AI Cloud Services Boost IREN

Iris Energy (NASDAQ: IREN), traditionally known as a bitcoin miner, saw shares soar 14% to $61.86 in early trading Monday. This marks a second straight day of gains after the company revealed multi-year cloud service contracts with “leading AI companies.”

The announcement confirmed its Nvidia (NASDAQ: NVDA) GPUs will be deployed for AI workloads on behalf of these clients.
While customer names were not disclosed, the deals signal growing AI compute demand for IREN’s infrastructure.

Revenue & Growth Outlook

IREN reiterated its forecast of achieving >$500 million in annualized run-rate revenue (ARR) from its fleet of 23,000 GPUs currently operating or on order by the end of Q1 2026.
The AI pivot adds a new growth engine alongside its existing bitcoin-mining operations.

Market Reaction

Shares rallied 14.43% Monday, extending gains from the prior session.
Retail trading activity surged, with call option volumes spiking on Wall Street Bets.
IREN’s rise has also been supported by higher crypto prices, reinforcing the bullish retail narrative.

Nvidia Tie-In

IREN’s strategy leverages Nvidia GPUs for cloud-based AI services, linking its performance directly to the AI hardware leader.
This positions IREN as a hybrid play on crypto + AI infrastructure, gaining momentum from both sectors.