IREN Stock Jumps 7 Percent Following Major AI Contract Win

IREN stock rallied nearly 7 percent on Monday, closing the trading session at 40 dollars. This surge pushed the company out of its recent April lows as both retail and institutional investors increased their positions in the firm.

The rally follows the announcement of a 2.8 billion dollar contract for AI cloud services. By adding Perplexity and Figure AI to its client list, the company has taken a major step toward its 4 billion dollar revenue target. CEO Daniel Roberts noted that the company is scaling its AI cloud capacity from 3MW to 480MW this year, with plans to reach 1.2GW by 2027.

Financial analysts remain optimistic about the company's growth trajectory. Bernstein recently maintained its buy rating on the stock, suggesting a potential price target of 100 dollars. Investors are now watching to see if the firm can successfully execute these large scale infrastructure projects over the coming years.