NEW YORK, April 14, 2026, 08:13 EDT
- IREN shares last changed hands at $43.07, climbing roughly $3.76 since the previous session. Bitcoin hovered around $74,375.
- Meta’s $21 billion deal with CoreWeave, along with its Nebius agreement valued at up to $27 billion, has ratcheted up expectations for AI infrastructure players competing for limited chips and power.
- IREN is touting a plan to deploy 150,000 graphics processors, or GPUs, aiming to push annualized AI cloud revenue past $3.7 billion by the end of 2026. The company notes that this revenue target isn’t yet fully backed by contracts.
IREN shares surged Tuesday, last changing hands at $43.07. Gains for CoreWeave and Nebius added to the move. Bitcoin hovered close to $74,375, putting renewed attention on one of the market’s more volatile AI-and-crypto-linked stocks.
Conditions now favor firms renting out AI computing muscle to tech giants scrambling for more chips and power. Meta, for one, inked a new $21 billion agreement last week with CoreWeave, stretching their partnership out to 2032. Back in March, Nebius disclosed that Meta committed to purchase $12 billion in capacity by 2027, with the potential for another $15 billion down the line.
IREN is chasing a similar rerating. Its investor section hasn’t seen updates since March 4 — both the most recent press release and SEC filing carry that date. That’s when IREN said it struck a deal to acquire over 50,000 Nvidia B300 GPUs, bumping its target fleet size up to 150,000 units. According to IREN, if the rollout stays on track, annualized run-rate revenue could top $3.7 billion by the end of 2026, a back-of-the-envelope figure for what a full year at scale might deliver.
That expansion follows Microsoft’s $9.7 billion, five-year deal with IREN announced back in November. By February, IREN disclosed it had locked in $3.6 billion in GPU financing tied to the project, with Microsoft’s $1.9 billion prepayment accounting for 95% of the necessary GPU capex. Cash and cash equivalents, as of Jan. 31, came in at $2.8 billion.
In March, Daniel Roberts—IREN’s co-founder and co-chief executive—described early hardware purchases as a way to “reduce time-to-compute,” referring to the speed at which rented AI power goes live. Just a month earlier, he’d called it the company’s “strongest demand environment to date.” IREN
Still, IREN faces a steeper climb than some competitors when it comes to fresh dealmaking. CoreWeave revealed last week that Meta ramped up its partnership, and just days later, Reuters reported CoreWeave had landed a multi-year AI cloud agreement with Anthropic too. Meanwhile, Nebius’ Meta contract—potentially reaching $27 billion over five years—has only intensified the squeeze on smaller contenders to deliver real customer wins instead of just rolling out roadmaps.
IREN claims it’s sitting on the essentials. Back in February, the company reported Horizon 1-4 was moving ahead as planned, with roughly $0.4 billion in annualized revenue already locked in at Prince George, British Columbia. Its grid-connected power portfolio had climbed beyond 4.5 gigawatts. As for Sweetwater 1 in west Texas, previous filings projected grid connection and substation energization for the second quarter of 2026.
Still, that upside can evaporate quickly if financing dries up or project timelines stretch. IREN itself acknowledges the $3.7 billion run-rate is built on internal assumptions and doesn’t have contracts to back it all up. Back in March, the company rolled out an at-the-market equity program—which means it can drip shares into the market. The prospectus spells it out: IREN could issue shares worth up to $6 billion, which puts existing shareholders on notice for potential dilution.
Analysts keep coming back to the same idea. “2026 is the year of expanding on those contracts and, more importantly, executing on those deals,” Brian Dobson, managing director at Clear Street, said to Business Insider. He pointed out: “There will be delays, there always is in construction.” Business Insider
Right now, traders are siding with the demand story. IREN reported $184.7 million in total revenue last quarter, though it posted a net loss of $155.4 million as it moved capacity away from bitcoin mining and toward AI cloud services. The company’s next move in the stock likely hinges not just on hype, but on whether it can execute.
