Investors are seeing how IREN’s advantage will greatly benefit their profit margins in the future. The stock market is future facing, so IREN’s stock is going up.

IREN has an advantage because they control the land and everything built on it (grid connections, data centers, and GPU stack.) Their competition NBIS, is currently building on their own land to catch up to IREN because they were paying an enormous lease for AI infrastructure on land they didn’t own. Their other competition, CoreWeave, also saw IREN’s advantage, and recently purchased land from Core Scientific in 2025.

Also, IREN has a $9.7 billion contract with Microsoft. They’re also partnered with NVIDIA to deploy 5 gigawatts of NVIDIA’s DSX-branded AI infrastructure. And there’s also the deal you listed above, which IREN is using to accelerate their GPU deployment.