IREN jumps after announcing multiyear cloud services contracts with “leading AI companies”

IREN shares soared in early trading for a second day after the bitcoin miner and AI compute provider issued a press release announcing new multiyear deals with “leading AI clients” to put its Nvidia GPUs to work on their behalf. The release did not provide any additional details on the nature of these customers.

The company said it “remains on track to achieve >$500m in annualized run-rate revenue (ARR) from the 23k GPUs currently operating and on order by the end of Q1 2026.”

Shares in the company have also benefited from a strong run-up in crypto prices recently and an upsurge in chatter about the company on the influential subreddit r/WallStreetBets. Call volumes — a favorite vehicle for risk-hungry retail traders — have surged in recent weeks.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

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Meta surges on report it’s starting a cloud business to sell excess AI compute

The story of the hyperscalers in 2026 has largely been “the beatings will continue until the cash flow outlook improves;” this could help change the story for Meta. Or not.

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