IREN Stock Rebounds as Microsoft AI Deal Fuels Bull Calls, but $6 Billion Share Sale Risk Lingers
IREN shares traded at $47.43 on Wednesday, valuing the company at $10.7 billion after a rebound from March lows. Quarterly revenue fell to $184.7 million as bitcoin mining dropped, but AI cloud services revenue more than doubled to $17.3 million. IREN secured $3.6 billion in GPU financing for its Microsoft contract and reported $2.8 billion in cash at Jan. 31.