IREN Stock Surges on Meta-CoreWeave Deal and AI Spending Forecast
IREN stock price climbed over 2%, nearing its all-time high. This surge followed a critically important $14 billion deal between Meta Platforms and CoreWeave, alongside a bullish AI spending report from Citi.
IREN, a well-known Bitcoin mining firm, reached $46.80, just below its record high of $49. The stock has surged 870% from its year’s low, boosting its market cap too over $14 billion.
The jump was triggered by Meta Platforms’ $14 billion agreement with CoreWeave. Meta will use CoreWeave’s infrastructure to speed up its AI development. This deal follows Microsoft’s similar pact with nebius.
Investors expect more such deals as companies build AI data centers. Citi raised its AI data center spending estimate to $2.8 trillion by 2029,up from $2.3 trillion. Top hyperscalers like Microsoft, Amazon, and Meta are projected to spend $490 billion by 2026.
IREN is expanding its AI cloud to 23,000 Nvidia and AMD GPUs,aiming for 60,000 GPUs. It targets an annualized run rate of $500 million by Q1 2026, up from $7 million last quarter.
Technically, IREN’s share price has been in a strong uptrend since April, rising from $4.96 to $46. While overbought, the stock may continue rising as AI momentum grows.Though, a minor pullback is absolutely possible as investors book profits.
