IREN shares rise 5.23% premarket after reporting record $240.3M revenue and securing $9.7B AI Cloud contract with Microsoft.

IREN surged 5.23% in premarket trading following the announcement of record Q1 FY26 results, including $240.3 million in revenue and $384.6 million net income, alongside a $9.7 billion AI cloud contract with Microsoft. The Microsoft agreement, featuring a 20% prepayment and projected $1.9 billion annual recurring revenue contribution, underscored the company’s strategic shift to AI infrastructure and capacity expansion plans. These developments, combined with operational milestones like the Childress campus acceleration and British Columbia GPU transition, reinforced investor confidence in IREN’s long-term growth trajectory and financial resilience. The premarket rally aligned with the positive earnings surprise and high-impact contract, overshadowing minor revenue estimates discrepancies.