IREN Surges 8% on Massive AI Cloud Pivot

IREN Ltd. shares jumped 8.5% to $40.21 Friday as investors cheered the former Bitcoin miner's transformation into an AI infrastructure powerhouse. The Sydney-based company plans to scale its GPU fleet to 150,000 NVIDIA units, targeting over $3.7 billion in annualized AI cloud revenue by end of 2026, backed by a $9.7 billion Microsoft deal and $9.3 billion in total funding commitments. IREN controls over 4.5 gigawatts of secured power across North American sites, offering hyperscalers faster deployment than traditional data centers. Bitcoin mining continues generating cash flow, with hashrates near 50 EH/s. Analysts at Bernstein and H.C. Wainwright cite price targets up to $80, though share dilution and heavy capital spending remain key risks.