IREN Ltd's stock soared 5.34% overnight on Monday, reaching $39.01 per share with a turnover of $9.73 million, as the market continued to react positively to a major contract announcement from earlier in the week.

The rally was fueled by the company's recent disclosure of multi-year cloud services contracts totaling $2.8 billion with leading AI developers. This landmark deal prompted IREN to raise its year-end AI cloud annualized recurring revenue target from $3.7 billion to over $4 billion. Approximately 85% of the updated target is now secured under long-term contracts, which have a weighted average term of about four years. Customer prepayments are expected to cover roughly 45% of associated GPU capital expenditure, providing strong cash flow visibility.

Additionally, IREN held approximately $7.6 billion in cash and equivalents as of June 30, and its recent addition to the Russell 1000 Index has further boosted institutional visibility and the potential for passive fund inflows.