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The Economic Times
The Economic Times
Akash Podishetti

Iren shares jump 16% as $2.8 billion AI cloud deals lift revenue target

IREN Nvidia Microsoft Bitcoin Mining

IREN shares jumped as much as 16% on Monday after the company announced $2.8 billion in new multi-year AI cloud services contracts and raised its year-end 2026 revenue target for the business. The Nasdaq-listed stock rose as investors welcomed fresh signs that the former bitcoin mining company is gaining traction in the AI infrastructure market.

IREN said the new contracts with leading AI developers take its total contracted base closer to its updated target and show that demand for GPU cloud capacity remains strong.

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