Bitcoin miner IREN Limited (NASDAQ: IREN), another company that has pivoted to AI infrastructure, jumped 30% on July 30, clawing back losses from a broader sell-off in AI infrastructure stocks.
Co-CEO Daniel Roberts told investors that customer demand for IREN’s computing capacity outstrips what the company can build right now.
CEO Points to Contracted Revenue, Not the Stock Price
Rather than address the recent volatility directly, Roberts used a post on X to redirect attention to the business itself. He said signed contracts already cover 85% of IREN’s $4 billion-plus 2026 annualized revenue run-rate target. Construction crews are actively working the company’s sites right now, he added.
“What we know today: demand for our capacity exceeds everything we can build, 85% of our $4bn+ 2026 target is signed, and there are thousands of people on our sites right now pouring concrete and racking GPUs. We’ve been through way worse than this. Back to it.”
— Daniel Roberts, Co-CEO, IREN
Prepayments Ease Funding Concerns
The rally builds on $2.8 billion in AI cloud contracts IREN signed earlier in July with Microsoft, NVIDIA, Perplexity, and Figure AI. Several of the newer multi-year deals include customer prepayments. These payments cover roughly 45% of the related GPU capital costs, easing investor worry over how IREN funds its buildout.
IREN’s stock had fallen more than 30% over the prior month, alongside peers like TeraWulf and Applied Digital. The drop reflected a wider correction across bitcoin miner stocks pivoting toward AI hosting.
Trading volume on the rebound hit nearly 73 million shares, well above IREN’s roughly 53 million average, consistent with a short-covering squeeze layered on top of the fundamental news.
Whether the rebound holds may depend on how IREN’s contracted revenue converts into cash flow as its 1.2 gigawatt 2027 capacity target approaches.