NEW YORK, July 7, 2026, 14:03 EDT
- IREN lost about 5%, trailing both Bitcoin and the Nasdaq Composite.
- Anthropic’s reported tender is looking for at least 1.4 GW of Australian data center space. IREN said its Bundey site will start energizing in 2028.
- IREN’s market cap stayed higher than both TeraWulf and Marathon together, even after TeraWulf locked in a $19 billion Anthropic lease.
IREN Limited NASDAQ:IREN dropped in early afternoon trading Tuesday on the Nasdaq. But the main focus for investors was the company’s AI infrastructure timeline. The stock has been trading on expectations for AI growth. Reports suggest Anthropic is looking to buy in Australia on a quicker timeframe than IREN’s public power rollout.
At 1:48 p.m. EDT, shares of IREN traded at $41.70, off 5.0%, putting its market cap around $13.9 billion. Bitcoin edged up 0.7% to $64,055. By 1:53 p.m. EDT, the Nasdaq Composite was down 0.7%.
Anthropic is looking for at least 1.4 GW of data-center power in Australia, with plans to have at least 1 GW running by the end of 2027, the Australian Financial Review said, citing Investing.com. The company sent a tender to IREN, CDC Data Centres, AirTrunk, NextDC and Stack. AFR said a final decision may take at least six weeks.
IREN’s timeline for its Australian project doesn’t line up with its public narrative. On June 3, the company put out word that it signed a transmission connection deal for an 800 MW site in Bundey, South Australia, targeting first power in 2028. Co-CEO Daniel Roberts pointed to “abundant clean energy” in South Australia and its “connectivity to serve the APAC region.”
This matters as investors are treating AI data-center stocks more like utility contractors now rather than bitcoin miners. Size doesn’t guarantee an early spot in a buyer’s first phase—it can still be late.
| Item | Size | Timing | Contract status |
|---|---|---|---|
| Anthropic Australia tender reported | At least 1.4 GW; minimum 1 GW needed | Targeting end of 2027 | No award announced, tender still unconfirmed |
| IREN Bundey project, South Australia | 800 MW | Power up from 2028 | Transmission deal in place |
| IREN power deals portfolio | 5 GW | Serving both current and new markets | Company lists as secured |
| TeraWulf NASDAQ:WULF Anthropic leasing | 401 MW critical IT use | First power in second half, 2027; full supply early 2028 | Estimated $19 billion total over 20 years |
TeraWulf pointed to a new benchmark for its business on Monday, revealing that Anthropic agreed to a 20-year lease for a dedicated AI campus in Hawesville, Kentucky. The project brings in a roughly $19 billion revenue commitment and will support 401 MW of critical IT load. “The lease establishes a long-duration revenue stream,” CEO Paul Prager said. GlobeNewswire
IREN’s market cap is still higher than TeraWulf and Marathon Digital Holdings NASDAQ:MARA put together. IREN was at $13.9 billion. TeraWulf had about $8.7 billion, and Marathon stood at $4.8 billion. Hut 8 Corp. NASDAQ:HUT came in at $11.0 billion, while Riot Platforms Inc. NASDAQ:RIOT was at $7.7 billion and CleanSpark Inc. NASDAQ:CLSK at $2.9 billion.
| Security | Last | Day move | Market value |
|---|---|---|---|
| IREN Limited NASDAQ:IREN | $41.70 | -5.0% | $13.9 bln |
| TeraWulf Inc. NASDAQ:WULF | $20.68 | -6.9% | $8.7 bln |
| Hut 8 Corp. NASDAQ:HUT | $99.02 | -4.6% | $11.0 bln |
| Riot Platforms Inc. NASDAQ:RIOT | $22.12 | -3.3% | $7.7 bln |
| Marathon Digital Holdings NASDAQ:MARA | $12.51 | -3.4% | $4.8 bln |
| CleanSpark Inc. NASDAQ:CLSK | $12.73 | -5.8% | $2.9 bln |
IREN talked up more than just its land story. Back in May, the company reported $3.1 billion in annual recurring revenue under contract. It’s targeting $3.7 billion by the end of 2026 and is moving ahead on a 480 MW AI cloud build-out for 2026. Nvidia Corp. NASDAQ:NVDA got a five-year option to buy up to 30 million IREN shares at $70 each, or up to $2.1 billion, tied to a strategic 5 GW partnership. But the same update showed third-quarter revenue dropping to $144.8 million and net loss growing to $247.8 million. IREN said it decommissioned mining hardware before shifting to GPUs and new billing.
Freedom Broker’s Paul Meeks bumped up IREN to Buy from Hold on Monday with a $58 price target, but said he’s cutting revenue estimates for the June and September quarters. Meeks expects a “more backend-weighted ramp this year” and called the neocloud trade “all about adding supply on schedule over the next two years.” StreetInsider.com
| Analyst / firm | Latest action | Target | Date |
|---|---|---|---|
| Gautam Chhugani / Bernstein | Buy kept | $100 | July 6 |
| Paul Meeks / Freedom Capital Markets | Upgraded to buy | $58 | July 6 |
| Richard Choe / J.P. Morgan | Sell rating kept | $46 | May 11 |
Google Finance put the average Wall Street target over the past three months at $77.20, with numbers ranging from a $46 low up to $100. The low end sits near Tuesday’s price, so valuation risk hasn’t gone away after the recent drop.
IREN joined the Russell 1000 Index after the market closed on June 26, part of FTSE Russell’s annual reshuffle. The index move could widen passive ownership. But that doesn’t change the core question traders are watching: can IREN lock in AI revenue contracts fast enough to match its 5 GW of secured power?
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