IREN Signed $2.8 Billion in New AI Contracts. The Whole Company Is Worth About $15 Billion.
The customer list now includes Microsoft and Nvidia. The hard part is building fast enough to serve them.
Overview
IREN (NASDAQ: IREN) is worth about $15 billion as of this writing, with the stock around $41 after climbing another 4% on Tuesday. In July, the artificial intelligence (AI) cloud infrastructure company announced $2.8 billion in new customer contracts -- multi-year deals to supply AI developers with computing power. That's one announcement worth nearly a fifth of the entire company's market value.
These aren't small customers, either. IREN's customer list now includes Microsoft, Nvidia, and Perplexity, among other AI developers.
Details
And yet shares would still have to climb about 85% just to get back to the $76.87 they touched within the past year. A company signing contracts this fast, valued this far below its own recent peak, is worth a closer look.
Source
Originally published at www.fool.com.