IREN Stock Soars 30% Amid Record-Breaking AI Cloud Contracts

Bitcoin miner IREN Limited (NASDAQ: IREN) saw its stock surge 30% on July 30, rebounding from recent losses in AI infrastructure stocks. Co-CEO Daniel Roberts attributed the demand for computing capacity to customer contracts exceeding what IREN can build right now.

Roberts pointed out that 85% of IREN's $4 billion-plus 2026 annualized revenue run-rate target is already signed, with construction crews actively working on sites and thousands of people pouring concrete and racking GPUs. This comes after the company signed $2.8 billion in AI cloud contracts with Microsoft, NVIDIA, Perplexity, and Figure AI earlier in July.

The newer deals include customer prepayments covering roughly 45% of related GPU capital costs, easing funding concerns for IREN's 1.2 GW 2027 capacity build. However, the conversion of contracted revenue into cash flow will determine the impact on crypto and AI infrastructure adoption in the long term.