IREN Stock Soars 8% on AI-Cloud Pivot Fueling Rally

IREN Limited (Nasdaq: IREN) has seen its stock price surge 8% to $39.75, driven by a cluster of recent catalysts and strong sentiment across AI-infrastructure stocks.

The company's transformation from Bitcoin miner Iris Energy to AI cloud provider is central to the rally, with new multi-year customer contracts worth $2.8 billion lifting its 2026 annualized revenue run-rate target above $4 billion.

IREN has also secured large-scale contracts with major players like Microsoft and NVIDIA, underscoring its vertically integrated AI cloud capabilities.

The company aims to deliver 480 megawatts of AI cloud capacity in 2026 and expand it to 1.2 gigawatts in 2027, but faces a funding gap of $21.1 billion to meet its ambitions.