On July 21, IREN Ltd rose 5.2% overnight, trading at $42.29 per share, with turnover of $12.88 million, extending its strong intraday momentum.

On the news front, the company announced it has signed multi-year cloud service contracts totaling $2.8 billion with leading AI developers including Microsoft and NVIDIA, and raised its year-end AI cloud annualized run-rate revenue target from $3.7 billion to over $4 billion. Approximately 85% of the updated target is now secured under long-term contracts, with customer contracts carrying a weighted average term of about four years. Customer prepayments represent roughly 45% of associated GPU capital expenditure. As of June 30, IREN held approximately $7.6 billion in cash and equivalents, providing substantial financial backing for continued infrastructure expansion.

The contract announcement came amid a broader rally in neocloud and AI infrastructure stocks, with peers Hut 8 and Nebius also posting significant gains as tech giants accelerate AI infrastructure spending.

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