Bitcoin miner IREN shares rose about 15.7% on Monday after the company raised its year-end AI cloud annual run-rate revenue target to more than $4 billion after signing a new $2.8 billion multi-year cloud services agreement with an AI developer.
The company said approximately 85% of its revised annual AI cloud revenue target is currently under contract with customers including Microsoft, Nvidia, Perplexity, and Figure AI.
According to Yahoo Finance, the CoinShares Bitcoin Mining ETF (WGMI) rose 9.61% as other miners also saw modest stock increases. IREN stock is the fourth-largest holding among sector-tracking exchange traded funds, accounting for 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 megawatts a year ago, and is targeting 1.2 gigawatts in 2027.
IREN says demand from hyperscalers, enterprises and AI developers continues to exceed its available and planned capacity. Recent customer agreements also include upfront payments that cover approximately 45% of the associated GPU capital expenditures, reducing the funding required for these deployments.
The update follows Bernstein’s assessment in April that IREN’s AI cloud business would become a major revenue driver as it repurposes the company’s mining infrastructure for AI computing, part of a broader trend of Bitcoin miners expanding into AI and high-performance computing.
sauce: Yahoo Finance
