New York, Jan 12, 2026, 11:15 EST — Regular session underway.
- IREN shares climbed roughly 7% in early trading, seeing heavy volume.
- Bitcoin held its gains, while other listed miners showed a mixed-to-higher performance.
- Attention remains on AI build-out progress and this week’s upcoming U.S. macro data releases. 1
IREN Limited shares jumped Monday, gaining roughly 7.3% to $49.38 as buyers returned to crypto-linked stocks. Early trading saw the price fluctuate between $45.85 and $49.83, with roughly 20.5 million shares changing hands.
The move is significant because IREN straddles two worlds: it continues mining bitcoin while also positioning itself as an AI infrastructure player. This dual focus leaves the stock vulnerable to swings from both crypto prices and the pace of data-center expansions.
Rate-cut timing remains unclear, rattling investors in high-growth stocks linked to hefty capex. A handful of top banks have delayed their forecasts for U.S. rate cuts, pushing them further into 2026 following fresh labor market data. 2
Bitcoin ticked up around 1%, hovering near $91,674. Marathon Digital climbed roughly 2.4%. Riot Platforms held steady, while CleanSpark jumped about 3.2%.
IREN’s stock has swung sharply since last November, when it secured a $9.7 billion, five-year contract with Microsoft. The deal covers phased delivery of Nvidia GB300 chips in Texas. Reuters noted the agreement features a prepayment and allows Microsoft to cancel if IREN falls behind schedule. 3
IREN’s latest quarterly update sets a target of $3.4 billion in AI cloud annualized run-rate revenue by the close of 2026. The company also flagged a milestone of over $500 million in AI cloud ARR for the end of Q1 2026. ARR, or annual recurring revenue, represents a rough estimate of run-rate sales. 4
“IREN continues to execute with discipline,” co-founder and co-CEO Daniel Roberts said in the release. The company flagged April 2026 for energizing its Sweetwater substation, a key milestone in its U.S. expansion. 4
GPUs—the essential chips powering most AI model training and operations—are the choke point. For IREN, the issue isn’t demand but whether it can ramp up capacity on schedule without relying heavily on new capital.
But there’s a riskier side. A steep bitcoin plunge could tighten cash flow, and any hold-ups in building data centers or getting GPUs might quickly undermine the AI story. In Microsoft’s deal, missed milestones could escalate the pressure. 3
Traders now turn to Tuesday’s U.S. CPI report at 8:30 a.m. ET, followed by November’s retail sales data on Wednesday. Both reports have the potential to quickly shift yields and risk appetite. 1
