IREN Surges 16% After Lifting AI Cloud Revenue Target Past $4B
IREN has more than doubled off its 52-week low of $14.72.
Summary
IREN raised its year-end AI cloud annualized run-rate revenue target to over $4 billion, up sharply from prior expectations, after signing $2.8 billion in new multi-year contracts. The stock jumped 16% on the news. About 85% of that target is now under contract with customers including Microsoft, Nvidia, Perplexity, and Figure AI. The company plans to deliver 480 MW of AI cloud capacity in 2026, a massive ramp from roughly 3 MW a year ago, with 1.2 GW targeted for 2027. Customer prepayments will cover about 45% of associated GPU capex, reducing funding needs. This follows a series of major strategic moves since May, including a $3.4 billion Nvidia partnership, $2.6 billion in convertible notes, and $3.6 billion in debt financing. The raised guidance and contract visibility mark a significant acceleration in IREN's pivot from Bitcoin mining to AI infrastructure.
At the time of this announcement, IREN was trading at $39.02 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $13.9B. The 52-week trading range was $14.72 to $76.87. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Cointelegraph.