According to CoinMeta, the stock price of the former Bitcoin mining company IREN rose by about 18% on November 6th, due to its AI cloud revenue increasing by 182% in the quarter ending September 30th, reaching $200 million. Despite reporting a net loss of $263 million, the company has a backlog of contract revenue amounting to $20.3 billion, which is a 22% increase from the previous quarter. AI cloud services accounted for approximately 87.7% of the quarterly revenue, while Bitcoin mining revenue decreased from $67 million to $28 million. IREN plans to increase capital expenditures by about $15 billion in the fiscal year 2027, and management stated that they already have $9 billion in cash and financing commitments.