IREN said on November 5, 2026 that buyers pay more for its AI computing power, with older Nvidia H100 chips renting at double their old price on new deals and one customer agreeing to prepay 90% of that customer's chip cost. AI cloud revenue was $200 million for the quarter ended September 2026, up 182% from the June quarter, and AI rentals are now 88% of its sales. The 90% prepayment applies to one five-year contract signed after September 2026, against about a third on Microsoft's 2025 deal. IREN still lost $263 million, and its goal of a $4 billion yearly revenue pace slipped into 2027. IREN used to mine bitcoin and owns its data centers with their land and power, the chips inside them, and the software that runs them; its customers include Microsoft, Nvidia and AI startups such as Perplexity and Figure AI, which IREN named in a July 20, 2026 release.