UPDATE: New York, April 8, 2026, 11:24 (EDT)
IREN last changed hands at $36.62, gaining roughly 2.5% over the previous close. The stock whipped around, printing anywhere from $36.08 to $39.50, with volume topping 16.1 million shares. Volatility is sticking, as investors keep balancing the company’s AI expansion story against the threat of dilution.
IREN’s February report showed roughly $2.8 billion in cash as of January 31. The company has locked in over $9.2 billion in funding so far this year, coming from customer prepayments, convertible notes, GPU leasing, and GPU financing.
The update also noted IREN’s grid-connected power now tops 4.5 gigawatts—this figure includes the newly added 1.6GW campus in Oklahoma. At Prince George, roughly $0.4 billion in AI-cloud ARR has been locked in through existing contracts, and talks to secure more than $0.5 billion in additional ARR are ongoing.
NEW YORK, April 8, 2026, 09:17 EDT
Shares of IREN climbed Wednesday, last quoted at $35.74 for a 1.8% gain from the previous close. Investors are weighing optimism around the company’s AI infrastructure push against the price tag of those projects. Still, the stock sits more than 50% below its high, according to a note late Tuesday.
IREN’s pivot away from bitcoin mining—aiming for AI cloud services instead—has suddenly shot into focus. Investors are being asked to fund the move well ahead of any substantial new revenue. Fresh commentary split quickly: some voices calling for a buy-the-dip approach, others flagging that the $6 billion at-the-market share program could keep the threat of dilution hanging over current shareholders.
On March 4, the company said it struck a deal to buy upwards of 50,000 Nvidia B300 GPUs—the same chips at the heart of AI training and inference systems. The new order brings its target to 150,000 GPUs total. IREN figures that kind of hardware could support more than $3.7 billion in annualized AI cloud run-rate revenue by the end of 2026, though those figures come from its own models and aren’t guaranteed.
Snagging hardware ahead of the crowd slashes “time-to-compute” and boosts “execution certainty,” according to Daniel Roberts, IREN co-founder and now co-CEO. Back in February, Roberts described IREN’s demand backdrop as the “strongest” the company has seen so far. IREN has tallied its GPU financing at $3.6 billion, and says Microsoft’s $1.9 billion prepayment covers 95% of the GPU-linked capital requirements. IREN
Microsoft sits at the center of this story. In November, IREN rolled out a five-year AI cloud agreement with the tech giant, worth $9.7 billion—deployments staggered through 2026, with goals circling $1.9 billion in annualized revenue. Reuters pointed out then that the deal was meant to tackle the AI computing crunch.
The numbers don’t paint a pretty picture for investors. IREN’s Feb. 5 results put revenue at $184.7 million—a sizable drop from $240.3 million in the previous quarter. The company ended up with a net loss of $155.4 million. Still, management emphasized that it’s making progress shifting capacity from bitcoin mining over to AI-centric workloads.
IREN isn’t alone in making an AI pivot. In December, Hut 8 signed a $7 billion AI data center lease, and Applied Digital credited surging AI demand in January for its strong quarterly results. It’s a pattern: former crypto-focused operators now scrambling for scarce power and compute capacity.
But there’s no clear takeaway from the latest options flow. According to TheFly, about 103,000 contracts changed hands on Tuesday, with calls leading the way and driving the put/call ratio down to 0.29. That low reading usually points to a bullish bias, though the sentiment tag still came in as mixed. Implied volatility sat near 100.55, pricing in daily moves of roughly $2.21.
Worries about dilution are easier to track now. On March 4, IREN scrapped its old $1 billion share-sale authorization and rolled out a new at-the-market program, or ATM, this time boosting the ceiling to $6 billion. The company had already sold 66.7 million shares under the previous plan, raising $1 billion. In an ATM setup, IREN sells shares in chunks rather than flooding the market all at once.
No illusions about the risk: IREN’s $3.7 billion revenue target depends on chips arriving, construction sticking to schedule, asset utilization, price holds, and landing more contracts. The company cautions that reported revenue could diverge sharply. Right now, shares sit in limbo—AI potential on paper, numbers unfinished.
