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Summary
IREN closed at $21.64 on November 6, 2026, up 20.02%, after fiscal first-quarter results released on November 5.
The company reported AI Cloud revenue of $200 million, up from $71 million in the prior quarter, and a revenue backlog of $20.3 billion.
Its more than $4 billion annualized run-rate revenue target moved to January 2027, and about $6 billion of planned capital expenditure is still targeted from other sources.
Gotrade News - In the latest IREN stock news, shares of IREN (IREN) closed at $21.64 on Friday, November 6, 2026, up 20.02% in the US session. As reported by The Motley Fool, the IREN stock rally followed fiscal first-quarter results in which AI cloud revenue nearly tripled to $200 million.
IREN Trading Data
Data
Value
Closing price
$21.64
Change
+$3.61 (+20.02%)
Previous close
$18.03
Open
$21.15
Day range
$20.18 to $22.46
Volume
112.9 million shares
30-day average volume
54.6 million shares
52-week range
$17.16 to $70.71
Regular-session close on Friday, November 6, 2026, 4:00 p.m. New York time. Stock prices: Yahoo Finance, cross-checked against the closing price on Nasdaq.com. Volume and 30-day average volume: Nasdaq.com. 52-week range: Yahoo Finance daily highs and lows since November 7, 2025. Indices and the 10-year Treasury yield: Yahoo Finance daily closes for the same date.
IREN opened at $21.15, traded between $20.18 and $22.46, and finished $1.46 above the day's low. Volume reached 112.9 million shares, 106.95% above the average of 54.6 million shares.
The broader market was mixed. The Nasdaq Composite rose 1.09% to 24,579.43, the S&P 500 added 0.31% to 7,376.86 and the Dow Jones Industrial Average slipped 0.46% to 51,285.73, leaving IREN 18.93 percentage points ahead of the Nasdaq. The US 10-year Treasury yield closed at 4.86%, up 2.2 basis points.
Among AI infrastructure names, CoreWeave (CRWV) rose 6.28% to $46.40 and Nvidia (NVDA) gained 2.78% to $186.64, while Microsoft (MSFT), an IREN customer, fell 0.99% to $530.61. Even after the gain, IREN sits 69.39% below its 52-week high of $70.71 and 26.14% above its 52-week low of $17.16.
According to the company's Q1 FY27 results filed with the SEC on November 5, revenue for the quarter ended September 30 rose to $228 million from $137 million in the prior quarter, while AI Cloud revenue climbed to $200 million from $71 million. Bitcoin mining revenue fell to $28 million from $67 million, adjusted EBITDA improved to $66 million and the net loss narrowed to $263 million from $684 million. Revenue backlog grew 22% to $20.3 billion.
"AI Cloud revenue nearly tripled to $200 million, and operating ARR doubled to a billion," Co-Founder and Co-CEO Daniel Roberts said in the release. He added that since quarter-end IREN signed a five-year contract with 90% of the GPU capex prepaid by the customer.
As reported by The Motley Fool, the results beat expectations and helped ease concerns about neocloud stocks, which had been under pressure during the week over data center growth. Per The Edge Malaysia, shares had closed down about 17% on November 5 in a broader selloff in chipmakers and neocloud companies, before the results were released.
IREN Stock Analysis: Supporting Factors and Risks
Supporting Factors
About two-thirds of the $20.3 billion backlog is tied to investment-grade counterparties, and the company lists contracts with Nvidia, Microsoft and 13 other customers, according to the release.
Contracted pricing continues to rise, by 11% on 3-year deals and 12% on 5-year deals, while AI Cloud gross margin held at 86%, the company said.
Horizon 1 went into service for Microsoft during the quarter, according to Roberts.
Risks
The more than $4 billion annualized run-rate revenue target moved from year-end to January 2027 after a customer-requested design change and supplier timing, and it may extend to the end of February, the company said.
IREN plans $15 billion of remaining FY27 capital expenditure, of which about $6 billion is targeted from other sources, subject to market conditions.
The earnings report still showed a quarterly net loss of $263 million.
Bloomberg News, as cited by The Edge Malaysia, reported that Microsoft is tightening oversight of some neocloud-run data center projects, including IREN's, amid delays and rising costs.
This article is for education and information only and is not investment advice. Investment decisions are yours to make after your own research.
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M. Alfathan Rahman is a content writer with over 3 years of experience developing digital content strategies across various industries, including fintech. He has experience producing content for tax-related websites and financial education platforms. His focus areas include data research, and crafting financial articles that are informative, accurate, and accessible to investors of all experience levels.
Hendrie Saputra holds a Master of Business Administration (MBA) with a concentration in Business Risk & Finance, along with professional experience in finance, marketing, and project management. He is experienced in analyzing market data and developing research-driven business strategies.
