Shares of Iren Limited (NASDAQ:IREN), a vertically integrated AI cloud and data center operator, closed at $34.80 on October 12, down 1.11% from the previous day. The stock initially surged after reports emerged that AI research lab Anthropic had signed a multiyear cloud services agreement with the company. Investors are closely monitoring the demand for AI infrastructure and funding needs to determine whether AI cloud capacity sales will sustain their current momentum.
Trading volume for Iren reached 48.5 million shares, approximately 13% higher than its three-month average of 43.0 million shares. Since its initial public offering (IPO) in 2021, Iren's stock has grown 42%. The company has been pivoting from cryptocurrency mining to AI cloud services, a transition that could be completed by the end of this year.
Among AI cloud and data center infrastructure peers with legacy Bitcoin (CRYPTO:BTC) mining operations, TeraWulf closed at $13.37, down 2.90%, and Cipher Digital closed at $13.00, down 3.85%. The broader market saw the S&P 500 (SNPINDEX:^GSPC) slip 0.06% to 7,807, while the Nasdaq Composite (NASDAQINDEX:^IXIC) fell 0.44% to 27,246.
Iren's AI Cloud Services revenue increased about eightfold year over year in its fiscal year 2026 period, which ended June 30. The company has been decommissioning its Bitcoin mining hardware as it focuses on expanding its AI cloud services. If demand for AI compute capacity remains high, investors should expect more deals to monetize its infrastructure.