IREN Secures $2.8 B in AI Contracts as Shares Drop 5 %

AI cloud infrastructure firm IREN Limited announced in July that it had signed $2.8 billion in new multi‑year contracts with major AI developers, including Microsoft, Nvidia and Perplexity. The deals cover bare‑metal computing and managed cloud services and allowed the company to raise its year‑end AI cloud run‑rate target to more than $4 billion, with about 85 % already under contract. IREN also completed its acquisition of Mirantis, a cloud‑software provider, adding a software layer for managing AI workloads; co‑CEO Daniel Roberts said Mirantis “turns infrastructure into a platform.” Despite the contract haul, the stock fell 4.8 % to around $39, trading below its recent peak of $41, while analysts maintain buy ratings and price targets ranging from $80 to $99. The company’s market capitalization is roughly $14 billion, revenue for the trailing twelve months was $757 million, and the latest quarter reported revenue of $144.8 million, missing consensus estimates.