IREN Limited is transitioning from Bitcoin mining to an AI cloud computing company. Although the company recorded a net loss of $247.8 million in Q3 FY2026, with total revenue decreasing from $184.7 million in the previous quarter to $144.8 million, and adjusted profit (EBITDA) also falling from $75.3 million to $59.5 million, its AI cloud business revenue almost doubled from $17.3 million to $33.6 million, while Bitcoin mining revenue decreased to $111.2 million. The company has set ambitious 2026 targets, including 480 MW of AI cloud capacity, 150,000 GPUs, and $3.7 billion in annual recurring revenue. IREN has signed a five-year, $3.4 billion AI cloud contract with NVIDIA, expected to generate approximately $700 million in annual revenue, and NVIDIA has also committed to investing up to $2.1 billion. Furthermore, Microsoft remains its most important client. Despite ongoing concerns about financing and execution, hedge funds have increased their holdings in IREN, while its short interest has reached 27.09%, the highest among its peers, reflecting market doubts about its high expenditures and ability to deliver.