IREN Drops 9% to $55.83 as Traders Cash Out After $3.4 Billion NVIDIA Deal
Updated
Updated · 24/7 Wall St. · May 11
IREN Drops 9% to $55.83 as Traders Cash Out After $3.4 Billion NVIDIA Deal
10 articles · Updated · 24/7 Wall St. · May 11
$55.83 marked a roughly 9% early-Monday slide for IREN, reversing part of Friday’s 8% jump after traders took profits following the NVIDIA-driven rally.
The pullback came after IREN unveiled a $3.4 billion AI cloud contract with NVIDIA and a $2.1 billion share purchase option, part of a plan to build up to 5 gigawatts of computing capacity.
Q3 FY2026 results are tempering that enthusiasm: IREN posted a $247.8 million net loss on $144.8 million in revenue, while Bitcoin revenue fell 34% quarter over quarter.
IREN is also expanding through its Nostrum Group acquisition, which adds 490 MW and a European foothold, but raises execution and capital-intensity concerns as it scales AI infrastructure.
Even after Monday’s drop, the stock remains up 66% over the past month, leaving investors focused on whether shares can hold the mid-$50s or retrace toward the 50-day average near $43.
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