On July 30, IREN Ltd rose 5.42% in pre-market trading, trading at $30.87/share, with turnover of $10.07 million. The stock continues to gain as the market digests the company's recently announced $2.8 billion AI computing contract.

IREN signed multi-year cloud service contracts totaling $2.8 billion with multiple leading AI developers, prompting the company to raise its year-end AI cloud annualized recurring revenue target from $3.7 billion to over $4 billion. Approximately 85% of this updated target is now locked in under long-term contracts, with a weighted average contract term of about four years. Customer prepayments represent roughly 45% of associated GPU capital expenditure. As of June 30, the company held approximately $7.6 billion in cash and equivalents, providing substantial financial backing for continued expansion.

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