November 5, 2026

IREN shares rise 11% after strong quarter, secures $40M/MW deal with Anthropic

Iren Holdings saw an 11% increase in after-hours trading following a strong quarterly performance that exceeded expectations amidst challenges faced by Microsoft. The company is reportedly preparing for potential capital expenditure cuts while securing funding to maintain a projected capex of $25 billion, as they navigate the complexities of the compute market. Iren has sold compute resources to Anthropic at a significant price point of $40 million per megawatt, along with a 90% prepayment agreement on another deal valued at $22 million per megawatt over five years, reflecting the upward trend in pricing due to the surging demand for AI compute resources.

Anthropic: Anthropic is an AI company dedicated to building reliable and interpretable artificial intelligence systems, with its Claude models serving as a core offering for enterprise and research applications. The firm has been actively scaling its infrastructure to support advanced model development and deployment. In the context of this news, Anthropic is the counterparty in a high-value compute purchase from the $IREN company, highlighting its ongoing need for specialized AI hardware capacity.

AI Infrastructure Deals: Leading AI developers are increasingly entering long-term agreements to secure dedicated compute resources amid growing model training requirements.
Compute Market Dynamics: Pricing for high-performance AI compute continues to trend upward as demand from frontier labs outpaces available supply.

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