Iren Lifts AI Cloud Revenue Target Above $4 Billion After Winning $2.8 Billion in Contracts
Updated
Updated · CNBC · Jul 20
Iren Lifts AI Cloud Revenue Target Above $4 Billion After Winning $2.8 Billion in Contracts
3 articles · Updated · CNBC · Jul 20
Summary
Iren raised its year-end AI Cloud annualized run-rate revenue target to more than $4 billion from $3.7 billion, sending its shares up over 17% in Monday midday trading.
$2.8 billion in new multiyear contracts drove the increase, and the data center operator said about 85% of its year-end AI cloud annualized run-rate revenue is already under contract.
The update made Iren one of the session's biggest movers as investors rewarded clearer visibility into contracted AI infrastructure demand.
The jump adds to a broader market focus on AI-linked infrastructure and chips, with semiconductor shares rebounding and AMD rising after Microsoft said it would offer AMD's Helios-based system on Azure.