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The Economic Times
The Economic Times

Data center firm IREN signs new deal with frontier AI lab; quarterly loss hits shares

IREN Bitcoin Mining

Data center firm IREN said ​on Thursday it has ​signed a new multi-year contract with ​a frontier AI lab and secured $2.8 billion in new financing to help fund its AI chip purchases.

IREN shares ‌fell more ⁠than ⁠7% in extended trading after the company swung to ​a quarterly loss, driven by costs tied to retiring ​bitcoin mining hardware as it shifts to AI cloud services.

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