IREN Stock (IREN) Jumps 16% on News of AI Data Center Agreement

The stock of IREN (IREN) is up 16% on July 20 after the company announced that more customers are using its cloud-computing infrastructure and artificial intelligence (AI) data centers.

Claim 55% Off TipRanks

• Unlock powerful investing tools with TipRanks Premium to make smarter, more confident investment decisions
• Subscribe to TipRanks Smart Investor Newsletter, and discover new investing opportunities with data-backed stock picks

Specifically, IREN said it has agreed to new multiyear cloud contracts with AI developers, representing $2.8 billion in total contract value. The company raised its target for annualized run-rate revenue from AI cloud services at the end of this year to more than $4 billion from $3.7 billion previously.

IREN, which was previously a Bitcoin (BTC) miner, did not disclose the names of the AI developers it has inked the new deals with. Today, IREN is focused on cloud-computing infrastructure, with the company building and operating its own renewable-powered AI data centers.

A Rising Tide…

News of the increased spending on AI computing infrastructure is providing a lift to the stocks of other AI data center operators such as CoreWeave (CRWV) and Nebius (NBIS), each of which is seeing their share price gain about 3% on the day.

At the end of May this year, IREN announced it would spend $1.6 billion to purchase Dell Technologies (DELL) air-cooled Blackwell systems for its AI data centers. The new systems will be deployed across IREN’s data centres located in Texas. IREN’s AI data centers are expected to be operational in 2027.

Copyright © 2026, TipRanks. All rights reserved.