IREN Stock Slips Despite Reported Anthropic Deal

TLDR

• IREN stock surrendered its early gains, retreating toward $35 after reaching a session high of $36.69.
• The Information reported an undisclosed multiyear Anthropic cloud agreement, although neither company has confirmed the deal.
• IREN previously disclosed an unnamed frontier AI lab customer in August, raising questions about the reported agreement.
• Trading volume exceeded 40 million shares as IREN stock slipped below Friday’s $35.19 closing price.
• IREN’s Microsoft contract and Nvidia partnership continue to support its expansion into AI cloud infrastructure.

IREN stock surrendered its early Monday advance after a report linked the AI cloud provider to an undisclosed multiyear agreement with Anthropic. Shares traded near 34.90–35.03 around 3:30 p.m. EDT on October 12, down approximately 0.5%–1%.

IREN Limited, IREN

The stock had climbed 3.67% before the opening bell. The Information reported that Anthropic, developer of the Claude chatbot, had arranged cloud capacity with IREN. Neither company publicly confirmed the agreement.

IREN Stock Gives Back Early Gains

IREN opened around $36.31 and reached $36.69 before retreating toward $35. Trading volume exceeded 40 million shares by midafternoon. Friday’s closing price was $35.19, placing Monday’s late-session trading slightly below that level.

Other AI infrastructure shares have also faced uneven market responses. On October 7, CoreWeave’s planned India data center expansion accompanied a decline in its share price. The company outlined 240 megawatts of capacity in Navi Mumbai.

IREN had already lost ground during the previous week, falling from $41.28 on October 6 to $35.19 on October 9. No separate company announcement emerged during Monday’s final trading hours to explain the reversal.

August Disclosure Leaves Customer Unnamed

In its August 27 results, IREN announced a multiyear contract with a “leading frontier AI lab.” The company separately identified Cohere, Perplexity and other customers but withheld that lab’s name.

The Information also described Anthropic’s reliance on data center operators with bitcoin-mining backgrounds, including Hut 8 and TeraWulf. Separately, Bitdeer’s Malaysian AI cloud expansion added another example of miners pursuing computing infrastructure.

IREN has not established whether Anthropic matches its August customer. The reported deal’s value, computing capacity, and delivery schedule remain undisclosed. Bloomberg reported that Anthropic plans to meet potential IPO investors on October 14.

Cloud Expansion Continues Across Industry

IREN already holds a $9.7 billion, five-year cloud contract with Microsoft. Its partnership with Nvidia targets up to five gigawatts of AI infrastructure over time. The company has redirected parts of its power infrastructure from bitcoin mining toward higher-density commercial computing operations.

Major cloud providers are also building their own chips. A recent report covered Microsoft’s Azure Maia 300 expansion, which aims to lower AI computing costs through a planned 2027 rollout.

IREN reported $4 billion in contracted annualized revenue for its 2026 capacity in August. Without confirmation of the Anthropic deal, public disclosures do not establish whether the reported business adds revenue beyond existing contracts.

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