IREN stock gave up an early rally on Monday, October 12, after The Information reported that the AI cloud infrastructure provider has an unannounced multiyear agreement with Anthropic, the developer of the Claude AI models. Neither company has publicly confirmed the reported relationship, and its financial terms remain undisclosed.
IREN shares initially climbed approximately 4% in premarket trading, with TipRanks recording a 3.55% gain to $36.44 at 11:18 UTC. Earlier indications had placed the stock near $37.02, roughly 5% above Friday’s $35.19 close.
However, the rally faded during regular trading. IREN traded at $35.08 as of 3:31 p.m. Eastern Time, down 0.33% on the session, according to Google Finance. Shares had reached an intraday high of $36.69 before retreating.
The report comes two days before Anthropic’s planned October 14 investor meeting, adding another potential infrastructure relationship to the AI developer’s preparations for a possible November IPO.
The Information Reports an Unannounced Anthropic Cloud Agreement
The Information reported, citing people familiar with the relationship, that Anthropic has a multiyear cloud computing agreement with IREN that has not been publicly announced.
The report appeared in coverage of Anthropic’s efforts to accelerate computing infrastructure deployment as demand for its AI models expands.
Crucially, the report did not establish a contract value, the number or type of GPUs involved, the amount of computing capacity reserved, or a delivery schedule.
IREN did not immediately respond to Reuters’ request for comment, while Anthropic has not issued a public statement confirming the reported arrangement.
Consequently, the agreement should be treated as a reported relationship rather than a newly announced company contract. The distinction matters because IREN had already disclosed an unnamed major AI customer in August.
IREN Disclosed a Multiyear Contract With an Unnamed AI Lab in August
On August 27, IREN announced that it had signed a new multiyear AI cloud contract with what it described as a “leading frontier AI lab.”
The announcement accompanied the company’s fiscal 2026 results but did not identify the customer or disclose the agreement’s individual financial value.
IREN also identified Cohere, Prometheus, Perplexity, Figure AI, Fal AI and Higgsfield AI among other recently signed customers, indicating that its cloud business was expanding beyond established hyperscalers.
The Information’s report raises the possibility that Anthropic is the previously unnamed customer. However, there has been no company confirmation connecting the two disclosures.
This also complicates the investment interpretation. If the reported Anthropic arrangement is the same contract disclosed in August, the development would identify an existing customer rather than establish that IREN has secured additional revenue since its last financial update.
The strongest new information would therefore be confirmation of the customer’s identity, followed by details of the associated capacity, economics and delivery obligations.
AI Cloud Revenue Has Overtaken Bitcoin Mining in IREN’s Latest Quarter
IREN’s transformation from Bitcoin mining toward AI infrastructure is already evident in its financial statements.
For the quarter ended June 30, 2026, the company reported $70.5 million in AI cloud services revenue, compared with $66.7 million from Bitcoin mining. Total quarterly revenue was $137.2 million.
The cloud segment therefore contributed approximately 51.4% of quarterly revenue, although Bitcoin mining remained the larger business across the full fiscal year.
For fiscal 2026, AI cloud revenue reached $128.8 million, compared with $16.4 million a year earlier. Bitcoin mining generated $578.2 million during the same period.
IREN’s August update also disclosed approximately $4 billion in contracted annualized run-rate revenue associated with 2026 capacity, compared with $1 billion in operating annualized run-rate revenue at that time.
Those figures are not equivalent to recognized annual revenue. The gap reflects capacity that must still be deployed, commissioned and made revenue-generating.
In March, IREN announced GPU purchase agreements intended to expand its fleet to 150,000 units, with phased deployments planned through the second half of 2026.
The potential significance of Anthropic as a customer lies in the prospect of supporting demand for high-performance training and inference infrastructure, rather than merely repurposing former cryptocurrency mining facilities.
Microsoft’s $9.7 Billion Agreement Shows the Scale of IREN’s AI Ambitions
IREN already has a major publicly disclosed AI infrastructure customer in Microsoft.
In November 2025, the company announced a GPU cloud services agreement worth approximately $9.7 billion over a five-year average term, with Microsoft receiving access to NVIDIA GB300 computing infrastructure.
The arrangement includes a 20% customer prepayment and phased infrastructure deployments across four Horizon facilities at IREN’s Childress, Texas campus, representing approximately 200 megawatts of critical IT load.
IREN reported in August that Horizon 1 had been delivered to Microsoft, while Horizon 2 commissioning was underway and the remaining two facilities were targeting delivery during the fourth quarter of 2026.
The Microsoft agreement establishes that IREN can secure large infrastructure commitments, but it also demonstrates the capital intensity and execution risks involved.
Building and financing GPU clusters requires significant upfront investment, while revenue recognition depends on equipment deliveries, customer acceptance and service availability.
Those risks have recently weighed on AI infrastructure stocks. FinanceFeeds reported on October 8 that IREN had fallen 6.3% amid pressure on debt-funded data center operators, highlighting investor concerns about borrowing costs and expansion spending.
A confirmed Anthropic agreement could strengthen IREN’s customer portfolio, but without contract economics, investors cannot calculate its incremental revenue contribution or expected profitability.
Anthropic’s October 14 Investor Day Adds Another Catalyst
The timing of the report is notable because Anthropic is reportedly preparing to meet selected institutional investors at its San Francisco headquarters on Wednesday, October 14.
Bloomberg has reported that the meeting could precede a formal IPO roadshow beginning as early as the week of November 9, although the timetable remains unconfirmed.
As FinanceFeeds explained in its October 12 Anthropic IPO timeline report, the company’s confidential S-1 submission has not yet resulted in a publicly available registration statement.
The reported IREN relationship fits within Anthropic’s broader effort to secure computing capacity, but it does not establish that the arrangement will be disclosed at the investor meeting or included in a near-term IPO announcement.
For IREN shareholders, the next concrete signals are a company confirmation, contractual disclosures or updated AI cloud revenue guidance. The identity of a major frontier AI customer could be commercially important, but the financial implications remain impossible to quantify without additional information.
Monday’s reversal illustrates that the market has not sustained its initial enthusiasm. IREN’s long-term investment case continues to depend on converting contracted capacity into operating revenue while managing the financing and execution costs of its expansion.