IREN (NASDAQ:IREN), a vertically integrated AI cloud and data center operator, closed at $34.80, unchanged. Premarket analyst coverage kept IREN in focus on Tuesday, while investors are watching AI cloud demand and the next earnings results.
Trading volume exceeded 47 million shares, coming in nearly 11% above its three-month average of 43.1 million shares. IREN IPO’d in 2021 and has grown 42% since going public.
How the markets moved today
The S&P 500 (SNPINDEX: ^GSPC) finished at 7,805, down 0.02%, while the Nasdaq Composite (NASDAQINDEX: ^IXIC) closed at 27,204, down 0.15%. In the AI cloud and data center infrastructure sector, rivals Applied Digital (NASDAQ:APLD) closed at $22.44, down 3.48%, and Core Scientific (NASDAQ:CORZ) closed at $15.43, up 2.73%.
What this means for investors
IREN has been assigned a “Moderate Buy” rating from 22 analysts, with one sell and four hold calls. The note kept attention on valuation and AI cloud execution after reports surfaced recently that the company may have acquired AI giant Anthropic as a customer. Those rumors remain unconfirmed, although shares sport a high sales multiple of 19.
Its elevated valuation may be warranted. In its 2026 fiscal year, ended June 30, IREN reported revenue of $707 million, up from $501 million in the prior year thanks to the artificial intelligence boom. In July, it said it had signed $2.8 billion in new customer contracts and lifted its year-end annual recurring revenue target above $4 billion. That remains the clearest signpost for future AI infrastructure demand. The company also noted its 2026 capacity was largely sold out, and that it was in talks with customers about 2027.
IREN’s key strength against competitors is that it is a vertically-integrated AI infrastructure provider. It owns the land, electrical substations, and hardware for its data centers, reducing external friction and scaling costs. It also uses 100% renewable energy, which is a desirable trait among hyperscalers such as Microsoft, one of its key clients.
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