IREN Ltd. shares surrendered early premarket gains on Monday after a report by The Information identified Anthropic as the previously undisclosed AI cloud customer behind a multiyear agreement. The stock initially rose about 4% to 5%, touching an intraday high of $36.69, but by 3:31 p.m. Eastern Time it traded at $35.08, down 0.33% from Friday's close of $35.19, according to Google Finance.
The reported deal appeared two days before Anthropic's planned October 14 investor meeting and possible November IPO preparations. The Information's analysis said bringing a 245 MW site online one month early would add more than $1.3 billion in revenue, and noted that Anthropic has an unannounced multiyear cloud deal with IREN, citing people familiar with the relationship. The report highlighted that AI computing demand increasingly depends on current and former Bitcoin miners such as Hut 8, TeraWulf, IREN and Nscale. Neither IREN nor Anthropic publicly confirmed the agreement, and its financial terms remain undisclosed.
IREN had already disclosed in August that it signed a new multiyear contract with a "leading frontier AI lab" and secured $2.8 billion in financing for AI chip purchases, without naming the customer. The company also delivered the first phase of its Microsoft deployment and secured Nvidia Exemplar Cloud status. Co-founder and co-CEO Daniel Roberts said 2026 capacity was largely sold out, including Horizon 1 delivered to Microsoft.
IREN's pivot from Bitcoin mining to AI cloud is visible in its financials. For the quarter ended June 30, 2026, AI cloud revenue was $70.5 million, exceeding Bitcoin mining revenue of $66.7 million. Fiscal 2026 AI cloud revenue reached $128.8 million, up from $16.4 million a year earlier, while Bitcoin mining generated $578.2 million. The transition also caused non-cash impairments of $638.8 million for fiscal 2026 and $450.4 million in Q4, mainly from decommissioning Bitcoin mining hardware.
The stock has struggled despite analyst optimism. IREN shares are down 18% in 2026 and 45% over 12 months. JPMorgan upgraded the stock to overweight in September with a $65 target, and Bernstein maintained outperform with a $100 target. IREN's major Microsoft GPU cloud services agreement, announced in November 2025, is valued at approximately $9.7 billion over five years.
