jain.com
The Analysis · Companies · People · Methodology

AI Cloud Services ~10% of earnings by end of 2024

Company: IREN

This claim was marked delayed on October 28, 2026. Recorded automatically from the cited source when it was published, then queued for evidence review.

How this was decided: Automated extraction from the cited source. The claim is preserved below exactly as it was originally published, so the record shows what was asserted as well as what became of it.

Subject kind
guidance
Statement date
2024-09-15
Promised by
2024-12-31
Promised amount
10.0 percent
Current status
delayed

What the later record shows

The date slipped

In December 2024, AI Cloud hardware profit was $0.8m against $40.1m from Bitcoin mining, roughly 2% of hardware profit rather than ~10%. The H200 cluster was still in customer testing in early December.

“H200 cluster now installed and undergoing customer testing • Focused on measured growth in response to customer demand”
2024-12-05 · iren 8-K exhibit (nov2024monthlyupdatevdc.htm) View cached copy (2026-10-24)Live source ↗
“Hardware profit $0.8m $0.9m $0.9m Hardware profit margin4 98% 97% 97%”
2025-01-06 · iren 8-K exhibit (irendec2024monthlyupdate.htm) View cached copy (2026-10-21)Live source ↗
“Mining revenue $52.1m $32.6m $28.2m Electricity costs3 ($12.1m) ($8.6m) ($8.3m)* Hardware profit $40.1m $24.1m $19.9m”
2025-01-06 · iren 8-K exhibit (irendec2024monthlyupdate.htm) View cached copy (2026-10-21)Live source ↗

Checked October 28, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.

The claim, verbatim

The GPU purchase is estimated to increase AI Cloud Services to approximately 10% of IREN's run-rate earnings by year-end 2024.

Source (primary)

iren 8-K exhibit (irennvidiah200purchasevf.htm) (SEC EDGAR (8-K Ex), press_release)
View cached copy (2026-10-28)Live source ↗

Quote: “This purchase is estimated to increase the AI Cloud Services proportion of IREN earnings to ~10% 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 (irennvidiah200purchasevf.htm)

Quote: “This purchase is estimated to increase the AI Cloud Services proportion of IREN earnings to ~10% by year- end”

View cached copy (2026-10-28)Live source ↗

delays iren 8-K exhibit (irendec2024monthlyupdate.htm)

Quote: “Hardware profit $0.8m $0.9m $0.9m Hardware profit margin4 98% 97% 97%”

View cached copy (2026-10-21)Live source ↗

delays iren 8-K exhibit (nov2024monthlyupdatevdc.htm)

Quote: “H200 cluster now installed and undergoing customer testing • Focused on measured growth in response to customer demand”

View cached copy (2026-10-24)Live source ↗

Record of changes

October 28, 2026 — stated
Automated extraction from the cited source. Recorded automatically from the cited source when it was published, then queued for evidence review.
October 28, 2026 — delayed
Automated extraction from the cited source. Recorded automatically from the cited source when it was published, then queued for evidence review.