IREN Rises Overnight After Report of Anthropic AI Cloud Deal
IREN shares rose about 9% in Sunday overnight trading after The Information reported that Anthropic had signed a previously undisclosed multiyear cloud-computing agreement with the company.
The stock traded at about $38 on Oct. 11 evening Eastern Time, up 9.01% from Friday’s close of $35.19, according to overnight market data. The advance partially reversed a roughly 16% decline during the preceding week.
The agreement was reported by The Information, citing people familiar with the relationship. Financial terms and the precise duration of the contract weren’t available in the accounts of the report reviewed for this article.
The report follows IREN’s disclosure on Aug. 27 that it had signed a multiyear AI cloud contract with an unnamed leading frontier AI lab. That announcement did not identify Anthropic. It remains unclear whether the newly reported agreement is the same contract, a distinction that matters in assessing whether it represents additional business beyond IREN’s existing disclosures.
IREN said in August that contracts for its 2026 capacity represented $4 billion in annualized revenue, while operating capacity represented a $1 billion annualized revenue run rate. Its capacity for the year was largely sold out. Those figures describe annualized business volumes rather than revenue already recognized.
The company has been shifting its infrastructure from bitcoin mining toward providing computing capacity for artificial intelligence. Its annual filing said it aimed to substantially complete that transition by Dec. 31, 2026, after beginning to decommission mining equipment and reallocate power and data-center capacity during the fiscal year.
Microsoft is already a major customer. In November 2025, IREN announced a five-year agreement worth about $9.7 billion to provide access to Nvidia GB300 graphics processors. The contract included a 20% prepayment and deployments at IREN’s Childress campus in Texas.
IREN said in August that it had delivered the first of four 50-megawatt deployments to Microsoft. AI cloud revenue reached $128.8 million in the fiscal year ended June 30, up from $16.4 million a year earlier, although bitcoin mining still generated most of its $707 million in total revenue.
