Bernstein sees IREN's AI cloud pivot shrinking BTC mining revenue to $3.7B

Analysts at Bernstein are projecting IREN's business mix will tilt heavily toward AI cloud infrastructure, valuing that segment at $3.7 billion as the company leans into a Microsoft partnership and GPU fleet expansion. The shift is deliberate: IREN is repositioning compute capacity away from proof-of-work and toward higher-margin AI workloads.

The read-through for mining revenue is explicitly bearish — Bernstein expects it to decline as a share of the business over time. For the broader Bitcoin mining sector, IREN's trajectory is an early data point in a trend where miners with surplus power and cooling infrastructure find AI cloud contracts more attractive than block rewards alone.

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