On June 18, IREN Ltd rose 5.08% in pre-market trading, trading at approximately $61.09/share, with turnover of $27.83 million.

On the news front, IREN recently completed its acquisition of Nostrum Group, a developer of grid-connected infrastructure, expanding its AI cloud platform operations into the European market. Additionally, Jefferies initiated coverage with a buy rating and a $79 price target, while B.Riley previously raised its target price from $88 to $96 maintaining a buy rating, reflecting institutional confidence in the company's AI computing power transformation.

IREN had previously experienced a sharp pullback from early June highs after completing a $3.65 billion investment-grade GPU financing that raised market concerns over elevated financial leverage, with total convertible notes reaching $3.7 billion. The stock has since entered an oversold recovery channel. Fundamental support remains intact from its $9.7 billion computing power agreement with Microsoft and NVIDIA's investment commitment of up to $2.1 billion, underpinning the current rebound trajectory.

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