Iren Shares Rise Ahead of Earnings After Nvidia Boost

Iren shares rose more than 4% to $43.25 ahead of the company’s quarterly report, reflecting gains at neocloud peers after Nvidia’s strong results and outlook.

Iren, formerly Iris Energy, is scheduled to release results on August 27. Analysts project revenue fell about 28% year over year to roughly $135 million for the quarter. The most optimistic forecast is $185 million, compared with $188 million a year earlier.

The company currently generates most of its cash from Bitcoin mining while building an AI cloud business. Bitcoin’s weakness during the quarter reduced the value of mined coins and weighed on revenue.

Bitcoin has since recovered, trading near $80,200 from a year-to-date low around $57,300, a change that could support revenue later in the year if sustained.

Analysts expect annual revenue to rise to about $669 million this year and to $2.33 billion next year as AI contracts scale. Iren recently completed the acquisition of Mirantis and agreed to a roughly $2.8 billion contract with several AI labs, additions that the company says increased its AI Cloud annualized run-rate target to $4 billion from $3.7 billion.

Iren’s chief executive wrote in a company statement: “Our vertically integrated AI Cloud platform is scaling at pace. In the past 12 months we have expanded from approximately 3MW of self-built AI Cloud capacity to 480MW being delivered this year, with 1.2GW targeted for 2027, broadening our customer base across hyperscalers, enterprises and AI developers.”

Nvidia reported revenue of $96 billion versus roughly $92 billion expected and set a FY’28 growth outlook of about 70%. Separately, Anthropic reached a multiyear agreement reported at about $46 billion with a cloud provider, indicating rising demand for compute from AI developers.

Iren may need additional capital to expand AI cloud capacity and complete contracts; competitors such as CoreWeave and Nebius have raised substantial funding recently.

Technically, Iren’s stock has been volatile. The shares fell from a June high near $70.58 to the low $40s, slipped below the 200-day moving average and have remained above a support area near $33.34. Technical indicators turned positive, and traders cited $33.35 as a support level and $50 as a resistance level to watch after earnings.