Bitcoin Miner IREN's Shares Surge on Raised AI Cloud Revenue Target

Bitcoin miner IREN’s shares rose around 15.7% on Monday after the company raised 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 company said about 85% of its revised annualized AI cloud revenue target is now under contract, with customers including Microsoft, Nvidia, Perplexity and Figure AI.

CoinShares Bitcoin Mining ETF (WGMI) was up 9.61% as other miners also saw modest share gains, according to Yahoo Finance. IREN stock is the fourth-largest holding in that sector-tracking exchange-traded fund, at 10.05% of assets.

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 1.2 gigawatts targeted for 2027.

Demand from hyperscalers, enterprises and AI developers continues to exceed the company’s available and planned capacity, IREN said. Recent customer agreements also include prepayments covering about 45% of the associated GPU capital expenditures, reducing funding requirements for those deployments.

The update follows Bernstein’s April assessment that IREN’s AI cloud business would become its primary revenue driver as the company repurposes mining infrastructure for AI computing, part of a broader trend of Bitcoin miners expanding into AI and high-performance computing.