IREN delays $4 billion in revenue to 2026 after Microsoft requests network changes

Neocloud IREN announced Thursday that over $4 billion in annualized revenue expected in 2026 has been delayed to at least January, following a 26% post-election stock plunge. The delay, which may extend payment to February, stems from "a customer-requested change and supplier timing." Co-CEO Daniel Roberts identified Microsoft as the customer, citing a request to reconfigure network infrastructure for 200 megawatts serving frontier models. Revenue rose 66% to $228 million, beating estimates, with AI Cloud revenue doubling to $200 million. IREN's backlog grew 22% to $20.3 billion, with two-thirds from investment-grade counterparties. The company plans $15 billion in capital expenditures this fiscal year, including $9 billion in cash and committed financing. Shares rose in extended trading after a 55% monthly drop, amid broader AI trade concerns following the Democratic sweep.