Iren shares jump on reported multiyear Anthropic cloud contract
Iren Ltd. stock rose about 5% in pre‑market trading after a media report linked the company to an unannounced multiyear cloud services deal with AI firm Anthropic. Iren had previously disclosed in August that it signed a multiyear contract with a frontier AI lab but did not name the customer. The report sparked a price increase while neither Iren nor Anthropic confirmed the arrangement.
Why it matters
JPMorgan upgraded Iren to overweight and raised its price target to $65, citing the deal as a catalyst for higher contract pricing. Benzinga noted analysts lifting price targets up to $80 on the back of rising AI demand. The stock move reflects market optimism that the contract could expand Iren’s AI‑cloud revenue base.
Key facts
- 1Iren shares rose roughly 5% in pre‑market trading on Monday. uk.investing.com
- 2A report identified Anthropic as the mystery AI cloud customer linked to Iren. invezz.com
- 3Iren disclosed in August that it had signed a multiyear contract with a frontier AI lab, without naming the customer. invezz.com
- 4Iren’s Q4 FY2026 AI Cloud revenue more than doubled to $70.5 million. 247wallst.com
- 5JPMorgan upgraded Iren to overweight and raised its price target to $65. invezz.com
- 6Analysts cited in Benzinga raised price targets up to $80 following the report. benzinga.com
Summary written by AlphAI AI Desk from 12 of 12 sources. Not investment advice. Figures are as stated by the linked sources.