IREN announced to investors on August 27 that it would completely shut down its Bitcoin mining operations and fully transition into an AI infrastructure company. The company's Q4 AI cloud revenue doubled to $70.5 million, and it has secured $4 billion in contracted revenue for 2026 capacity, with $1 billion already generating cash. IREN delivered the first phase of its liquid-cooled data center to Microsoft in August 2026. To support the transition, IREN completed $6.5 billion in GPU financing within three months, including $3.6 billion in investment-grade funding related to the Microsoft contract and $2.8 billion in non-investment-grade equipment financing. However, the transition also brought financial pressure, with a net loss of $684 million in Q4, primarily due to a non-cash impairment of $450.4 million on mining hardware, and total revenue sequentially decreased to $137.2 million. IREN anticipates capital expenditures of $25 billion to $30 billion for fiscal year 2027.