IREN Stock Rises Ahead of Q4 Earnings: What's Going On? - IREN (NASDAQ:IREN)

IREN Ltd. shares rose on Thursday as investors positioned ahead of the company’s fourth-quarter results, due after the market close. Analysts expected a loss of 49 cents per share on revenue of $142.32 million. The stock has struggled recently, missing revenue in each of the last two quarters and missing earnings in each of the last two quarters and five of the last seven, so a beat would mark a break in the pattern and could signal that IREN’s pivot from bitcoin mining toward AI cloud computing is showing up more clearly. A revenue beat would imply AI cloud growth is accelerating as new GPU capacity comes online, while a smaller-than-expected loss could ease concerns about the buildout’s impact on near-term profitability. The quarter’s narrative is reinforced by IREN’s recent NVIDIA deal: a five-year, $3.4 billion agreement for air-cooled Blackwell GPUs starting in early 2027, plus a 5-gigawatt collaboration. NVIDIA received a five-year option to buy up to 30 million IREN shares at $70 each. At publication, IREN stock was up 4.02% to $41.17.