IREN Shares Surge as Sector-Wide Rally Lifts Bitcoin Miners
Shares of IREN (NASDAQ:IREN) jumped 27% midday Thursday as part of a broad rally across Bitcoin-miner-turned-AI-infrastructure names.
TeraWulf (NASDAQ:WULF) and Cipher Mining (NASDAQ:CIFR) also saw gains, with WULF up 18% and CIFR shares up 28%, although they still outperform IREN in the year-to-date (YTD) scoreboard. TeraWulf is up 56% YTD while Cipher Mining stock is up 53%, compared to IREN's 2% decline.
The sector-wide rally has revived a debate about why IREN has traded so much worse than its peers, despite having a contracted book that includes a five-year $3.4 billion AI Cloud contract with NVIDIA (NASDAQ:NVDA) and up to $2.1 billion in NVIDIA investment vesting as IREN scales towards 600,000 GPUs.
IREN's management is targeting $3.7 billion in annualized recurring revenue and 150,000 deployed GPUs by end of calendar 2026, but the company's stock has not repriced with its peers despite having a larger secured power portfolio and marquee GPU partnership.