On June 2, IREN Ltd rose 5.09% in regular trading, trading at $67.02/share, with trading volume of approximately $1.186 billion. The stock continues to benefit from the company's recent announcement of a roughly $1.6 billion hardware procurement agreement with Dell Technologies.

Under the agreement, IREN will purchase NVIDIA air-cooled Blackwell systems—including GPUs, servers, storage, and networking equipment—for deployment at its Childress, Texas data center campus, with operations expected to commence in early 2027. The purchase supports a previously signed five-year, $3.4 billion AI cloud services hosting contract with Dell. Once the Blackwell systems are fully operational, IREN's annual recurring revenue is projected to increase by approximately $700 million, rising from $3.7 billion to $4.4 billion.

Adding to investor optimism, NVIDIA earlier announced up to $2.1 billion in investment into IREN as part of a broader infrastructure deployment agreement of up to 5 gigawatts. Microsoft also signed a $9.7 billion agreement with the company last November. IREN, formerly known as Iris Energy, has pivoted from renewable-energy-driven bitcoin mining to AI cloud infrastructure, now operating over 150,000 GPU units.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)