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IREN Stock Soars on Major AI Cloud Deals with Microsoft and Nvidia

Guavy AI Editorial Team
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Iren (IREN) has seen its stock price surge by 32.7% after announcing major AI cloud deals with Microsoft and Nvidia.

The company completed a US$625 million all-stock acquisition of Mirantis in early August 2026, which included multi-year AI cloud computing contracts with Microsoft and Nvidia.

This has led to Iren's year-end AI cloud annualized run-rate revenue target being increased to over US$4.00 billion.

The deal also sees Iren moving towards a vertically integrated AI cloud model by adding Mirantis' workload-management software on top of its GPU data centers.

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