New York, May 28, 2026, 07:02 EDT
IREN Limited shares fell before the bell Thursday. The drop comes after shares surged on a $1.6 billion deal with Dell to purchase Nvidia Blackwell systems for a Texas AI cloud build. By 6:55 a.m. EDT, IREN was trading at $65.41 on Nasdaq, off 3.6% from its $67.84 finish Wednesday. The stock jumped 13.48% in the previous session with 83.7 million shares trading.
Markets hadn’t opened for regular trading. Nasdaq hours are 9:30 a.m. to 4 p.m. Eastern, with premarket from 4 a.m. to 9:30 a.m. The exchange’s 2026 holiday calendar lists Memorial Day, May 25, as the last U.S. equity market closure. Juneteenth is next, on June 19.
The deal is key for IREN, shifting its AI story from signed contracts to actually putting compute in place. Compute refers to chips and data-center gear for training and running AI models. The hard-to-get part is GPUs, or graphics processing units, which can run lots of calculations in parallel.
IREN’s IE US Hardware 4 Inc. has signed purchase papers with Dell Marketing L.P. to buy GPUs and related hardware worth about $1.6 billion, according to a filing. The deal was signed May 19. The equipment will go to IREN’s Childress, Texas, campus and will support IREN’s $3.4 billion managed-services AI cloud contract, which had already been announced. Dell will be paid within 30 days after each shipment.
IREN said it plans to bring its air-cooled Blackwell systems online in early 2027. That could push expected annualized run-rate revenue, or ARR, up from $3.7 billion to $4.4 billion. ARR is how management tracks estimated yearly revenue at a given run rate. It is not the same as reported revenue.
Daniel Roberts, the co-founder and co-CEO of IREN, said “time-to-compute is everything” and that working with Dell gives the company hardware at the “scale and speed” the market is looking for. Roberts’ point hits the key part of the current trade. Investors are pushing up companies that can quickly spin up AI capacity from power, land and chips. GlobeNewswire
Nvidia has the $3.4 billion AI cloud contract at the center of the latest order. IREN said on May 7 it will give Nvidia access to managed GPU cloud services for internal AI and research work, including orchestration and cluster-management software with Mirantis, on about 60 megawatts at Childress.
Nvidia and IREN this month said they plan to work together on building up to 5 GW of AI infrastructure over time. Nvidia got a five-year option to buy as many as 30 million IREN shares at $70 each, which could be worth up to $2.1 billion. Nvidia CEO Jensen Huang described AI factories as “foundational infrastructure.”
Wall Street picked up on the move after B. Riley Securities lifted its target price to $88 from $83, sticking with a buy rating, according to Benzinga. StreetInsider linked analyst Lucas Pipes to the call at B. Riley.
AI-infrastructure stocks keep attracting buyers. CoreWeave and Nebius are usually listed with IREN as “neocloud” firms—more recent entrants that lease out AI computing power. TeraWulf, which pivoted from bitcoin mining to AI and high-performance computing, saw shares climb this week on news of a Kentucky AI data-center deal. Meanwhile, Nebius picked up interest after an AI investor revealed a new position. Barron’s
Execution is the main risk here. IREN put out a $4.4 billion ARR target that counts on Microsoft, Nvidia, and its GPU buildout. The company noted this number isn’t fully contracted, could fall short, and assumes GPUs arrive and go live on time. Financing is also key—IREN said it’s working on GPU financing linked to its Dell deal.
IREN jumped 13.5% on big volume, and now traders are watching Thursday for signs the stock can keep those gains after the Dell deal. The main question is if regular trading holds up or if the market sees the Dell order as just another costly bet with revenue still down the line.
