IREN jumps 16% after raising AI cloud revenue target above $4B
The Bitcoin miner raised its year-end AI cloud revenue target to more than $4 billion after signing $2.8 billion in new contracts with AI developers.
Bitcoin miner IREN’s shares rose around 15.7% on Monday after the company raised its year-end AI cloud annualized run-rate revenue target to more than $4 billion following $2.8 billion in new multi-year cloud services contracts with AI developers.
The company said about 85% of its revised annualized AI cloud revenue target is now under contract, with customers including Microsoft, Nvidia, Perplexity and Figure AI.