IREN Limited (NASDAQ:IREN) shares are trading at their lowest level since July Tuesday morning, following a brief pop Monday tied to reports that the company landed a multi-year cloud computing deal with Anthropic.
- IREN stock is feeling bearish pressure. What’s behind IREN decline?
IREN’s Anthropic Pop Faded Quickly
The Information reported Monday that Anthropic signed a multi-year cloud computing agreement with IREN. IREN has not confirmed the report. Shares jumped on the news before giving back the gains, and they’re now down nearly 20% over the past month.
IREN Is Below Its 20-Day, 50-Day and 200-Day Averages, With a $32 Support Test Possible
IREN is trading below its 20-day, 50-day and 200-day moving averages, and the longer-term trend structure is down. A key support test could be approaching around $32 if the stock continues to fall. IREN shows weak momentum on Benzinga Edge rankings, with the scorecard mainly flagging weak trend conditions. Until the price can reclaim key moving averages, traders may treat bounces as tactical moves while longer-term investors watch for a clearer trend reversal.
Analysts Still See Upside Despite the Selling
Despite the recent weakness, analysts are looking for upside over the next year. The stock carries a consensus Buy rating with an average price target of $77.33, according to Benzinga Pro data. B. Riley recently maintained a Buy rating but lowered its price target to $91 as shares continue to face selling pressure amid weakness in AI-related names.
AI Cloud Revenue Jumped From $16.4M to $128.8M as IREN Moves Away From Bitcoin Mining
IREN continues to transition away from Bitcoin mining. AI cloud revenue reached $128.8 million in fiscal 2026, up from $16.4 million a year earlier. In July, IREN signed $2.8 billion in new customer contracts with AI developers and raised its 2026 annual recurring revenue target to more than $4 billion. It delivered its Horizon 1 data center to Microsoft on August 13, and it recently earned Nvidia’s Exemplar Cloud designation for its GB300 NVL72 deployment.
IREN Shares Fall
IREN Price Action: At the time of publication, IREN shares are down 4.94% at $33.08, according to data from Benzinga Pro.
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