IREN reported that AI cloud revenue surpassed Bitcoin mining for the first time in the quarter ended June 30, 2026, while total revenue missed broader consensus and the company posted a $684 million GAAP loss. AI cloud services generated $70.5 million versus $66.7 million from mining, total revenue was approximately $137.2 million versus consensus near $157 million, and adjusted EBITDA was about $19.2 million. IREN said it had approximately $4 billion of contracted 2026 annualized recurring revenue, with $1 billion operating after Microsoft accepted Horizon 1 at Childress and the broader run-rate expected to be operational by the end of the December quarter. Separately, a Blue Owl Capital fund led a $2.4 billion financing within a broader $2.8 billion package for NVIDIA Blackwell Ultra systems at IREN's Mackenzie, British Columbia, campus. The facility comprises a $1.2 billion senior secured term loan and $1.2 billion of senior secured notes, both carrying 9% interest and maturing two and a half years after funding, with Pacific Investment Management Company, or PIMCO, among the guarantors.