IREN Stock Surges on Meta-CoreWeave Deal and AI Spending Forecast
IREN stock price climbed over 2% and neared its all-time high. This surge followed a meaningful $14 billion agreement between Meta Platforms and CoreWeave. A bullish AI spending report from Citi also fueled the rally.
IREN, a leading Bitcoin mining firm, reached $46.80, just shy of its all-time high of $49.The stock has surged 870% from its year’s low, boosting its market cap to over $14 billion.
The jump came after Meta Platforms, owner of Facebook and WhatsApp, signed a $14 billion deal wiht CoreWeave. Meta will use CoreWeave’s infrastructure to boost its AI capabilities. This follows Microsoft’s similar deal with Nebius. Investors now expect IREN to secure a deal with a major tech player as it expands its AI data centers.
Citigroup raised its AI data center spending estimate to $2.8 trillion by 2029, up from $2.3 trillion. Citi predicts top hyperscalers will spend $490 billion by 2026.
IREN aims to become a major AI infrastructure provider. It has doubled its AI cloud to 23,000 Nvidia and AMD GPUs, targeting 60,000 GPUs. The company hopes to reach an annualized run rate of $500 million by Q1 2026.
Technically, IREN’s share price has been in a strong uptrend, moving from $4.96 in April to $46. While overbought, the stock may continue rising as AI momentum accelerates. However,a small pullback is possible as investors book profits.
