On July 31, IREN Ltd rose 5.57% in pre-market trading, trading at $40.39 per share, with turnover of approximately $5.31 million. The stock has maintained strong upward momentum following a roughly 25% surge in the prior session.

The sustained rally is driven by the market continuing to digest the company's landmark $2.8 billion AI computing contract announcement. IREN signed multi-year cloud services agreements with several leading AI developers totaling $2.8 billion in contract value, prompting the company to raise its year-end AI cloud annualized recurring revenue target from $3.7 billion to over $4 billion. Approximately 85% of this updated target is now secured under long-term contracts, with a weighted average customer contract term of about four years. Notably, customer prepayments represent approximately 45% of associated GPU capital expenditure, significantly de-risking future cash flows. The company also reported holding approximately $7.6 billion in cash and equivalents as of June 30, providing substantial financial flexibility for continued expansion.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)