IREN jumps 16% after raising AI cloud revenue target above $4B

The Bitcoin miner raised its year-end AI cloud revenue target to more than $4 billion after signing $2.8 billion in new contracts with AI developers.

Bitcoin miner IREN’s shares rose around 15.7% on Monday after the company raised its year-end AI cloud annualized run-rate revenue target to more than $4 billion following $2.8 billion in new multi-year cloud services contracts with AI developers.

The company said about 85% of its revised annualized AI cloud revenue target is now under contract, with customers including Microsoft, Nvidia, Perplexity and Figure AI.

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