IREN Stock Is Rebounding on Anthropic News After a Brutal Week — Is $40 the Next Test?
Key takeaways
- Anthropic’s new AI deal gives IREN a fresh upside catalyst, but the stock must hold $38–$40 to prove the partnership’s value.
- IREN closed at $35.19 on Oct. 9
- IREN fell 15.7% from $41.76 on Oct. 2
- Anthropic deal is multiyear
What happened
IREN Limited (NASDAQ: IREN) saw its shares rise in pre‑market trading on Oct. 12 after The Information reported that Anthropic signed a multiyear AI cloud‑computing agreement with the company, adding a new major customer beyond its existing $9.7 billion Microsoft deal.
Why it matters
The Anthropic contract signals a shift for IREN from Bitcoin mining toward AI infrastructure, potentially boosting revenue and diversifying its business model. It also provides a fresh catalyst that could reverse a week‑long sell‑off and restore investor confidence.
Short-term and longer-term
Short-term. Over the next few days, watch for IREN to break above $38 and then $40 with solid volume.
Longer-term. In the coming months, the Anthropic deal could materially improve IREN’s revenue mix and reduce its reliance on crypto mining.