IREN Stock Surges Over $9 Billion Microsoft Cloud Deal

Shares of IREN Limited (NASDAQ: IREN) surged by 22.09% in pre-market trading on November 3, 2025, reaching $74.17 after closing at $60.75 the previous day. This substantial jump is primarily driven by an announcement of a landmark $9.7 billion multi-year GPU cloud services contract with Microsoft. The agreement signifies a major milestone for IREN, positioning it as a key player in the AI cloud market and validating its vertically integrated platform.