Shares of IREN Limited (NASDAQ:IREN) surged in premarket trading, fueled by new multi-year AI cloud deals featuring NVIDIA Blackwell GPU deployments. The company’s stock jumped 10.01% to $63.53 as of 7:16 AM EDT on October 7, 2025, building on a strong close of $57.75 on the previous day. This rise highlights investor optimism about IREN’s expansion in the AI infrastructure market and its ambitious revenue targets. The company’s strategic shift toward AI computing is attracting major customers, positioning it for substantial growth. IREN secured multi-year cloud services contracts with leading AI companies for NVIDIA Blackwell GPU deployments. The company now expects to reach over $500 million in annualized run-rate revenue from its 23,000 GPUs by the end of Q1 2026. Customer agreements represent approximately $225 million in AI Cloud annualized revenue, expected to be operational by year’s end. The new NVIDIA Blackwell GPUs are being contracted ahead of delivery with an average term of two years at pricing that supports a two-year revenue payback. This favorable economics model demonstrates strong demand from customers and IREN’s success in the AI infrastructure business. IREN has a large capacity for GPUs, with 100,000+ GPUs currently planned in its British Columbia campuses and under construction Horizon 1 & 2 data centers, providing significant expansion potential. This infrastructure advantage is allowing IREN to swiftly capitalize on accelerating demand for AI compute across the industry.