Iren is generating cash while expanding its AI infrastructure, transitioning from crypto mining to AI cloud data centers. The company secured a $9.7 billion AI cloud contract with Microsoft. Revenue surged 355% to $240 million in Q1 2026, aiming for a $3.4 billion annual run rate by 2026’s end.

Iren, starting as a Bitcoin miner, pivoted to high-performance AI computing. It reported $1.8 billion in cash, covering near-term expenses from Microsoft dealings. The stock surged 30% in 2026. Investors should weigh risks before buying Iren stock, with ongoing projects and substantial capital expenditures.

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Read more at Nasdaq: Why Iren Stock Crashed in December