Why Iris Energy Stock Is Surging 10% Premarket Today

Iris Energy (IREN) stock jumped over 10% in premarket trading on Tuesday, after peer Nebius struck a multi-billion-dollar artificial intelligence (AI) infrastructure deal with Microsoft.

Under the multi-year agreement, Nebius will deliver dedicated GPU infrastructure capacity in tranches to Microsoft from its new data center in Vineland, New Jersey, starting later this year.  The GPU services will be delivered between 2025 and 2026.

Nebius said that the total contract value is about $17.4 billion through 2031. The contract also allows for Microsoft to acquire additional services and capacity, which would increase the total contract value to about $19.4 billion.

Iris, which runs its data centers entirely through renewable energy, already has 810 megawatts of installed capacity in the U.S. across five locations. The company is also adding further capacity, with 2.1 GW under construction and over 1 GW in the pipeline.

Retail sentiment on Stocktwits jumped about Iris Energy was in the 'bullish' territory at the time of writing.

Last month, Iris secured Nvidia's preferred partner status and is expected to receive over 9,000 Nvidia GPUs in the coming months. Iris, which also mines Bitcoins, posted August revenue of $79 million on Monday.

Its CEO, Daniel Roberts, noted that retrofits at its Prince George campus are already progressing on schedule to support its expansion, with construction of a new liquid-cooled data center for“NVIDIA GB300 NVL72 systems well underway.”

“This is a $50 stock,” one Stocktwits user wrote.

“Q4 results in 2026 will show 100% revenue growth over Q4 2025,” another trader hoped.

Iris Energy stock has more than doubled this year.

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