IREN Gains 9% as Bitcoin Mining Firm Secures Strategic AI Cloud Agreements

AI and high-performance computing (HPC) stocks extended their rally, with IREN (IREN), Bitfarms (BITF), and Hive Digital (HIVE) leading gains as demand for GPUs and cloud-based AI services accelerates.

IREN surged following the announcement of multi-year AI cloud service agreements with major AI firms for NVIDIA Blackwell GPU deployments. The company aims to surpass $500 million in annualized run-rate revenue (ARR) by the end of Q1 2026, supported by 23,000 GPUs either in operation or on order.

Contracts for 11,000 GPUs are expected to contribute roughly $225 million in ARR by the end of 2025. With average two-year terms and efficient revenue payback, IREN is expanding across its British Columbia campuses and Horizon 1 & 2 data centers in Texas, which together can accommodate over 100,000 GPUs powered by 2,910 MW of secured capacity.

Co-founder Daniel Roberts commented, “Our rapid shift from ASICs to GPUs and the speed at which we’re building Horizon 1 & 2 shows IREN’s ability to meet the growing demand for AI compute.”

Mining Stocks Keep Momentum
The rally in AI and HPC miners continued in early U.S. trading. Bitfarms rose 12% after Monday’s 15% gain, while Hive Digital added 10% following a 25% surge in the previous session, reflecting strong investor appetite for GPU-focused mining and cloud operations.