IREN shares rise on $2.8 billion AI deals and Mirantis acquisition

IREN shares rose 8.7% following the announcement of multi-year AI developer agreements totaling $2.8 billion. This deal has prompted management to increase its annual revenue target for the end of 2026 to more than $4.0 billion, up from a previous projection of $3.7 billion.

The company is accelerating its transition from a Bitcoin mining operator to an AI infrastructure and cloud software provider. As part of this strategy, IREN completed the $665 million acquisition of Mirantis, a specialist in cloud-native software and Kubernetes management. The acquisition aims to integrate enterprise software tooling with GPU-heavy hardware.

To support the deployment of GPU hardware, IREN has secured a $3.65 billion investment-grade financing package. Analysts have responded positively to these developments; Cantor Fitzgerald raised its price target for IREN to $99, while the broader Wall Street consensus price target sits in the low-$80 range.