IREN Ltd

IREN Ltd. has received Microsoft Corp.'s official approval for Horizon 1, the first of four data centers being developed under a five-year, $9.7 billion deal, allowing IREN to begin billing Microsoft monthly. The site also operated Nvidia Corp. computers with GB300, earning Exemplar Cloud status and providing another vote of confidence in performance and reliability. IREN has assembled a $3.65 billion loan package tied to the Microsoft contract to fund much of the GPU spending, and holds a separate five-year $3.4 billion cloud deal with Nvidia. While IREN's AI business remains small compared to Bitcoin mining, the approval marks a shift from announced acquisitions to operational infrastructure and revenue.

IREN stock rallied 6% to $45.26 after Microsoft formally accepted Horizon 1, the first of four data centers being built for the hyperscaler at IREN's Childress, Texas campus, triggering the first billing under IREN's $9.7 billion contract. However, within the first hour of trading, IREN stock was back to unchanged at $42.54. TeraWulf shares advanced 1% to $16.61, while Cipher Digital stock fell 5% to $16.35. Microsoft stock was essentially unchanged at $481.27, and NVIDIA shares were flat at $216.96. IREN has lined up a $3.65 billion debt package backed by the Microsoft contract, rated investment grade, covering almost all of the GPU spending tied to the deal.

A growing number of former Bitcoin miners are repositioning themselves as AI and high-performance computing infrastructure providers, using their existing power assets and land holdings to compete for long-term, contracted revenue from hyperscalers and AI labs. Hut 8 disclosed a $26.6 billion contracted backlog alongside $7.5 billion in non-convertible, non-recourse debt financing, with projected average annual net operating income of $1.75 billion across 949 MW of contracted capacity. IREN Limited has secured over $2.8 billion in multi-year contracts with Microsoft and Nvidia, with 85% of 2026 annual recurring revenue already contracted as it targets a 5 GW capacity buildout by 2028. HIVE Digital Technologies announced a $350 million, five-year AI cloud services agreement through its BUZZ HPC unit, bringing total contracted AI annual recurring revenue above $100 million. Digi Power X is building toward a $140 million+ annualized contracted run rate by 2027, anchored by a $1.1 billion take-or-pay contract with Cerebras for 40 MW in Alabama, while Keel Infrastructure Corp controls 574 MW across four HPC-earmarked sites funded by $819 million in liquidity. Analysts are broadly constructive on the transition thesis, but consistently flag dilution risk, contract execution, and interest-rate sensitivity as the primary threats to current valuation multiples.

IREN Limited has cleared a major delivery milestone as Microsoft accepted Horizon 1, the first of four 50 MW deployments at its Childress campus tied to a five-year, $9.7 billion AI agreement. The acceptance in August turns the first phase into a delivered asset, keeping it aligned with the company's 2026 deployment plan and creating a concrete reference point for the remaining builds. NVIDIA also awarded IREN Exemplar Cloud status after testing the GB300 NVL72 deployment at Horizon 1, indicating the system met NVIDIA's standards for performance, reliability and scale. Horizons 2 through 4 remain scheduled for delivery during 2026, and their progress will determine how quickly more of the Microsoft agreement becomes revenue-generating capacity. IREN expects about 95% of Microsoft GPU-related capital expenditure to be funded through customer prepayments and GPU financing, and the company had $2.6 billion of cash as of April 30.

The Valkyrie Bitcoin Miners ETF has surged 97% over the past year even as bitcoin fell 46%, driven by miners pivoting to multi-billion-dollar AI infrastructure leases. Core Scientific signed a 15-year AMD lease worth more than $14 billion in base contracted revenue across 530 megawatts, while IREN inked a five-year, $3.4 billion NVIDIA cloud contract plus a NVIDIA investment of up to $2.1 billion. Riot Platforms layered a 20-year, 191-megawatt lease with a frontier AI lab, pushing total contracted data-center revenue to $9.8 billion. The fund's bull case now rests on 15-year AI leases rather than hash rates, with hyperscaler capex from NVIDIA, AMD, and Microsoft driving performance more than bitcoin. Investors wanting direct bitcoin exposure should use a spot bitcoin ETF like iShares Bitcoin Trust instead of WGMI, which now behaves as an AI infrastructure landlord rather than a crypto proxy.

Iren announced that its Horizon 1 data center project is operational and has been delivered to tenant Microsoft, one of four 50-megawatt sites under a landmark deal struck last year. The Horizon 1 deal will bring in roughly $500 million in annual recurring revenue for the next five years, and once all four Horizon sites are delivered later this year, they will produce a combined $1.94 billion annually over five years, or about $1.55 billion per year after accounting for a 20% prepayment. CEO Dan Roberts said the company is working to deliver Horizon sites 2, 3, and 4 later this year. Iren has 5.8 gigawatts of total capacity under development and aims for 480 megawatts of gross AI cloud capacity by the end of this year, nearly tripling that figure by the end of 2027. The company earned only $144.8 million in its fiscal 2026 third quarter but has raised its 2026 annual recurring revenue target to over $4 billion, and management expects at least one quarter in 2027 to produce $1 billion in total sales.

Morgan Stanley analysts believe Nvidia's $500 billion AI infrastructure financing deal could unlock a significant revenue stream for the company. The analysts, led by Joseph Moore, consider Nvidia a top pick among semiconductors with a $288 price target and an Overweight rating. Under the structure, Nvidia will backstop credit for neocloud startups, allowing them to raise money at near investment grade, and in exchange Nvidia gets a share of revenue above a negotiated backstop price. In a scenario where neoclouds bring 25 gigawatts of compute online by the end of 2027, monetizing it at $20 million per megawatt would generate $500 billion of annual revenue, and if Nvidia captured one quarter of that as 100% margin revenue it would drive 60% upside to fiscal 2028 EBIT estimates. At a smaller scale of 2 to 5 gigawatts, Morgan Stanley sees roughly 10% uplift to earnings per share.

IREN shares climbed about 5% on Thursday after the company confirmed that its first artificial intelligence cloud installation for Microsoft had been delivered and accepted. The project, called Horizon 1, represents the first of four planned 50-megawatt deployments at IREN's Childress, Texas, site, with delivery to Microsoft scheduled during 2026 under a five-year cloud services agreement valued at $9.7 billion. IREN also secured NVIDIA Exemplar Cloud status after NVIDIA evaluated its GB300 NVL72 system at Horizon 1. The company is targeting 480 megawatts of total AI cloud capacity this year and expects that figure to reach 1.2 gigawatts in 2027.

AI infrastructure stocks surged on Wednesday after blowout results from AI server hardware maker Supermicro and neocloud providers CoreWeave and Nebius Group. Nebius stock surged after quarterly revenue topped analyst expectations, while Supermicro reported fourth quarter results that beat analyst estimates on earnings and issued an upbeat forecast that sent shares higher by more than 6%. AI hosting peers Applied Digital and IREN also moved higher after CoreWeave posted quarterly results highlighting accelerating demand and a surging backlog. Lumentum shares gained after the maker of optical and photonic products for data centers posted fiscal fourth quarter revenue that more than doubled to $1.01 billion, and peers Coherent and Ciena both jumped. The memory and storage complex also rose, with the Roundhill Memory ETF up 4%, SanDisk up 4%, and Micron and SK Hynix each up 4%.

Meta Platforms CEO Mark Zuckerberg said AI compute is becoming more valuable as demand outpaces supply, a trend that benefits neocloud provider Iren because it has kept a significant portion of its future infrastructure uncommitted. On Meta's second-quarter 2026 earnings call, Zuckerberg noted the company is receiving offers for compute at a significant premium over what it paid, and expects to grow a large business selling capacity. Iren announced in July that it signed $2.8 billion in new multiyear cloud service contracts and raised its year-end annualized run rate revenue target for its AI cloud business to over $4 billion, yet it still has a 5-gigawatt pipeline of renewable-powered data centers, with 810 megawatts operational, 2,100 megawatts under construction, and 1,600 megawatts in development. The company's strategic partnership with Nvidia and its vertically integrated model allow it to price uncommitted capacity into a tightening market, giving it an edge over competitors that locked in early deals.

IREN Limited is shifting from Bitcoin mining to AI cloud services, with AI Cloud revenue nearly doubling to $33.6 million in the third quarter of fiscal 2026 even as total revenue fell to $144.8 million and the company posted a net loss of $247.8 million. Management targets 480 megawatts of AI Cloud capacity, 150,000 GPUs, and $3.7 billion in annual recurring revenue by year-end, backed by a five-year, $3.4 billion contract with NVIDIA and a key handover of the Horizon 1 site to Microsoft in the third quarter. Secured power has grown to 5 gigawatts, and about 95% of GPU financing is expected from customer prepayments and equipment financing. Hedge fund ownership rose to 53 from 46, but short interest remains high at 27.09%, reflecting skepticism about execution risks and heavy reliance on a few large customers.

IREN Limited has completed its acquisition of cloud software and services provider Mirantis, Inc. The deal involved the issuance of approximately 12.6 million ordinary shares, fixed at signing, plus cash, restricted stock units and other consideration of approximately $40 million as of closing. The acquisition deepens IREN’s capabilities across AI workload orchestration, monitoring and customer support, strengthening its vertically integrated AI Cloud platform. Mirantis brings deep software engineering expertise and a track record of serving more than 1,500 enterprise customers globally, and is an inaugural partner of the NVIDIA AI Cloud Ready Initiative. The combination gives customers greater choice and control in deploying and scaling AI workloads by pairing IREN’s owned and operated data centers and compute with Mirantis’ flexible, interoperable software layer.

IREN has expanded its AI Cloud business with new multi-year contracts from Microsoft and NVIDIA that cover a large share of its targeted year-end revenue. The company now targets more than US$4.0 billion in year-end AI Cloud annualized run-rate revenue, with about 85% reportedly under contract. Customer prepayments cover roughly 45% of associated GPU capital expenditure, and the weighted average contract term is about four years. IREN reports that demand from hyperscalers, enterprises and AI developers exceeds its available and planned capacity, supporting utilization of its expanded AI Cloud footprint. The company must still deliver large-scale buildouts on time and on budget while managing debt, cash flows and technology cycles.

IREN Ltd. shares soared 30.54 percent on Thursday to close at $38.26 apiece, as investors hunted for bargains after six straight days of losses, buoyed by Citadel LLC's acquisition of a large block of stock that averted a potential fire sale and by Microsoft's announcement of continued capital expenditure growth into 2027. The rally was further supported by IREN's raised annualized run-rate revenue target to $4 billion from $3.7 billion, following $2.8 billion in multi-year cloud services contracts with leading AI developers including Microsoft, Nvidia, and Perplexity. Co-founder and co-CEO Daniel Roberts highlighted rapid AI cloud capacity expansion, with the company targeting 480 MW of capacity this year alone and ramping up to 1.2 GW by next year, compared to just 3 MW of self-built capacity in July 2025. Institutional participation increased to 53 hedge funds in the first quarter from 36 in the prior quarter, though combined holdings dipped 3.6 percent to $1.61 billion, signaling cautious conviction amid broader AI valuation reassessments.

A growing number of digital-asset treasury companies are pivoting to artificial intelligence businesses in an effort to regain investor interest, but the strategy has largely failed to halt steep share-price declines. K Wave Media Ltd., a former Bitcoin accumulator that shifted to data center development, has fallen 71% since rebooting in May; Lixte Biotechnology Holdings Inc. dropped 33% since agreeing to merge with a battery firm in June; and AlphaTON Capital Corp., which held alternative cryptocurrencies, has declined 33% since rebranding as Alpha Compute Corp. in April. These firms are among at least a dozen DATs that have turned to AI-related ventures amid a crypto slump that has seen Bitcoin fall 49% from its October 2024 peak and US and Canadian DAT stocks post a median decline of 43% this year. Law firms that previously handled private placements for DATs report a complete halt in such deals since October, with companies now seeking opportunities in data centers, space exploration, and small nuclear reactors. While some Bitcoin miners like CoreWeave, Hut 8, Iren, and TeraWulf have seen better results retooling for AI, the broader pivot has not reversed the exodus from the crypto treasury model.

Financial equity funds recorded their largest four-week inflow since January 2022, attracting $1.5 billion in the latest week and bringing cumulative inflows over the past four weeks to $8.8 billion, according to BofA Global Research citing EPFR data. The State Street Financial Select Sector SPDR ETF edged up 0.09% to $56.31, while the S&P 500 slipped 0.61% to 7,411.98 points. Among megacap gainers, Mitsubishi UFJ Financial rose 7.36% to $22.89 amid updates on Japan's $550 billion U.S. investment plan, and JPMorgan Chase added 3.55% to $353.21 after Deutsche Bank upgraded the stock to Buy. Crypto stocks surged, with Hut 8 jumping 20.27% to $109.99 after securing a second 15-year, $9.8 billion lease for 352 megawatts of IT capacity at its Beacon Point data center campus in Texas, and IREN gaining 10.26% to $37.07 after signing $2.8 billion in contracts and raising its 2026 annualized run-rate revenue target to over $4 billion. On the losing side, American Express fell 8.21% to $326.17 after second-quarter revenue missed estimates, MSCI dropped 12.39% to $550.79 on higher expense guidance, and HDFC Bank declined 11.94% to $23.23 following a profit miss.

IREN has announced $2.8 billion in new multi-year AI cloud contracts with clients including Microsoft and NVIDIA, lifting its 2026 AI Cloud annual recurring revenue target above $4 billion. Despite the contract win, the share price has fallen about 27% over the past 30 days and 21% over 90 days, though the one-year total shareholder return stands at approximately 117% and the three-year return is around five times. The most followed narrative on the stock suggests it is 42.2% undervalued, with an implied fair value of $71.48 compared to the last close of $41.28, driven by rapid revenue expansion and rising margins. However, the current price-to-earnings ratio of 93.3 times sits well above the US Software industry average of 27.2 times and a fair ratio of 70.7 times, signaling valuation risk if growth expectations cool.

Shares of Nebius Group, CoreWeave, and IREN rose Thursday after Alphabet raised its 2026 capital spending forecast and said it plans to expand the use of third-party computing capacity to support growing artificial intelligence demand. Alphabet now expects capital expenditures of $195 billion to $205 billion in 2026, up from its prior outlook of $180 billion to $190 billion. The company also reported negative free cash flow for the latest quarter, reflecting the pace of its spending. Alphabet plans to rely more heavily on third-party capacity during the third quarter while it builds additional in-house infrastructure, a strategy Chief Financial Officer Anat Ashkenazi said is intended to help meet customer demand in a supply-constrained environment, although it may create modest near-term margin pressure. Demand for AI infrastructure continues to exceed available capacity, reinforcing Alphabet's plans to accelerate investment while using external providers to bridge near-term supply constraints.

Iren stock surged 20% on July 20 after the neocloud operator announced $2.8 billion in new contracts. The deals have an average weighted length of four years and include prepayments covering approximately 45% of GPU costs, helping to de-risk the capital-intensive business. Iren also raised its year-end AI cloud computing annual revenue run rate outlook to more than $4 billion, up from a prior target of $3.7 billion. The former Bitcoin miner is expanding aggressively, with capacity expected to reach 480 megawatts in 2026 and 1.2 gigawatts in 2027, though demand continues to exceed planned additions. Iren has also secured large-scale partnerships, including a five-year, $3.4 billion cloud services contract with Nvidia and a five-year, $9.7 billion deal with Microsoft.

IREN Limited raised its year-end AI Cloud annualized run-rate revenue target to more than $4 billion, up from $3.7 billion, and disclosed that roughly 85% of that target is already under contract through multi-year cloud services deals with key AI developers, reflecting $2.8 billion in total contract value. The company is expanding its self-built AI Cloud capacity from 3 megawatts to 480 megawatts this year, with expectations of reaching 1.2 gigawatts by 2027. Goldman Sachs maintained a Neutral rating with a $50 price target, while Citizens reaffirmed a Market Outperform rating and an $80 price target. The number of hedge funds holding IREN increased from 46 in the fourth quarter of 2025 to 53 in the first quarter of 2026, signaling growing institutional attention as the company transitions from Bitcoin mining to AI cloud infrastructure.

Treasury Secretary Scott Bessent said the Clarity Act is at the '1-yard line', urging Congress to pass the landmark bill before recess, which sent bitcoin and other cryptocurrencies higher on Tuesday. Bitcoin rose 2.08% to $66,559, Ethereum added 1.00% to $1,922, and Dogecoin gained 1.62% to $0.073. Crypto stocks surged, with Cipher Digital up 18.01% to $24.24, Coinbase Global up 11.70% to $179.20, Riot Platforms up 8.64% to $21.62, Robinhood Markets up 8.58% to $107.80, MARA Holdings up 8.10% to $12.62, Circle Internet Group up 7.90% to $70.62, Hut 8 up 7.81% to $108.81, CleanSpark up 7.66% to $15.53, Bullish up 6.83% to $24.24, Figure Technology Solutions up 6.31% to $32.34, Bakkt up 5.22% to $8.26, IREN up 4.71% to $42.10, Gemini Space Station up 4.33% to $4.70, and Strategy up 3.67% to $101.41.

IREN Limited has signed $2.8 billion in new multi-year contracts with leading AI developers, including Microsoft, NVIDIA, Perplexity, Figure AI, Together AI, Fluidstack, Fireworks AI, Fal AI, Hume AI and another undisclosed developer, covering both bare-metal infrastructure and managed cloud offerings. Supported by this demand, the company raised its year-end 2026 AI Cloud annualized run-rate revenue target to more than $4 billion, up from $3.7 billion, with about 85% of the revised target already under contract. Recent customer agreements also include prepayments covering roughly 45% of related GPU capital expenditure, reducing upfront funding needs. To support future growth, IREN plans to expand AI Cloud capacity to 480 MW by the end of 2026 and 1.2 GW in 2027, up from roughly 3 MW a year ago, and recently completed the acquisition of Spain-based Nostrum Group, adding approximately 490 MW of secured, grid-connected power and a team of more than 50 specialists, marking its entry into Europe.

IREN Limited shares surged nearly 20% on Monday after the AI cloud provider signed $2.8 billion in new multi-year customer contracts and raised its 2026 revenue run-rate target above $4 billion. The company, formerly Iris Energy, said roughly 85% of that raised target is now under contract, with customers including Microsoft, NVIDIA, Perplexity, Figure AI, and Together AI. IREN is scaling its vertically integrated AI Cloud platform from approximately 3 megawatts of self-built capacity to 480 megawatts this year, targeting 1.2 gigawatts by 2027. The rally came alongside a broader surge in Bitcoin mining stocks pivoting to AI infrastructure, with Hut 8 disclosing a 15-year, $9.8 billion AI data center lease and Cipher, CleanSpark, and MARA Holdings each rising more than 11%. However, Blocksbridge Consulting estimates IREN faces a $21.1 billion funding gap for its AI ambitions, the largest among miners, though the company held about $7.6 billion in cash as of June 30 and customer prepayments cover roughly 45% of related GPU costs. IREN stock bounced off support near $33 and now faces resistance at $47, with a heavier supply zone between $61 and $63.

CleanSpark shares surged 10.67 percent to $14.42 on Monday, driven by a wave of multi-billion-dollar AI infrastructure leasing deals across the sector. Peer Hut 8 Corp. secured a new $9.8-billion, 15-year lease with an existing high-investment-grade company, bringing its total lease to 704 megawatts from the second phase of its Beacon Point data center in Texas. IREN Ltd. signed $2.8 billion in new AI cloud deals, lifting its annualized run-rate revenue to $4 billion with a customer base that includes Microsoft, NVIDIA, and Perplexity. CleanSpark itself last week entered a 20-year infrastructure lease with an unnamed high-investment-grade tenant for an initial $6.6 billion in contract revenue, with options that could raise total leasing revenues to $11.6 billion. Institutional conviction also strengthened, as 37 hedge funds held positions in CleanSpark in the first quarter, up from 32, with combined holdings jumping 62 percent to $263.7 million.

Mara Holdings shares jumped more than 9% on Monday, lifted by a broader rally among cryptocurrency miners that are pivoting into AI data center operations. The surge was fueled by two multi-billion-dollar deals announced by peers Iren and Hut 8. Iren signed multi-year contracts with top AI developers and raised its annual AI cloud run rate revenue guidance from $3.7 billion to over $4 billion. Hut 8 secured a second lease at its Beacon Point data center complex in Texas, a 15-year contract worth $9.8 billion. Although Mara Holdings was not directly involved in either deal, investors bid up the stock on optimism that its similar pivot into AI data centers could drive significant growth.

Advanced Micro Devices shares rose nearly 4% after Microsoft said it would offer AMD's Helios-based system on the Azure cloud, a move Wolfe Research called a testament to Helios' competitiveness ahead of AMD's Advancing AI day. Iren jumped more than 17% as the data center operator raised its year-end AI Cloud annualized run-rate revenue target to more than $4 billion from $3.7 billion after securing $2.8 billion in new multiyear contracts, with about 85% of that revenue under contract. Archer Aviation gained 17% after unveiling an autonomous vertical take-off and landing aircraft jointly developed with Anduril for defense and commercial use, with a first flight planned for next year. Movie theater stocks rose on a strong opening weekend for 'The Odyssey,' which took in $264.1 million worldwide and $52 million on Imax screens, while AMC added 20% after reporting a 12% rise in U.S. attendance. Sweetgreen fell 8% and Cava Group shed 5% as the FDA continued investigating a cyclospora outbreak, and SpaceX shares slipped 1% to a fresh low despite scheduling its next Starship launch attempt for Thursday.

AMC Entertainment, Iren, Nebius, and Monster Beverage are among the stocks to watch on Monday. AMC surged 17.6% in premarket trading after topping second-quarter revenue and adjusted EBITDA estimates, with revenue rising 14.2% to $1.6 billion and adjusted EBITDA climbing 70% to a record $321 million. Iren jumped about 10% after signing $2.8 billion in new cloud services contracts and raising its year-end AI Cloud annualized run-rate revenue target to more than $4 billion from $3.7 billion. Nebius rose 3.7% after Freedom Capital upgraded the stock to Buy from Hold and raised its price target to $200 from $150, citing first-quarter revenue of $399 million. Monster Beverage slipped 1% after Deutsche Bank downgraded the energy drink maker to Hold from Buy, saying the stock's recent outperformance left limited upside.

IREN Limited has appointed Eric Hammersley as Chief Information Security Officer. He will lead the security program across the company's data centers, compute, and software layers. Hammersley joins from Nutanix, where he served as Vice President, Engineering and Chief Product Security Officer, and previously led software product security architecture for NVIDIA's high-performance computing environments. The appointment follows recent additions of a Chief Product Officer and Chief Development Officer as IREN expands its AI Cloud platform.

IREN and BE Networks announced a collaboration to use NVIDIA DSX Air to simulate and validate the network architecture for an upcoming deployment of over 50,000 NVIDIA Blackwell Ultra GPUs. The companies will create a production-representative digital twin to model large-scale GPU cluster behavior, test automation workflows, and identify potential issues before physical infrastructure is deployed. BE Networks will support the process with its Verity automation platform, which translates validated designs into repeatable deployment workflows to improve precision and reduce integration risks. The initiative aims to streamline the development of IREN's AI factory by verifying complex compute, storage, and networking layers in advance, bringing customer capacity online more efficiently.

Bernstein analyst Gautam Chhugani reiterated a Buy rating on Iren Limited with a price target of $100.00. Freedom Capital upgraded its rating on IREN to Buy from Hold on July 6, maintaining its price target of $58, citing enough upside after the stock's decline. Freedom Capital projects IREN's revenue to grow from $717 million this year to $3.1 billion in fiscal 2027 and $8.5 billion in fiscal 2028. Based on 17 analyst ratings compiled by CNN, 73% assigned a Buy rating to IREN, with a median price target of $82.50, representing a 107.21% upside from the current price of $39.81.

Jim Cramer highlighted IREN Limited on Mad Money, calling it a hybrid between a neocloud and specialized real estate co-location service that is “growing like a weed.” He grouped IREN with former cryptocurrency miners and raw power companies that can generate strong returns and are potential takeover targets. Cramer noted IREN supplies real estate, power, and shell while also running workloads, and is an NVIDIA strategic partner. He added that spare compute is in high demand, citing TeraWulf’s 20-year $19 billion deal with Anthropic that sent its stock up nearly 5%.

Shares of IREN climbed more than 13% on Monday after Freedom Broker raised its rating on the artificial intelligence cloud infrastructure company to Buy from Hold, arguing that the recent share-price decline created a more attractive entry point. Freedom Broker analyst Paul Meeks maintained a $58 price target, implying about 49% upside from recent levels. While Meeks reduced near-term revenue estimates, he said IREN could still generate most of its expected growth later in the fiscal year as capacity comes online. The analyst also kept projections that IREN will have about 150,000 graphics processing units installed by year-end, and expects revenue to increase from about $717 million this fiscal year to $3.8 billion in fiscal 2027, with revenue potentially reaching $8.5 billion in fiscal 2028.

TeraWulf and IREN shares jumped after TeraWulf signed a 20-year lease with Anthropic for 401 megawatts of computing capacity at its Kentucky campus, a deal projected to generate $19 billion in contracted revenue. TeraWulf also sold its 50.1% stake in the Abernathy Joint Venture to a group led by Fluidstack, booking a profit on its $450 million investment. Separately, IREN is seen as a leading candidate for a portion of a potential $15 billion, 1.4-gigawatt data center deal that Anthropic is seeking in Australia. Freedom Capital Markets analyst Paul Meeks upgraded IREN to buy with a $58 price target, forecasting revenue growth from $717 million this year to $8.5 billion in fiscal 2028.