**Iren (NASDAQ: IREN)** reported a nearly 3% increase in stock value on Thursday following the announcement of a significant **$9.7 billion cloud services contract** with **Microsoft**. This contract, which spans five years, kicked off with a **50-megawatt deployment** at Iren’s data center in **Childress, Texas**, marking a strategic shift towards AI cloud services.
Additionally, Iren aims to achieve **480 megawatts** of gross AI cloud capacity by **2026**, alongside an ambitious target of **1.2 gigawatts** by next year. These developments come as the company received **Nvidia’s Exemplar Cloud** status for its system architecture, enhancing investor confidence in its ongoing pivot into data center operations.
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