IREN Shares Surge 30% After $9.7 Billion AI Cloud Deal With Microsoft
Bitcoin miner-turned-AI firm IREN saw its stock skyrocket 30% to $78.02 in pre-market trading following a landmark $9.7 billion cloud services agreement with Microsoft. The five-year deal grants Microsoft access to IREN's Nvidia GB300 GPUs, with a 20% prepayment made upfront.
The partnership marks IREN's strategic pivot from cryptocurrency mining to artificial intelligence infrastructure. "This validates our position as a trusted AI Cloud provider and unlocks access to hyperscale customers," said Daniel Roberts, IREN's co-founder and co-CEO. Microsoft's Jonathan Tinter emphasized IREN's unique value proposition: "Their integrated AI cloud platform and secured power capacity make them an ideal partner."
Despite settling at $73.52 after initial volatility, IREN shares maintain a staggering 566% year-to-date gain. The deal underscores the growing convergence between blockchain infrastructure providers and enterprise AI solutions.
