What’s Pushing IREN Stock Higher Pre-Market Today?

IREN (IREN) announced on Tuesday that it has entered into new multi-year agreements with major AI firms, tied to the deployment of the Nvidia Blackwell GPUs (graphics processing units). 

Following the announcement, IREN stock traded over 8% higher in Tuesday’s premarket. 

These recent contracts follow the company's expansion of its AI Cloud capacity, with IREN forecasting that its GPU infrastructure could generate over $500 million in annual recurring revenue (ARR) once its fleet of 23,000 GPUs is fully online by the end of the first quarter (Q1) 2026. 

Retail sentiment around the stock jumped to ‘bullish’ from ‘neutral’ territory the previous day. Message volume improved to ‘high’ from ‘low’ in 24 hours. 

Out of the 23,000 GPUs planned for operation, contracts are already in place for roughly 11,000 units. These agreements represent an estimated $225 million in annual cloud revenue, expected to be active by the end of 2025.

According to IREN, these contracts are being signed at pricing levels that allow for revenue payback within about two years, and most are structured with two-year terms.

“With nearly 3GW of grid-connected power across North America and a cloud services business scaling in size and reputation, we believe IREN is well-positioned to scale with the rapid growth in AI compute needs,” said co-founder and co-CEO of IREN, Daniel Roberts. 

IREN holds a portfolio of 2,910 megawatts (MW) of power and accompanying land assets. Its campuses in British Columbia, combined with its Horizon 1 and Horizon 2 data centers currently being constructed in Childress, Texas, are designed to accommodate more than 100,000 GPUs once fully operational.

IREN stock has gained 488% in 2025 and over 591% in the last 12 months. 

Also See: GRRR Shares Rally Over 4% Pre-Market, Retail Says Stock Should Be Trading Over $40: ‘Unbelievable! Way, Way Undervalued’

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