IREN shares surge 5.73% after-hours after securing $9.7B AI Cloud contract with Microsoft, boosting revenue visibility and growth prospects.

IREN surged 5.73% in after-hours trading following the announcement of Q1 FY26 results, including a $9.7bn multi-year AI Cloud contract with Microsoft and record revenue of $240.3m (+355% YoY). The results highlighted a $1.9bn ARR contribution from the Microsoft deal, a $3.4bn AI Cloud ARR target by 2026, and a $1.8bn cash balance. These milestones, alongside operational plans for GPU expansion and substation energizations, reinforced near-term revenue visibility and liquidity, driving investor optimism about IREN’s AI Cloud growth trajectory.