IREN Stock Price Forecast: Multi-Year AI Cloud Deal With Anthropic May Push Stock Above $50

TradingKey - According to a report by The Information, Anthropic has reached a multi-year cloud services agreement with IREN (IREN). The two parties have not yet officially disclosed the contract value, computing capacity, or specific term, but reports indicate that the agreement is part of Anthropic's recent large-scale expansion of AI computing power resources. Following the news, as of pre-market trading on October 12 Eastern Time, the stock price rose over 5% at one point.

Anthropic expects its computing capacity to increase from approximately 1.4 GW in 2025 to 5 GW in 2026, and reach over 15 GW by 2028. Therefore, it is simultaneously signing long-term capacity agreements with multiple cloud computing and data center operators.

For IREN, this agreement further expands the customer base of its AI cloud business. Historically focused on Bitcoin mining as its core business, the company is gradually transitioning its power-equipped data centers to GPUs and AI computing. The market has also been paying close attention to whether IREN can improve data center utilization through long-term AI contracts and reduce its revenue dependency on cryptocurrency prices.

IREN daily stock price chart, Source: TradingView

Looking at the daily chart of IREN's stock price, the stock is currently consolidating within the $34.60-$50.00 range. If the stock price breaks below $34.60, it may continue to test the $30 mark in the short term. Conversely, if the stock price stops falling and stabilizes above $34.60, it will extend its range-bound trend in the short term to test the $50 resistance level. If it further breaks above $50, the stock price will open up upside potential toward $70.

Currently, the agreement signed between IREN and Anthropic has improved short-term market sentiment, and the stock price is expected to test the $50 mark, with potential to rise further toward $70.