Shares in Iren jumped approximately 20% after the Nasdaq-listed data centre operator announced it had secured $4 billion in new contracts to sell artificial intelligence services.
The digital infrastructure company, which also operates bitcoin mining facilities, revealed that AI search engine Perplexity is among its new customers, a development that has prompted the firm to raise its revenue forecasts.
The sharp rally underscores the market's continued appetite for infrastructure plays tied to the AI boom.
Iren's ability to attract significant retail investment has been notable, with recent trading volumes and interest levels drawing comparisons to major technology incumbents such as Microsoft and Alphabet.
The stock's performance reflects a broader shift in investor sentiment toward companies that can provide the physical compute capacity required by the growing AI sector.
This latest contract win builds on a series of recent announcements from the Australian-founded firm.