IREN Stock Extends Rally After $2.8B AI Contracts Disclosure: Goldman Sachs Lauds Customer Diversification, Keeps ‘Neutral’ Rating

IREN on Monday raised its annualized AI cloud revenue target on the back of new contracts.Published Jul 21, 2026 | 2:25 AM EDTLoading...Loading...Loading...Loading...Loading...Loading...Loading...Loading...Loading...Loading...Loading...Loading...Loading...Loading...Loading...Loading...IREN added Perplexity and Figure AI as new cloud customers.The company targets 480MW of cloud capacity this year and 1.2GW targeted for 2027.Stocktwits sentiment for IREN shifted to ‘extremely bullish’ from ‘bullish.’IREN Ltd.’s shares rose 5% in Monday’s overnight session, extending their sharp gains after the neocloud company raised its annual forecast on the back of new cloud orders.Still, Goldman Sachs reiterated its ‘Neutral’ rating and a $50 price target on the company’s shares, although the firm praised IREN's push to diversify its client base. Read NextLoading...Loading...IREN announced that it signed $2.8 billion in new multiyear cloud service contracts with multiple leading artificial intelligence developers and raised its year-end annualized run-rate revenue target for its AI cloud business to $4 billion, up from $3.7 billion previously.IREN's customer base now includes Microsoft, Nvidia, Perplexity, Figure AI, Together AI, Fluidstack, Fireworks AI, Fal AI, Hume AI, and a new leading AI developer, it said in a statement on Monday. The company’s shares rallied 20% in the session.“Our vertically integrated AI Cloud platform is scaling at pace. In the past 12 months we have expanded from approximately 3MW of self-built AI Cloud capacity to 480MW being delivered this year, with 1.2GW targeted for 2027, broadening our customer base across hyperscalers, enterprises and AI developers,” CEO Daniel Roberts said in a statement.Goldman Sachs Praises IREN’s Customer DiversificationGoldman Sachs said the announcement shows customer diversification, with Perplexity and Figure AI among the new customers, and expects investors will receive the news favorably, as it reinforces tight supply and favorable pricing conditions, according to an Investing.com report.The research firm updated its estimates for IREN to reflect lower Bitcoin mining costs as the company winds down its Bitcoin mining operations, with costs expected to rise in fiscal 2027 due to the recently announced marketing campaigns.IREN has become a key cloud stock after major deals with Nvidia and Microsoft. The company first entered into a five-year agreement with Microsoft in November 2025, which gave legitimacy to IREN’s pivot to a cloud company from a Bitcoin miner.Retail View On IRENOn Stocktwits, the retail sentiment for IREN shifted to ‘extremely bullish’ from ‘bullish’ the previous day, while 24-hour message volume increased 765%.The move in IREN’s stock is notable, coming after a sharp slide. The stock had declined 50% from its peak on May 27 till last Friday. “Inverse head and shoulders on weekly,” pointed out a trader. “Looks like we are setting up for a move to $75 in the coming weeks. The biggest highlight behind today’s news was the minimization of the dilution for the new contract buildout.”Another wrote: “$IREN just getting started - gonna be a multi-day runner.”For updates and corrections, email newsroom[at]stocktwits[dot]com.Read Next: MU, SNDK Shake Off 3-Day Memory Slump: Retail Says Demand Narrative Is IntactSubscribe to Chart ArtThe best trade ideas and analysis from the Stocktwits community. Delivered daily by 8 pm ET.Read about our editorial guidelines and ethics policy