AI Infrastructure Rising Star Loses $3 Billion in a Day Ahead of Earnings

On February 4, shares of IREN Limited (NASDAQ: IREN) slumped 17.4%, closing at $44.93 and trimming its market capitalization to roughly $14.7 billion (₩19.9 trillion). In a single session, about $2.18 billion (₩3.0 trillion) in value was erased, with trading volume reaching approximately 43.18 million shares.

According to a filing that day, Mirae Asset Global Investments added 39,510 IREN shares—around $1.85 million—to its holdings during the third quarter, signaling growing institutional demand.

With earnings slated for release on February 5, investors are focused on IREN’s pivot toward an AI-focused “Neo Cloud” strategy and the execution pace of its roughly $9.7 billion long-term contract with Microsoft.

IREN is a Bitcoin-mining and AI cloud infrastructure firm that commands 2,910 MW of power capacity in North America’s renewable-energy hubs and operates a 660 MW data center. Recently, the company has been scaling back its Bitcoin-mining business and shifting weight toward AI cloud and data-center services, culminating in the landmark $9.7 billion (₩13 trillion) agreement with Microsoft that underpins its growth outlook.