【MSX Research Institute · US Stock RWA Daily Observation】 is a flagship daily report produced by the leading RWA trading platform MSX. Leveraging our strong macro research capabilities, we capture the core pulse of the global traditional US stock market, changes in liquidity, and the RWA tokenization market, assisting you in proactively positioning high-quality assets.
Today's Observation
AI cloud service provider IREN jumped over 9% pre-market on Monday, soaring by 20% at one point during the day, with a market capitalization surpassing $12 billion. The catalyst is a new long-term AI cloud service contract worth $2.8 billion, with customers including Perplexity, Figure AI, Together AI, Fluidstack, and others. The company also revised its ARR target for 2026 from $3.7 billion to over $4 billion, with management emphasizing that about 85% of the new targets have been secured as actual contracts, marking the most significant validation recently in the overarching narrative of "Bitcoin miners transitioning to AI cloud."
Data in One Minute
· New contract total: $2.8 billion (long-term AI cloud service)
· About 85% of new ARR has been secured as contracts
· Along with the $9.7 billion contract signed with Microsoft last November
· 2026 ARR target: $3.7 billion → over $4 billion
· On the day of the news: pre-market +9%, intraday peak +20%, total market capitalization approximately $12 billion
MSX View
We believe that this increase is more of a "validation," with 85% of the new revenue already written into contracts, rather than an inflated valuation built on stories. IREN's narrative is shifting from "Bitcoin miners with cheap electricity" to "AI cloud service providers holding large contracts with Microsoft and NVIDIA," and this narrative shift itself is a driver of revaluation. What truly needs to be tracked is the rhythm of long contract fulfillment, the intensity of capital expenditures, and whether the supply of electricity/computing power can keep pace with the growth in orders.
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Risk Warning: Fluctuations in the macro economy and US stock market can be severe. The content of this article is for academic and research observation reference by the MSX Research Institute only and does not constitute any investment advice.
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