AI Cloud ~10% of run-rate earnings by year-end
Company: IREN
What the later record shows
The date slipped
In December 2024, AI Cloud hardware profit was $0.8m against $40.1m from Bitcoin mining. That is roughly 2% of run-rate earnings, not ~10%. No new target date was given.
“AI Cloud Services AI Cloud Services revenue $0.8m $0.9m $1.0m Electricity costs3 ($0.02m) ($0.03m) ($0.03m) Hardware profit $0.8m $0.9m $0.9m”
2025-01-06 · iren 8-K exhibit (irendec2024monthlyupdate.htm) View cached copy (2026-10-21)Live source ↗
“Hardware profit $40.1m $24.1m $19.9m Hardware profit margin4 77% 74% 71%”
2025-01-06 · iren 8-K exhibit (irendec2024monthlyupdate.htm) View cached copy (2026-10-21)Live source ↗
Checked October 26, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
AI Cloud Services are estimated to contribute about 10% of run-rate earnings (illustrative annualized hardware profit) by the end of 2024.
Source (primary)
iren 8-K exhibit (irensepmonthlyupdate4oct.htm) (SEC EDGAR (8-K Ex), press_release)
View cached copy (2026-10-26)Live source ↗
Quote: “Estimated to contribute ~10% to run-rate earnings by year-end”
How we checked this
This claim has not yet been checked assertion-by-assertion against its source. It carries a cited source and quote, but the deeper check has not run. When it does, the result appears here whatever it says.
Additional evidence
confirms iren 8-K exhibit (irensepmonthlyupdate4oct.htm)
Quote: “Estimated to contribute ~10% to run-rate earnings by year-end”
delays iren 8-K exhibit (irendec2024monthlyupdate.htm)
Quote: “AI Cloud Services AI Cloud Services revenue $0.8m $0.9m $1.0m Electricity costs3 ($0.02m) ($0.03m) ($0.03m) Hardware profit $0.8m $0.9m $0.9m”