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IREN stock fell 9.4% after announcing a 900-MW data center project in Australia, which investors viewed as speculative. The decline followed a 5% drop tied to an unconfirmed cloud deal and negative commentary from Jim Cramer. The stock is below key moving averages, and the broader sector also declined, reflecting a risk-off market tone.

Iren plans a 900MW data center campus in Wagga Wagga, Australia, with a potential AU$10 billion investment. The project is in early assessment, targeting a 2029 grid connection. Iren will fund transmission costs and use renewable energy. The campus is not part of its 5GW secured-power portfolio. Iren operates data centers in North America and recently entered Europe via acquisition.

Cipher Digital (CIFR) fell 5% to $10.72 after pricing $850M zero-interest convertible notes. IREN (IREN) dropped 4%, and Applied Digital (APLD) declined 6%. Cipher's notes fund Barber Lake expansion; shares issued in exchange lack dilution protection. Contracted revenue growth must outpace share count increases.

IREN Limited is expanding its AI data center infrastructure globally, targeting 300 MW of capacity by 2026 and 800 MW by 2027. The company has projects in the U.S., Australia, and Europe, with $4 billion in contracted revenues for 2026. IREN plans $25-30 billion in capital expenditures for 2027. Competitors CoreWeave and Applied Digital are also expanding. IREN's stock has fallen 9.8% in three months, trading at a P/S ratio of 3.19X.

IREN Limited (IREN) fell 4% to $33.18 as an unconfirmed report naming Anthropic as a customer lost momentum. Core Scientific (CORZ) dropped 3% to $14.51, following a similar trend. Neither company confirmed the report or disclosed contract terms. Both firms are converting former Bitcoin mining sites into data centers for AI cloud services. Microsoft (MSFT) is a confirmed customer for IREN, with capacity largely sold out for the year.

Australian Bitcoin miner IREN reportedly signed a multiyear AI cloud services deal with Anthropic, according to The Information. The deal aims to provide Anthropic with flexible, cost-effective GPU clusters, supporting its growth ahead of a potential IPO. IREN's AI cloud revenue surpassed Bitcoin mining revenue in Q2 2024, with $70.5M in AI cloud revenue compared to $66.7M from mining.