IREN Limited (NASDAQ: IREN) shares surged 30.5% during Tuesday trading. The stock rebounded on July 30 following a recent sell-off.
Co-CEO Daniel Roberts reported that AI computing demand currently exceeds the company's build capacity. Signed contracts now cover 85% of the company's 2026 revenue goals. IREN targets an annualized revenue exceeding $4 billion by 2026.
The firm is pivoting its core operations from Bitcoin mining toward AI infrastructure. Heavy trading volume followed the announcement of recent multi-billion dollar AI cloud contracts.