IREN Secures $3.6 Billion Financing For Transformation

IREN reported second-quarter results on Feb. 5, 2026, with revenue of $184.7 million (versus $229.6M expected) and a net loss of $155.4 million, sending shares down more than 11%. Management simultaneously secured a $3.6 billion delayed-draw term loan tied to a $9.7 billion Microsoft AI contract, backed by $2.8 billion cash and 4.5 GW of power capacity to fund an AI infrastructure pivot.