Iren Shares Drop on Reports of Anthropic Cloud Services Deal
On October 12, Iren Limited (NASDAQ:IREN) closed at $34.80, down 1.11%, despite early reports that the company had signed a multiyear cloud services agreement with AI research lab Anthropic. The stock initially surged to nearly $37 in morning trading before retreating. Investors are closely watching Iren's transition from cryptocurrency mining infrastructure to AI cloud compute capacity and whether demand for AI services will sustain its growth trajectory. Iren has been pivoting away from Bitcoin mining, with a significant shift already underway through agreements like the nearly $10 billion five-year deal signed with Microsoft in late 2025. The company's AI Cloud Services revenue increased eightfold year-over-year during fiscal 2026 (ended June 30). Trading volume for Iren was above average, reaching 48.5 million shares. The broader market saw declines as the S&P 500 fell by 0.06% and the Nasdaq Composite dropped 0.44%. Peers in AI cloud infrastructure also declined, including TeraWulf (-2.9%) and Cipher Digital (-3.85%).
Tickers: $IREN
Topics: AI infrastructure cloud services agreement Iren stock movement