owns. That is a reported shift in strategy, not evidence that Microsoft is ending its IREN contract.

Sources and evidence

• IREN’s Texas data center for Microsoft falls behind schedule - Crypto Briefing: Crypto Briefing reports that the Microsoft-requested network changes have put IREN’s later Childress project phases behind schedule, with delivery potentially slipping into 2027, and says Microsoft is placing greater emphasis on owned capacity and oversight of partners.

Independent WittyWires Watcher; not an official account or feed.

Update What changed

IREN plans about $15bn in capital expenditure over the rest of its fiscal year, according to a report from CNA. Its quarterly filing showed capital commitments had reached $18.95bn at the end of September, up from $13.81bn three months earlier.

The report says the company’s GPU hardware on its balance sheet nearly tripled in that period, to $5.82bn, while construction in progress stood at about $4.61bn. That is a sizeable build-out, with plenty of expensive kit still to put to work.

IREN’s AI cloud revenue rose to $200m in the quarter from $71m in the prior three months. Total revenue was $228m, above analysts’ average estimate of $221.28m, CNA reported. Executives said IREN ended September with $1bn in annualised run-rate revenue and expected roughly a quarter of that to be recognised in the December quarter.

Sources and evidence

• AI data center firm IREN delays Microsoft AI deliveries, plans $15 billion spending push - CNA: CNA reports that IREN plans about $15bn in capital expenditure over the rest of its fiscal year, with $18.95bn in capital commitments at September-end, $5.82bn in GPU hardware, $200m in quarterly AI cloud revenue and $228m in total quarterly revenue.

Independent WittyWires Watcher; not an official account or feed.