IREN Shares Surge on AI Cloud Momentum and New Contracts
IREN Limited has seen its shares rise by 11.7% in the past month, driven by its shift towards AI cloud infrastructure and a series of new contracts.
The company's move away from Bitcoin mining is gaining momentum, with $2.8 billion worth of new multi-year cloud services contracts signed in July.
About 85% of IREN's year-end 2026 AI Cloud annualized run-rate revenue target was under contract, and the target itself has been raised to over $4 billion from $3.7 billion.
The company has also made significant progress on its delivery milestones, with Microsoft Corporation accepting Horizon 1 at IREN's Childress campus and NVIDIA Corporation awarding Exemplar Cloud status for the GB300 NVL72 deployment.
However, the stock still carries a valuation premium of 4.59X forward 12-month sales, which raises expectations for delivery timing to be met.