IREN Stock Soars as Meta’s $14B AI Deal Fuels Market Frenzy

Shares of IREN surged more than 2% this week, edging close to their all-time high, after Meta Platforms announced a massive $14 billion partnership with CoreWeave and Citigroup released a bullish forecast on AI infrastructure spending.

IREN, best known as a Bitcoin mining company, has quickly become a favorite among investors betting on artificial intelligence. The stock climbed to $46.80, just shy of its peak of $49, and has skyrocketed 870% from its 2024 lows. This rally has pushed its market capitalization above $14 billion.

The latest boost came after Meta, parent company of Facebook and WhatsApp, signed a multibillion-dollar deal to tap CoreWeave’s AI computing infrastructure. The agreement follows Microsoft’s recent partnership with Nebius, underscoring how tech giants are racing to secure cloud capacity for advanced AI development.

Investors see IREN as a potential beneficiary of this trend, anticipating that the company could land similar deals with major hyperscalers as it builds out its own AI data centers.

Adding fuel to the rally, Citigroup upgraded its forecast for global AI spending. The bank now expects technology leaders—including Microsoft, Amazon, Meta, and Google—to pour $2.8 trillion into AI data centers by 2029, up from a previous estimate of $2.3 trillion. Spending by hyperscalers alone is projected to reach $490 billion by 2026.

Such projections strengthen the case for companies like IREN, which are rapidly expanding their AI infrastructure. In its latest update, IREN revealed it has doubled its AI cloud capacity to 23,000 Nvidia and AMD GPUs, with a target of 60,000 GPUs in the near future. The company aims to achieve an annualized revenue run rate of $500 million by the first quarter of 2026—a dramatic leap from just $7 million in revenue last quarter.

Technical Outlook: Strong Momentum, Signs of Overheating

On the technical side, IREN’s stock has been in a powerful uptrend since April, rallying from $4.96 to above $46. The stock trades comfortably above its key moving averages, while the Average Directional Index (ADX) signals strengthening momentum.

However, technical indicators also suggest caution. Both the Relative Strength Index (RSI) and Stochastics show that the stock is heavily overbought. While the long-term outlook remains bullish thanks to the AI boom, a short-term pullback is possible as traders take profits.

Bottom Line

IREN’s remarkable rally reflects the market’s growing conviction that AI infrastructure will be one of the biggest investment themes of the decade. With Meta, Microsoft, and other hyperscalers spending billions to fuel AI development, companies like IREN are positioned to ride the wave—though investors should watch for volatility along the way.