IREN shares surged 6 percent after Microsoft formally accepted its first artificial intelligence data center, triggering the initial drawdown phase of a $9.7 billion contract revenue agreement.

IREN shares surged 6 percent after Microsoft formally accepted its first artificial intelligence data center, triggering the initial drawdown phase of a $9.7 billion contract revenue agreement.

The contract activation provides immediate visibility into long-term cash flow for GPU cloud operators and demonstrates hyperscaler willingness to lock in multi-year compute capacity commitments.