IREN Shares Jump Over 10% in Pre-Market on Fresh AI Cloud Contracts

Bitcoin miner IREN’s stock is trending up 12% in pre-market hours on Tuesday, extending a sharp rally that has lifted its shares 872% over the past six months and 120% in the past month.

The gains follow the company’s announcement on Tuesday of additional multi-year cloud services contracts with AI firms for NVIDIA Blackwell GPU deployments.

The new agreements expand IREN’s AI Cloud business, which the bitcoin miner now claims more than $500 million in annualized run-rate revenue (ARR) from 23,000 GPUs either operating or on order by the end of the first quarter of 2026.

Contracts have been secured for about 11,000 of those GPUs—representing roughly $225 million in ARR—expected to be in operation by the end of 2025, IREN said in the release.

IREN added that the newly signed Blackwell GPU contracts, with an average term of two years, are priced to achieve a payback period of about two years.

The company noted ongoing discussions with additional customers as it continues to expand capacity at its British Columbia campuses and its Horizon 1 and 2 data centers under construction in Childress, Texas, which together could accommodate more than 100,000 GPUs.

IREN’s shares closed Monday at an all-time high near $58 before extending gains in pre-market trading Tuesday.