According to CoinMeta, IREN (Nasdaq: IREN) announced that it would switch its Bitcoin mining machines to Microsoft’s GPU solutions. On August 27th, the company informed investors that its mining operations would officially come to an end. In the fourth quarter, AI’s cloud revenue exceeded $70.5 million, and IREN has currently booked $4 billion in contract revenue, with an expected cash inflow of $1 billion by 2026. In August 2026, IREN delivered the first phase of its liquid-cooled data center to Microsoft. Customers’ confidence in IREN is reflected in their payment terms; recent contracts have priced at over $20 million per megawatt, and management indicates that the payback period for such investments is about two years. IREN completed $6.5 billion in financing over the past three months, including $3.6 billion in investment-grade financing at a rate of 6% and $2.8 billion in non-investment-grade equipment financing at a fixed rate of 9%. The company is also pursuing capacity far exceeding its current contracts and has secured 5 gigawatts of grid connectivity. Despite recording a net loss of $684 million in the fourth quarter, AI’s infrastructure platform continues to attract new customers and funding.