IREN Stock Soars Nearly 900% in 6 Months, Jumps 8% Pre-Market: What’s Fueling the Increase?

IREN Ltd Stock Surge: Shares of IREN Ltd rose 8% in pre-market trading after the company announced multi-year agreements with major AI firms for NVIDIA's Blackwell GPUs, contributing to a nearly 900% increase in stock price over the last six months.

AI Cloud Division Growth: IREN's AI Cloud division is projected to exceed $500 million in annual recurring revenue by 2026, with commitments for 11,000 GPUs expected to generate around $225 million in annualized cloud revenue by the end of 2025.

Investor Sentiment: Investor Andrew Wilkinson described IREN's stock as undervalued, likening it to a "Picasso at a garage sale," while some analysts express concerns over its high valuation despite the positive outlook.

Market Trends and Analyst Ratings: The stock's recent momentum follows an expansion announcement, although a downgrade from JPMorgan to Underweight raised valuation concerns, briefly slowing the stock's rise amidst strong short and long-term price trends.