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• Anthropic has raised a record $20b, reinforcing investor focus on AI infrastructure providers.

• NasdaqGS:IREN is expanding its role in high-performance computing and AI data centers, supported by a long term partnership with Microsoft.

• Recent industry moves are accelerating the shift for IREN and peers from bitcoin mining toward AI focused infrastructure services.

NasdaqGS:IREN is drawing fresh attention as investors look beyond its roots in bitcoin mining to its AI data center business. The stock closed at $59.84, with returns of 14.5% over the past week, 56.2% over the past month and 40.1% year to date. Over the past year, the return is very large, suggesting that the market has been reassessing IREN’s role in the AI and high performance computing space.

What stands out in the latest news is how quickly AI infrastructure is becoming central to IREN’s story, supported by substantial contracts with Microsoft and large GPU deployments. As more capital flows into AI through deals like Anthropic’s $20b raise, investors may watch how effectively IREN scales its data center capacity and executes on these long duration agreements.

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Why IREN could be great value

Anthropic’s planned $20b raise has acted as a sector-wide signal that capital is flowing toward AI infrastructure, and investors appear to be treating IREN less as a pure bitcoin miner and more as an AI data center operator. The recent share price swings around rate decisions and competitor news suggest that sentiment is being pulled between crypto-sensitive traders and investors who are focused on long term, contract-backed AI revenue from deals such as IREN’s multi year Microsoft agreement.

The latest AI driven rally lines up closely with the existing narratives that frame IREN as moving from a mining-first story to an AI infrastructure story anchored by contracted capacity. Earlier narratives highlighted Sweetwater’s large-scale power pipeline and the Microsoft deal as key proof points, and the current reaction to Anthropic’s funding shows that investors are now treating those assets as a way to gain exposure to hyperscale AI demand rather than just bitcoin price moves.

• ⚠️ Execution risk on large projects such as the ~1.4GW Sweetwater 1 energization and the ramp up to 140,000 GPUs, where delays could affect how quickly contracted revenue is realized.

• ⚠️ Competitive pressure from peers like CoreWeave, Hut 8, and Cipher Mining, which are also scaling AI focused capacity and could influence pricing and contract terms.

• 🎁 Long duration contracts such as the reported US$9.7b Microsoft agreement give investors a clearer line of sight on AI related revenue compared with more volatile bitcoin mining income.

• 🎁 Anthropic’s record fundraise reinforces interest in infrastructure suppliers, which may support investor appetite for companies like IREN that already control large grid connected power portfolios.