A biclique of a graph G is a maximal induced complete bipartite subgraph of G. The biclique graph of G, denoted by KB(G), is the intersection graph of the bicliques of G. We say that a graph G diverges (or converges or is periodic) under an operator F whenever limk→∞ |V (F k (G))| = ∞ (limk→∞ F k (G) = F m(G) for some m, or F k (G) = F k+s(G) for some k and s ≥ 2, respectively). Given a graph G, the iterated biclique graph of G, denoted by KBk (G), is the graph obtained by applying the biclique operator k successive times to G. In this article, we study the iterated biclique graph of G. In particular, we classify the different behaviors of KBk (G) when the number of iterations k grows to infinity. That is, we prove that a graph either diver...