Nasdaq-listed IREN Limited (IREN) shares jumped nearly 20% on Monday after the AI cloud provider signed $2.8 billion in new customer contracts and lifted its 2026 revenue run-rate target above $4 billion.
The rally sent the stock bouncing off long-held support near $33
It formed part of a wider surge across Bitcoin (BTC) mining stocks now repositioning as artificial intelligence infrastructure providers. The Deal Driving the Re-Rating IREN, formerly Iris Energy, said roughly 85% of its raised target is now under contract. The new multi-year deals total $2.8 billion in value.
Its customer list now spans Microsoft, NVIDIA, Perplexity, Figure AI, and Together AI, among others. The company sells computing power for AI training and inference. The move landed alongside a broader rally.