IREN Limited announced a $2.8 billion multi-year agreement with Microsoft and Nvidia to expand its AI cloud platform, marking a pivot from Bitcoin mining. The stock surged as much as roughly 16% to nearly 20% intraday and briefly pushed above the $40 level, before closing at $37.07 on Friday in the U.S., down 8.7% on the day, though it finished the week up 10.3%. Intraday, shares climbed to about $40.22 and later slid to around $37.02, with volume swelling to roughly 34.5 million shares. In European trading, the stock ended at €32.69, down 8.38%. The stock is down more than 26% over 30 days and still more than 50% below its November 2025 record high. Following the deal, IREN raised its target for 2026 AI cloud annual recurring revenue to more than $4.0 billion, up from $3.7 billion, with approximately 85% of that revenue target supported by contracted commitments. Contract terms include roughly 45% of related GPU capital expenditures paid in advance. IREN had approximately $7.6 billion in cash as of the end of June 2026, with about $1.7 billion designated for specific purposes, and secured a $3.65 billion investment-grade GPU financing facility.