New York, Jan 13, 2026, 09:55 (ET) — Regular session
- IREN Limited stock was up about 2% in early trade, extending a sharp gain from Monday.
- A Bernstein note calling IREN a “top AI pick” has kept focus on the Microsoft AI cloud contract and funding needs.
- Traders are watching crypto prices and the next earnings update for progress on the build-out.
IREN Limited (IREN) shares rose about 1.9% to $51.28 in early Nasdaq trade on Tuesday, extending a rally that gathered pace at the start of the week.
The move matters now because IREN sits at the crossroads of two crowded trades — crypto-linked cash flows and the rush to add AI computing capacity — and both are prone to sudden reversals.
After Monday’s surge, investors are pressing the company’s story harder: can it line up funding, build capacity on time and keep the Microsoft contract on track without leaning too heavily on the equity market?
Bitcoin climbed about 1.9% to $92,477, helping lift shares of crypto miners including Marathon Digital, Riot Platforms and CleanSpark in early trading.
IREN ended Monday up 9.34% at $50.33, with trading volume near 52 million shares as the stock caught a fresh bid across retail and momentum screens. 1
Bernstein analyst Gautam Chhugani called IREN “our top AI pick” for 2026 and urged investors to “start 2026 by buying stocks on the dip,” TipRanks reported, adding that he lifted his IREN price target to $75. The same item said J.P. Morgan analyst Reginald Smith reaffirmed a Sell rating this week. 2
IREN has been in the spotlight since Microsoft signed a $9.7 billion, five-year contract with the company that includes access to Nvidia’s advanced chips, Reuters reported in November. The deal includes a 20% prepayment, and it can be terminated if IREN fails to meet delivery schedules. 3
But the trade still cuts both ways. Building AI data centers is expensive and slow, and any hint of delays, tighter financing conditions or fresh dilution could hit the stock quickly — especially if bitcoin turns lower and drags the sector with it.
Next up, investors will look for IREN’s next quarterly results, which Nasdaq’s earnings page estimates around Feb. 11, for a clearer read on spending, timing and how much new capital the company may need. 4
