Iren stock jumps on peer's AI data center milestone

Iren Ltd shares climbed 6.3% in morning trading Friday to $43.21 after Applied Digital announced the completion of its Polaris Forge 1 campus expansion in Ellendale, North Dakota.

Applied Digital brought an additional 75 megawatts of critical IT load online with the second phase of Building 2, raising the site's total operational capacity to 250 megawatts.

The announcement triggered buying across AI data center and neocloud stocks, with market participants viewing the development as confirmation of execution capability across the sector.

Iren holds a multibillion-dollar contract with Microsoft and a separate agreement with Nvidia. The company's contracted AI cloud backlog exceeds $13 billion.

JPMorgan recently issued a double-upgrade for Iren, while Northland Capital initiated coverage with an Outperform rating.

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