Iris Energy stock rises nearly 6% as investors cheer AI cloud expansion and Mirantis acquisition

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Iris energy surges 5.9% to $42.16 today

Highlights

Iris Energy secured $2.8 billion in multi-year AI cloud contracts and lifted its 2026 annual revenue target to over $4 billion.
The company expanded into AI cloud infrastructure by acquiring Mirantis and delivered the Horizon 1 data center site to Microsoft.
Shares of Iris Energy advanced 5.9% today but remain below medium- and long-term moving averages, with a projected range of $39.05 to $45.27 and a high probability of a downward move in the next five sessions.

Expansion into AI cloud and major deals fuel optimism ahead of earnings

Iris Energy is preparing to report its full-year fiscal 2026 financial results after the close on August 27, 2026. The company recently acquired Mirantis, extending its operations into AI cloud infrastructure and software. In July, Iris Energy secured $2.8 billion in multi-year AI cloud contracts and raised its 2026 annual revenue target to over $4 billion. Other recent developments include delivering the Horizon 1 data center site to Microsoft and achieving Nvidia Exemplar Cloud status with its GB300 NVL72 system.

Anton Kharitonov, expert at Traders Union, sees Iris Energy’s rally as temporary. He notes the stock remains below its 50-day and 200-day moving averages despite positive headlines. Technical signals show emerging oversold conditions, but momentum is weak and the downtrend dominates. Uncertainty around sustained buyer commitment remains high. "Given the mixed momentum and downside probabilities, I remain skeptical of lasting gains here."

Viktoras Karapetjanc, expert at Traders Union, believes Iris Energy's expansion into AI and strategic deals are transformational. He emphasizes the company’s aggressive growth targets, including multi-billion dollar cloud contracts and a significant revenue outlook for 2026. The news flow supports a bullish structure, pointing to strong demand from major players like Microsoft. "With institutional partnerships accelerating and robust guidance, I see further growth as the most likely scenario for Iris Energy."

Sholanke Dele, market strategist, observes that recent gains mask underlying weakness. He points out that sellers still control price action, and volatility suggests nervous trading. Macro headwinds may add additional downside risk if momentum does not confirm. "Investors should be cautious — current levels do not justify chasing the stock despite the news."

Short-term momentum diverges from longer-term resistance as signals turn mixed

Iris Energy is trading above its 20-day moving average at $40.1, yet remains below the 50-day and 200-day moving averages at $43.22 and $46.48, respectively. This structure indicates short-term positive momentum but continuing medium- and long-term pressure from sellers, with $41.72 and $43.22 marking the nearest support and resistance. Momentum signals are mixed: the Moving Average Convergence Divergence (MACD) shows underlying buy interest, but the Average Directional Index (ADX) and Commodity Channel Index (CCI) are neutral. The Relative Strength Index (RSI) at 46.61 and Stochastic RSI at 6.13 both highlight emerging oversold conditions, and Bull/Bear Power (BBP) at -0.31 signals sellers still dominate intraday, with an oversold forecast. The Awesome Oscillator is neutral, not confirming a definitive trend. The stock advanced $2.35 or 5.9% today, opening with an upside gap of 0.9% and now trading near the day’s high. Intraday volatility stands at 4.01%, reflecting strength toward upper levels. However, the divergence among momentum indicators suggests traders are cautious despite the strong daily performance.

Earlier, analysts noted that Iris Energy’s transition toward AI cloud infrastructure was showing improved momentum but remained constrained by technical and market headwinds. The latest developments, including the Mirantis acquisition and new multi-year contracts, add further complexity to the outlook, making a potential breakout above $43.22 the key level for traders to monitor in the coming sessions.

Source of Data: IREN Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

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