IREN climbs after signing cloud services contracts for Nvidia GPUs

** Bitcoin miner IREN IREN rises 8% to $62.33 premarket

** IREN signs new multi-year cloud services contracts with leading AI companies for Nvidia NVDA Blackwell graphics processing unit deployments

** Co is on track to achieve over $500 mln in annualized run-rate revenue (ARR) from its GPU operations by Q1 2026

** IREN has already secured contracts for 11,000 of its planned 23,000 GPUs, representing about $225 mln in ARR, with full deployment expected by the end of 2025

** Co secured Nvidia's preferred partner status in August this year

** 10 of 13 analysts covering IREN rate stock "strong buy" or "buy", two "hold" and one "sell"; median PT is $42 - data compiled by LSEG

** Through Monday's close, stock up 488% YTD