IREN's AI Data Center Deals Spark Stock Surge
IREN, formerly an Australian Bitcoin miner known as Iris Energy, has transformed into an AI infrastructure company after rebranding in late 2024.
The company's stock has skyrocketed over 270% since then, driven by massive contracts for its AI and high-performance computing data centers.
In November last year, IREN signed a 5-year $9.7 billion contract with Microsoft to provide AI cloud services.
More recently, it inked a $3.4 billion deal with Nvidia for the same purpose, and a $2.8 billion wave of multi-customer contracts where customers prepay approximately 45% of the GPU capex.
As a result, IREN expects its annualized revenue run rate to exceed $4 billion in 2026, with analysts predicting a surge from $510 million to $6.20 billion in revenue and adjusted EBITDA jumping from $270 million to $4.95 billion between 2025 and 2028.