IREN Stock News

IREN stock jumped ~4% premarket after a report that Anthropic is its mystery AI cloud customer.

Memory stocks fell premarket after Chinese rival CXMT advanced a higher-density memory chip. Micron -2.1%, SK Hynix -1.5%, Sandisk -1.8%, Seagate -1.1%, Western Digital -1.4%. IREN +5.5% on reported Anthropic cloud deal. Amazon +0.2% on Decart acquisition talks. Futures rose as oil dropped; CPI and bank earnings ahead.

Amazon is in talks to acquire AI startup Decart. IREN shares rose on a report it struck a deal with Anthropic. Stellantis gained after the EU agreed to limit Chinese car exports. Valero and Marathon Petroleum edged up on US diesel supply policy. Volkswagen reported a Q3 delivery decline.

IREN CEO Daniel Roberts said deploying current AI models would require more compute than the world can build for years. He sees demand risk skewed higher and supply likely to fall short.

JPMorgan upgrades IREN to Overweight, lifts target to $65 from $46.

JPMorgan upgraded IREN to Overweight, reversing its prior Underweight rating. The bank appears to see AI demand as resilient enough to support the neocloud business model.

Jim Cramer said CoreWeave is the only neocloud he likes. He made the comment when asked about IREN stock. The remark suggests Cramer does not favor IREN in the neocloud space.

IREN reported FY26 revenue of $707M, below the $740M estimate, and adj. EBITDA of $245.7M, missing consensus. Q4 adj. EBITDA of $19.2M was well below the $41.1M estimate. The company posted a net loss of $702.6M, largely from non-cash impairments. AI Cloud revenue rose to $128.8M. IREN also announced a new multi-year AI Cloud contract with a leading frontier AI lab, with 2026 capacity largely sold out and $4B in contracted ARR. Shares fell more than 10%.