Crypto mining firm IREN’s shares surge over 15% as the company lifts its AI cloud business target to $4 billion.

According to market data from BIT (bit.com), shares of Bitcoin mining firm IREN rose roughly 15.7% on Monday, after the company announced an upward revision to its AI cloud business revenue target, projecting its annualized AI cloud revenue run rate will exceed $40 billion by year-end. IREN said it recently signed a multi-year cloud services contract worth $2.8 billion with an AI developer, with approximately 85% of its new AI cloud revenue target already secured by contracts, including clients such as Microsoft, NVIDIA, Perplexity, and Figure AI. Boosted by IREN’s news, the CoinShares Bitcoin Mining ETF (WGMI) gained around 9.6% on Monday, with other mining stocks also moving higher. IREN is currently the ETF’s fourth-largest holding, making up roughly 10.05% of its portfolio. IREN Co-CEO Daniel Roberts stated the company plans to deliver 480MW of AI cloud computing capacity by 2026, a massive jump from the roughly 3MW it had in 2025, and aims to reach 1.2GW of capacity by 2027. The firm noted that demand from hyperscale cloud providers, enterprise clients, and AI developers continues to outstrip its existing and planned computing capacity. Recent client agreements also include advance payment arrangements, which cover around 45% of GPU capital expenditures, easing the financial pressure of expanding AI infrastructure. Earlier, Bernstein predicted in April that as IREN shifts its Bitcoin mining infrastructure to AI computing, its AI cloud business will become its primary revenue source. This trend also reflects a growing number of Bitcoin mining companies transitioning to AI data centers and high-performance computing (HPC) sectors.