IREN Stock Soars 16% on Raised AI Cloud Revenue Target Above $4 Billion

Bitcoin mining company IREN saw its shares surge nearly 16% on Monday after the company raised its year-end target for annualized AI cloud revenue to more than $4 billion. The updated guidance follows $2.8 billion worth of new multi-year cloud services agreements signed with AI developers.

According to the company, roughly 85% of the revised revenue target is already backed by signed contracts. Customers include major names such as Microsoft, Nvidia, Perplexity, and Figure AI.

Sector-Wide Gains Follow the News

The rally spilled over into other Bitcoin mining stocks as well, with the CoinShares Bitcoin Mining ETF climbing close to 9.6%. IREN holds the fourth largest position within that fund, making up just over 10% of its total assets.

Rapid Capacity Expansion Underway

Co-CEO Daniel Roberts said IREN is on track to deliver 480 megawatts of AI cloud capacity by the end of 2026, a sharp jump from around 3 megawatts just a year prior. The company is targeting 1.2 gigawatts of capacity for 2027. IREN noted that demand from hyperscalers, enterprises, and AI developers continues to outpace what it currently has available or planned. Notably, recent customer deals include prepayments covering about 45% of related GPU spending, easing the company’s funding needs for new deployments.

The announcement builds on an earlier assessment from Bernstein, which projected that IREN’s AI cloud segment would eventually surpass Bitcoin mining as its main source of revenue, reflecting a wider shift among crypto miners repurposing infrastructure for AI computing.