IREN Outpaces CoreWeave on Revenue Efficiency, Delivers First Microsoft AI Data Center

Why IREN Is Beating CoreWeave on One AI Infrastructure Metric - IREN (NASDAQ:IREN)

IREN Is Quietly Outpacing CoreWeave on One AI Metric that Matters The AI infrastructure race is usually measured by GPU clusters, hyperscaler contracts or multibillion-dollar backlogs. But a new ranking suggests investors may want to watch a different metric: how much contracted revenue companies generate from every megawatt of AI capacity. By that measure, IREN Limited (NASDAQ:IREN) is quietly ahead of some of the sector's biggest names -- including CoreWeave, Inc. (NASDAQ:CRWV). * IREN stock is among today's weakest performers. What's behind IREN decline? IREN Leads CoreWeave on Contracted Revenue per Megawatt A new Neocloud Efficiency Ledger published by The Futurum Group ranks AI cloud and high-performance computing providers by contracted revenue per megawatt, a metric designed to measure how efficiently companies monetize AI infrastructure. IREN topped the list with an estimated $40 million in contracted revenue per megawatt, ahead of Galaxy Digital at roughly $29 million and CoreWeave at approximately $28 million. The ranking also included Hut 8 Corp. (NASDAQ:HUT), Applied Digital Corp (NASDAQ:APLD), TeraWulf Inc. (NASDAQ:WULF), Nebius Group N.V. (NASDAQ:NBIS) and Core Scientific, Inc. (NASDAQ:CORZ). Daniel Newman, CEO of The Futurum Group, highlighted the findings on X, writing: "$IREN leads the Neocloud/HPC provider contracted revenue per megawatt. Here are the top 10." According to Futurum, the metric divides total contracted revenue over the life of customer agreements by contracted AI/HPC capacity, offering a way to compare how effectively providers convert scarce power resources into long-term commercial commitments. The firm notes that the comparison is directional because contract structures and capacity definitions differ across companies. Tech EXCLUSIVE: Nvidia Is Helping This AI Company Get 'Better Intelligence Per Dollar' This AI company is using Nvidia technology to make its healthcare AI more efficient. DigitalOcean CEO sees better "intelligence per dollar". 3 min read Read this article Why Revenue per Megawatt Matters for AI Infrastructure The ranking reflects a broader shift in how investors evaluate AI infrastructure companies. GPUs remain essential, but power has increasingly become the industry's limiting resource. Securing land, substations and grid access can take years, making available megawatts one of the most valuable assets AI cloud providers own. Viewed through that lens, revenue per megawatt offers a different perspective than total backlog or quarterly revenue. Rather than rewarding the biggest platform, it highlights how efficiently a company monetizes the capacity it has already contracted. That helps explain why IREN can lead this ranking despite CoreWeave reporting a $104 billion backlog, one of the largest in the industry. The two metrics measure different things: CoreWeave reflects absolute scale, while Futurum's ledger focuses on revenue generated relative to contracted AI capacity. That's our interpretation of the data; Futurum presents revenue per megawatt as a comparative efficiency metric rather than a valuation tool. IREN's Power Strategy Is Beginning to Show Through The ranking also underscores how IREN's business has evolved. Originally known as a Bitcoin miner, the company has spent the past two years repositioning itself as an AI cloud infrastructure provider by leveraging its large secured power footprint. Futurum estimates IREN has access to approximately 5 gigawatts of total power while only about 350 megawatts are currently contracted for AI workloads, leaving a substantial portion of its power capacity available for future commercialization. The ledger estimates IREN's contracted revenue backlog at roughly $14 billion, supported by major agreements that include Microsoft Corp (NASDAQ:MSFT) and NVIDIA Corp (NASDAQ:NVDA), while noting that much of its secured power remains undeployed. What IREN Investors Should Watch Next The Futurum ranking doesn't suggest IREN is the largest AI infrastructure company, nor does it guarantee superior financial performance. It does, however, introduce a metric that could become increasingly relevant as power -- not GPUs -- emerges as the industry's scarcest resource. For investors, the next question is whether IREN can convert its remaining gigawatts into additional long-term AI contracts while maintaining the revenue efficiency that currently puts it ahead of larger rivals such as CoreWeave. Tech Why Elon Musk Thinks AI Is Getting Cheaper, Not Just Smarter Elon Musk's latest AI comment highlights a shift from building bigger models to delivering more intelligence with less energy and lower computing costs. 3 min read Read this article Image via Shutterstock Market News and Data brought to you by Benzinga APIs To add Benzinga News as your preferred source on Google, click here.

Why Is IREN Stock Soaring Thursday? - IREN (NASDAQ:IREN)

The Nasdaq is up 1.27% while the S&P 500 has gained 0.58%. IREN Delivers Horizon 1 To Microsoft IREN delivered Horizon 1, the first of four planned 50-megawatt IT-load AI Cloud deployments for Microsoft at its Childress, Texas, campus. The deployments use direct-to-chip liquid cooling and are scheduled for delivery in 2026. They are part of a five-year, $9.7 billion cloud services contract announced in November 2025. The designation recognizes IREN's ability to support demanding AI workloads at scale with strong performance and reliability. IREN said the rapid deployment also demonstrates the benefits of its vertically integrated model. The company controls data center design, engineering and construction. Technical Analysis The stock has rebounded sharply from its July low. It was trading about 20% above its 20-day simple moving average of $38.79. However, IREN remains near several longer-term technical levels. The stock was about 2% above its 50-day moving average of $45.35 but remained slightly below its 100-day and 200-day averages. The MACD was above its signal line, another sign that short-term momentum has improved. Earnings Ahead Investors are also looking toward IREN's next earnings report, which is estimated for Aug. 27. Analysts expect a loss of 63 cents per share on revenue of $139.5 million. Revenue totaled $187.3 million in the year-ago period. IREN carries a Buy consensus rating with an average price forecast of $79.67. Recent analyst actions include H.C. Wainwright maintaining a Buy rating and raising its price forecast to $90. Canaccord Genuity maintained a Buy rating with a $79 forecast, while Macquarie maintained an Outperform rating with a $90 forecast. IREN Price Action IREN shares were up 6.92% at $46.69 at the time of publication Thursday, according to Benzinga Pro. Photo via Shutterstock Market News and Data brought to you by Benzinga APIs To add Benzinga News as your preferred source on Google, click here.

IREN Jumps 10% as Microsoft Accepts First AI Data Center Under $9.7 Billion Deal IREN Stock Jumps As Micr

The milestone may be the clearest evidence yet that the company's multibillion-dollar pivot from Bitcoin mining toward AI infrastructure is delivering. Microsoft Signs Off on First IREN AI Deployment The sign-off means more than finished construction. Microsoft has a contractual five-day window to test each GPU deployment against agreed criteria. Once accepted, the service term begins and IREN can start invoicing Microsoft monthly. Nvidia separately granted Horizon 1 Exemplar Cloud status after testing the systems. The contract is expected to generate roughly $1.94 billion in annualized revenue once all four Horizons are running. From Bitcoin Miner to Microsoft AI Supplier IREN listed on the Nasdaq in 2021 describing itself as a Bitcoin mining company, and its accounts show how recent the pivot is. The company reported $511.5 million in Bitcoin mining revenue over the nine months through March, against $58.3 million from AI Cloud. Management now targets more than $4 billion in AI Cloud annualized run-rate revenue by year-end, with roughly 85% already under contract. The Microsoft buildout gives investors exposure to AI infrastructure just as IREN's original core market struggles. The Pivot Still Comes With a Huge Price Tag Famed short-seller Jim Chanos has questioned the economics, warning, "This is a financing deal, w/IREN taking all the risk." Thursday's acceptance clears the first major execution hurdle, with Horizons 2-4 still due later this year. Whether the returns justify the capital remains open, but IREN just showed a Bitcoin miner can build the infrastructure powering the AI trade. Image: Shutterstock Market News and Data brought to you by Benzinga APIs To add Benzinga News as your preferred source on Google, click here.

IREN stock rises 6% on Microsoft delivery, Nvidia status By Investing.com

Investing.com -- IREN Limited (NASDAQ:IREN) shares rose 6% Thursday morning following the company's announcement that it delivered Horizon 1 to Microsoft and achieved NVIDIA Exemplar Cloud status on GB300 NVL72. Horizon 1 represents the first of four 50MW direct-to-chip liquid cooled AI Cloud deployments scheduled for delivery to Microsoft at IREN's Childress, Texas campus in 2026. The deliveries are part of a five-year, $9.7 billion cloud services contract announced in November 2025. IREN's Exemplar Cloud status was granted after NVIDIA tested its NVIDIA GB300 NVL72 deployment at Horizon 1. The designation indicates IREN's capability to support AI workloads with performance, reliability and scale. The company continues to target expansion to 480MW AI Cloud capacity in 2026 and 1.2GW AI Cloud capacity in 2027. "Delivering Horizon 1 demonstrates the strength of our vertically integrated model and our ability to execute complex AI infrastructure projects at speed and scale," commented Daniel Roberts, Co-Founder and Co-CEO of IREN. Roberts noted that more than 3,000 people across the site team contributed to the milestone. The company plans to deliver Horizons 2-4 later this year. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

IREN Limited Delivers Horizon 1 To Microsoft Corporation And Achieves NVIDIA Corporation Exemplar Cloud Status On GB300 NVL72

IREN Limited announced that Horizon 1 has been delivered to and accepted by Microsoft Corporation, and that IREN Limited has achieved NVIDIA Corporation Exemplar Cloud status on NVIDIA Corporation GB300 NVL72. Horizon 1 is the first of four 50MW (IT load) direct-to-chip liquid cooled AI Cloud deployments scheduled for delivery to Microsoft Corporation at IREN Limited?s Childress, Texas campus in 2026 under a five-year, $9,700 million cloud services contract announced in November 2025. The rapid delivery of Horizon 1 to Microsoft Corporation reflects the agility of IREN Limited?s vertically integrated model, which provides end-to-end control across design, engineering and construction of the data centers supporting its GPU deployments. IREN Limited?s Exemplar Cloud status was achieved following NVIDIA Corporation?s testing of its NVIDIA Corporation GB300 NVL72 deployment at Horizon 1. The designation demonstrates IREN Limited?s ability to support demanding AI workloads with performance, reliability and scale. IREN Limited continues to target a broader expansion to 480MW (gross) AI Cloud capacity in 2026 and 1,200MW (gross) AI Cloud capacity in 2027.

IREN Delivers Horizon 1 Data Center Facility to Microsoft

IREN Limited is an Australia-based company, which owns and operates data centers powered by 100% renewable energy. The Company is vertically integrated artificial intelligence (AI) Cloud provider, delivering large-scale data centers and graphics processing unit (GPU) clusters for AI training and inference. Its platform is underpinned by its portfolio of grid-connected land and power in regions across North America, Europe and Asia-Pacific (APAC). Its data centers are optimized for power-dense computing applications and support a combination of GPUs for High-Performance Computing (HPC) and AI services and ASICs for Bitcoin mining. Its data center mining facilities are in Sweetwater, Canal Flats, Mackenzie, Prince George, and Childress. Al Cloud Services provides cloud compute to Al customers, approximately 1,896 NVIDIA H100 and H200 GPUs. Its Canal Flats facility is located on a 10-acre freehold site, directly connected to the BC Hydro power grid through a 30 megawatt (MW).