IREN Jumps 10% as Microsoft Accepts First AI Data Center Under $9.7 Billion Deal
Key takeaways
- IREN's pivot to AI infrastructure appears to be delivering, with the company's shares jumping 10% after Microsoft approved the first of four AI data centers.
- IREN's shares jumped over 10%
- Microsoft approved the first of four AI data centers
- $9.7 billion: the value of the deal
What happened
IREN Ltd. shares jumped over 10% after Microsoft Corp. approved the first of four AI data centers IREN is building under their $9.7 billion cloud services deal.
Why it matters
This milestone marks the clearest evidence yet that IREN's pivot from Bitcoin mining toward AI infrastructure is delivering, with the company targeting over $4 billion in AI Cloud annualized run-rate revenue by year-end.
Short-term and longer-term
Short-term. IREN's shares have jumped over 10% after Microsoft approved the first of four AI data centers, clearing a major execution hurdle in the company's pivot to AI infrastructure.
Longer-term. IREN's shift from Bitcoin mining to AI infrastructure comes as Bitcoin remains under pressure, with traders on Polymarket putting the chances of it touching $55,000 this year at 56%.