IREN Stock Surges Following $9.7 Billion AI Infrastructure Deal with Microsoft
IREN shares rallied 8.51% after announcing a five-year, $9.7 billion partnership with Microsoft, granting the tech giant access to Nvidia's advanced chips. The AI-driven cloud service provider recently reported quarterly sales of $77.7 billion, surpassing Wall Street expectations with 18% growth.
Pre-market trading saw IREN's stock spike 21.23% to $73.65, capping a 30.18% monthly gain. The company's market valuation now stands at $16.52 billion following a sixfold increase in share price this year. Earlier deals, including a $5.8 billion Nvidia GPU purchase from Dell, have further fueled investor optimism.
Microsoft's Jonathan Tinter highlighted the strategic nature of the collaboration, emphasizing how IREN's infrastructure expertise complements Microsoft's secure power capabilities. The phased deployment of Nvidia's GB300 chips at IREN's Texas facility through 2026 signals continued growth in AI cloud services.
