IREN rebounded slightly after the market closed; previously, the stock fell by about 6% during regular trading on Wednesday. This decline continued a retracement of around 20% since September 23rd, leading investors to start looking for signs that the recent downward trend might finally be losing momentum. Nevertheless, IREN still rose by 2.5% in 2026, but its stock price has fallen by 37% over the past year.

Market concerns mainly focus on the capital required for the IREN expansion plan, as well as the potential implementation risks that may arise during the process of putting new data center capacity into operation.

However, IREN has also given investors some reasons to continue to pay attention to its expansion progress. The company recently stated that most of its production capacity for 2026 has been sold out, with contracts worth $4 billion in annual operating revenue already signed, and $1 billion in business is already in operation. IREN has also delivered Horizon 1, which is the first of four 50-megawatt liquid-cooled deployments planned for Microsoft. This project is part of a five-year cloud service agreement worth $9.7 billion.

More Horizon deployments are expected to arrive in the fourth quarter, which will once again test the company's ability to convert expenses into revenue. IREN has also signed on new cloud customers including Cohere, Perplexity, Figure AI, Fal AI, and Higgsfield AI, as well as a multi-year contract with an unnamed cutting-edge AI laboratory. The company currently expects its cumulative AI capacity to reach 0.3 gigawatts in 2026 and further increase to 0.8 gigawatts in 2027.