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IREN Jumps 20% After $2.8 Billion AI Deal

New multi-year contracts with customers like Microsoft and NVIDIA push IREN’s AI cloud revenue target above $4 billion. Investors are increasingly pricing the company as a data center and AI infrastructure player, not just a Bitcoin miner.

By Mike Hesp
• 2 min read
IREN Jumps 20% After $2.8 Billion AI Deal

Key Takeaways

  • IREN climbed nearly 20% on Monday after landing $2.8 billion in AI cloud contracts and lifting its 2026 revenue target to more than $4 billion.
  • The company says roughly 85% of the upgraded target is already contracted and lists Microsoft, NVIDIA, Perplexity, Figure AI, and Together AI among its customers.
  • The stock rebounded from support near $33, and the next technical level to watch is $47.

Nasdaq-listed IREN Limited surged nearly 20% on Monday after the crypto company announced new AI cloud contracts worth $2.8 billion and raised its 2026 revenue outlook to more than $4 billion (€3.5 billion). The shares bounced off long-term support around $33 (€29), as investors increasingly see the company as more than a Bitcoin miner and more like an AI infrastructure player.

AI Contracts Set the Tone

IREN, which used to operate as Iris Energy, said about 85% of the higher revenue target is already under contract. The new multi-year agreements total $2.8 billion (€2.5 billion) and reflect the company’s broader move from Bitcoin mining into data center and AI services.

Its customer roster includes Microsoft, NVIDIA, Perplexity, Figure AI, and Together AI. IREN provides computing capacity for AI training and inference, a segment that is expanding quickly as large tech firms increasingly rely on specialized providers for extra capacity.

The market’s focus on that shift intensified after rival Hut 8 announced the same day a 15-year, $9.8 billion AI data center lease in Texas. Cipher, CleanSpark, and MARA Holdings also gained more than 11%, underscoring how heavily the sector is being priced as an AI infrastructure trade right now.

From Miner to Data Center Company

IREN changed its name from Iris Energy in November 2024 to better reflect its push into AI cloud services. That fits a broader trend in which investors are starting to value Bitcoin miners more like data center operators than simple leveraged bets on Bitcoin.

For European crypto readers, that shift matters because the business is moving further away from pure mining cycles. Revenue from AI cloud contracts is more recurring than mining income and is less directly tied to halving events or Bitcoin’s price, even though financing these projects remains a key challenge. The same pattern is showing up at other miners moving in the same direction, such as TeraWulf, IREN, and Hut 8, where the market had already begun to price in the move toward AI infrastructure.

The Stock Is Now Watching $47 (€41)

From a technical standpoint, the move mattered. The nearly 20% rally came after a clean bounce from the $33 (€29) to $35 (€31) support area, which had already held in December and April. Volume picked up sharply, while the RSI moved out of oversold territory and into neutral territory around 44.

The next level to beat is $47 (€41). Above that, a heavier supply zone sits between $61 (€53) and $63 (€55), where the stock topped out in January and May. Unless IREN can close convincingly above $47 (€41), the rebound still looks more like a recovery within the broader downtrend than a full trend reversal.

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