IREN Skyrockets 16% as AI Cloud Revenue Target Surges Past $4 Billion
IREN is disrupting the infrastructure landscape by raising its annualized AI cloud revenue target to over $4 billion. This massive upward revision follows the signing of $2.8 billion in new multi-year contracts with leading AI developers, causing the Bitcoin miner's shares to jump nearly 16% in a single session.
With 85% of this revised target already secured under contract, IREN has locked in industry titans including Microsoft, Nvidia, Perplexity, and Figure AI. This pivot underscores a critical trend where Bitcoin mining capacity is being aggressively repurposed to meet the insatiable global demand for AI cloud services.
The company revealed that roughly 85% of its revised annualized AI cloud revenue target is now officially under contract. The high-profile client roster includes industry leaders such as Microsoft, Nvidia, Perplexity, and Figure AI, marking a significant milestone in the convergence of crypto mining and AI infrastructure.
This is a summarized and adapted version by Artificial Intelligence. To read the complete original story, visit the official source.
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