IREN's 16% pump says what every miner is thinking: the real gold rush now runs on GPUs ⚡

IREN shares jumped roughly 15.7% on Monday after the company lifted its year-end AI cloud annualized run-rate revenue target above $4 billion, citing $2.8 billion in new multi-year cloud services contracts with artificial intelligence developers. The company said about 85% of its revised annualized AI cloud revenue target is now under contract, with customers including Microsoft, Nvidia, Perplexity and Figure AI.

The update spilled into the broader mining sector. CoinShares Bitcoin Mining ETF (WGMI) climbed 9.61% as other miners posted modest share gains, according to Yahoo Finance. IREN stock is the fourth-largest holding in that sector-tracking exchange-traded fund, at 10.05% of assets.

Co-CEO Daniel Roberts said IREN plans to deliver 480 megawatts of AI cloud capacity in 2026, up from about 3 MW a year earlier, with 1.2 gigawatts targeted for 2027. The company stated that demand from hyperscalers, enterprises and AI developers continues to exceed its available and planned capacity. Recent customer agreements also include prepayments covering about 45% of the associated GPU capital expenditures, reducing funding requirements for those deployments.

The revised target follows Bernstein's April assessment that IREN's AI cloud business would become its primary revenue driver as the company repurposes mining infrastructure for AI computing, part of a broader trend of Bitcoin miners expanding into AI and high-performance computing.