On August 12, IREN Ltd rose 12.13% in regular trading, trading at approximately $42.69 per share, with turnover of $386 million. The stock was driven higher by dual catalysts from the AI infrastructure space.

On the news front, Anthropic signed a landmark $9.1 billion, 20-year cloud computing contract with Riot Platforms, underscoring the sustained high-pressure demand from AI companies for compute capacity. Simultaneously, NVIDIA partnered with six major financial institutions to establish a $500 billion AI infrastructure financing platform, directly benefiting neocloud operators that lack hyperscaler-scale balance sheet support. The broader neocloud sector rallied in tandem, with Riot Platforms up 2.03%.

IREN itself holds $2.8 billion in AI compute contracts and recently completed its acquisition of Mirantis to strengthen the software layer of its vertically integrated AI cloud platform. The company previously raised its year-end annualized run-rate revenue target to over $4 billion, reflecting accelerating AI infrastructure spending spillover into independent compute providers.

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