IREN shares rose about 6% on Aug. 21, recovering from below $40 and reaching nearly $46 before pulling back to around $44.33. The move followed Microsoft’s acceptance of Horizon 1, IREN’s first 50-megawatt data center at its Childress, Texas, campus and the first of four deployments comprising a planned 200-megawatt buildout under a five-year, $9.7 billion agreement running through 2031. The acceptance allows IREN to begin monthly invoicing and marks the first billable revenue under the contract. IREN has also secured $2.8 billion in new multi-year AI Cloud contracts, raised its year-end 2026 annualized AI Cloud revenue target to more than $4 billion, with about 85% backed by signed contracts, and completed its acquisition of Mirantis. NVIDIA separately awarded the company Exemplar Cloud status after testing its GB300 NVL72 deployment. The stock’s August rally has also been supported by strong results from AI infrastructure peers, although IREN remains in a trading range with resistance around $49.71, support near $39.22, and an RSI of 40. Its $3.65 billion investment-grade debt package backed by the Microsoft contract covers almost all related GPU spending, while a separate five-year, $3.4 billion cloud agreement with NVIDIA and expected Microsoft revenue ramp-up in Q3 FY2026 remain important catalysts.