IREN jumps 16% as AI cloud target tops $4B on $2.8B in new contracts
The Bitcoin miner's pivot to AI compute is winning customers including Microsoft, Nvidia, and Perplexity.
In Brief
- IREN rose about 15.7% Monday after raising its year-end AI cloud revenue target above $4 billion.
- The boost follows $2.8 billion in new multi-year cloud contracts, ~85% of which is already under contract.
- The company plans 480 MW of AI cloud capacity in 2026, scaling to a 1.2 GW target for 2027.
Bitcoin miner IREN surged roughly 15.7% on Monday after raising its year-end AI cloud annualized run-rate revenue target to more than $4 billion, following $2.8 billion in new multi-year cloud services contracts with AI developers. The move is the latest sign that the company’s bet on repurposing mining infrastructure for artificial-intelligence computing is paying off. Cointelegraph reports the revised target is mostly already backed by signed deals.
IREN said about 85% of the revised annualized AI cloud revenue target is now under contract, with customers that include Microsoft, Nvidia, Perplexity, and Figure AI. Demand from hyperscalers, enterprises, and AI developers continues to exceed the company’s available and planned capacity, IREN added.
Co-CEO Daniel Roberts said IREN plans to deliver 480 megawatts of AI cloud capacity in 2026, up from about 3 MW a year earlier, with a 1.2 gigawatt target for 2027. Recent customer agreements also include prepayments covering roughly 45% of the associated GPU capital expenditures, reducing funding requirements for those deployments.
Separately, the company plans 480 MW of AI cloud capacity in 2026, scaling to a 1.2 GW target for 2027.
From mining to AI infrastructure
The update follows Bernstein’s April assessment that IREN’s AI cloud business would become its primary revenue driver as the company converts mining infrastructure into AI and high-performance computing. It is part of a broader trend of Bitcoin miners expanding into AI compute, betting that the same power and real-estate footprint can earn more serving model developers than minting coins.
The stock reaction reflects how thoroughly the market has re-rated these firms. The CoinShares Bitcoin Mining ETF (WGMI) rose 9.61% as other miners also gained, with IREN as the fund’s fourth-largest holding at 10.05% of assets. IREN’s jump is the single clearest vote of confidence in the pivot this week.
The dynamic is not limited to one company. The same thesis—that miners hold the scarce input AI needs, which is power—runs through the wider sector’s repositioning, a theme echoed in recent coverage of AI-chip stock volatility.
Why IREN’s $2.8B contracts matter
The $2.8 billion in new agreements does more than lift a guidance figure; it de-risks IREN’s buildout. With prepayments covering nearly half the GPU capex, the company reduces its own financing burden while locking in multi-year demand from marquee AI names.
That matters because the AI-infrastructure trade has been whipsawed by doubts about whether spending would continue. IREN’s ability to pre-sell capacity to Microsoft, Nvidia, and Perplexity suggests the pause in sentiment may have been overdone—a point central to .
For now, IREN has turned a Bitcoin-mining operation into one of the more closely watched AI-cloud stories on the market, with a $4 billion target and the contracts to back it.
FAQ
How much did IREN’s stock rise?
IREN shares rose about 15.7% on Monday after the AI cloud revenue guidance increase, according to Cointelegraph.
Who are IREN’s AI cloud customers?
IREN says customers on the new contracts include Microsoft, Nvidia, Perplexity, and Figure AI, with about 85% of the revised target under contract.
How much AI capacity does IREN plan to deploy?
Co-CEO Daniel Roberts said IREN targets 480 MW of AI cloud capacity in 2026, up from about 3 MW a year earlier, scaling to a 1.2 GW goal for 2027.
