IREN jumps 16% after raising AI cloud target above $4B
Bitcoin miner IREN jumps after raising its year-end AI cloud revenue target above $4 billion, sending shares up roughly 16% on Monday. The lift followed $2.8 billion in new multi-year cloud contracts with AI developers, with about 85% of the revised run-rate now under contract.
Key Takeaways
- IREN shares rose about 15.7% after lifting its AI cloud annualized run-rate revenue target above $4 billion.
- New multi-year deals totaled $2.8 billion; named customers include Microsoft, Nvidia, Perplexity and Figure AI.
- About 85% of the revised target is under contract; prepayments cover roughly 45% of related GPU capex.
- Co-CEO Daniel Roberts said IREN aims for 480 MW of AI cloud capacity in 2026 and 1.2 GW in 2027.
- CoinShares Bitcoin Mining ETF (WGMI) rose 9.61% as other miners also posted modest gains.
Why did IREN shares jump on Monday?
IREN stock climbed around 15.7% after the Bitcoin miner raised its year-end AI cloud annualized run-rate revenue target to more than $4 billion. The move followed $2.8 billion in new multi-year cloud services contracts with AI developers, according to Cointelegraph.
For readers tracking miner-to-AI pivots across Fintech & Crypto Alerts, the update shows how contracted AI demand is reshaping miner valuations in real time.
Who are the AI cloud customers behind the target?
IREN said about 85% of its revised annualized AI cloud revenue target is now under contract. Customers include Microsoft, Nvidia, Perplexity and Figure AI.
Demand from hyperscalers, enterprises and AI developers continues to exceed the company’s available and planned capacity, IREN said. Recent customer agreements also include prepayments covering about 45% of the associated GPU capital expenditures, which reduces funding requirements for those deployments.
How much AI capacity is IREN planning to deliver?
Co-CEO Daniel Roberts said IREN plans to deliver 480 megawatts of AI cloud capacity in 2026, up from about 3 MW a year earlier. The company is targeting 1.2 gigawatts for 2027 as it scales AI cloud far beyond last year’s footprint.
The update follows Bernstein’s April assessment that IREN’s AI cloud business would become its primary revenue driver as the firm repurposes mining infrastructure for AI computing. That shift mirrors a broader trend of Bitcoin miners expanding into AI and high-performance computing.
CoinShares Bitcoin Mining ETF (WGMI) was up 9.61% as other miners saw modest share gains, according to Yahoo Finance figures cited in the report. IREN is the fourth-largest holding in that sector-tracking exchange-traded fund, at 10.05% of assets.