IREN Stock Jumps 5.5% on Multiyear Cloud Deal with Anthropic as AI Infrastructure Pivot Accelerates

IREN Lands Major Cloud Services Agreement with Anthropic

IREN Limited (NASDAQ:IREN) secured a multiyear cloud deal with Anthropic2

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, driving IREN stock up 5.5% during Monday's trading session3

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. The agreement adds Anthropic to IREN's growing roster of AI infrastructure customers as the company executes its shift from Bitcoin mining to AI server provision. Anthropic has committed to more than 15 gigawatts of AI computing capacity across over 10 cloud providers, with agreements valued at approximately $530 billion2

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. The AI firm expects its capacity to expand from 1.4 GW last year to 5 GW this year, 9.5 GW next year, and more than 15 GW in 20282

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. For IREN, the multiyear cloud deal with Anthropic validates its strategy of converting cryptocurrency mining facilities into AI data-center infrastructure capable of supporting GPU-intensive workloads for AI training and inference.

Financial Impact of Transition From Bitcoin Mining to AI

IREN's pivot from Bitcoin mining is reshaping its revenue mix and financial profile. In fiscal 2026, ended June 30, the company generated $578.2 million in Bitcoin mining revenue compared with $128.8 million from AI Cloud revenue1

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. AI cloud revenue surged nearly eightfold from $16.4 million in fiscal 2025, while total revenue climbed to $707 million from $501 million1

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. The company reported $4 billion in contracted annualized run-rate revenue for 2026 capacity, though only $1 billion was operational at the time of its August update1

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. IREN posted a $702.6 million net loss for fiscal 2026, compared with $86.9 million in net income the previous year1

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. Noncash impairment charges of $638.8 million, primarily from decommissioning Bitcoin mining hardware as sites convert for AI infrastructure, drove the loss1

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. Adjusted EBITDA fell to $245.7 million from $269.7 million1

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Rising Contract Pricing and Capacity Expansion

Analyst upgrades reflect confidence in IREN's AI infrastructure strategy and improving economics. JPMorgan analyst Richard Choe upgraded IREN stock to Overweight from Underweight and raised his price target to $65 from $462

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. Choe expects IREN to reach approximately 400 MW of operational capacity by the end of 2026, supporting annual recurring revenue guidance of up to $4 billion2

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. Contract pricing for neocloud services has increased from roughly $10-$15 per watt to $15-$20 per watt or more, while customer prepayments of 25%-50% help fund GPU purchases2

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. BTIG analyst Gregory Lewis maintained a Buy rating with an $80 price target, citing IREN's integrated power-and-compute model and relationship with NVIDIA Corp. (NASDAQ:NVDA) as foundations for a GPU-as-a-service business running at approximately $4 billion annually2

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. Lewis expects IREN to add roughly 730 MW of compute capacity next year and noted the company holds about 1.1 GW of international power capacity across Spain and Australia2

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Execution Risks in Capital-Intensive Infrastructure Business

IREN aims to substantially complete its transition from cryptocurrency mining to AI infrastructure by December 31, 20261

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. The company must finance new GPUs, data-center construction, and supporting infrastructure before all planned data-center capacity generates revenue1

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. The gap between contracted and operational revenue highlights execution risk: contracted revenue represents business expected from signed agreements, while operating revenue depends on delivering usable capacity and serving customers1

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. Watch how quickly IREN converts contracted capacity into operational revenue, whether AI cloud revenue margins improve, and how much additional debt or equity the expansion requires. Tight power and compute supply conditions are expected to keep GPU rental rates firm or push them higher2

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, supporting IREN's pricing power as it scales AI server provision capabilities.