Shares of Iris Energy Ltd (NASDAQ: IREN), a leading owner and operator of institutional-grade, highly efficient Bitcoin mining and AI cloud services facilities, surged 15.32% in premarket trading on Monday. The stock rally came after the company published its monthly investor update for October 2024, showcasing strong operational progress across its key business segments.

Iris Energy provided updates on its rapidly expanding AI cloud services and Bitcoin mining operations. The company is commissioning an additional 1,080 NVIDIA H200 GPUs and preparing its data centers for the liquid-cooled Blackwell GPUs, bolstering its AI cloud services capabilities. On the Bitcoin mining front, Iris Energy mined 439 Bitcoins in October and is on track to achieve an installed hashrate of 31 EH/s by the end of Q4 2024, supporting an illustrative annualized hardware profit of $344 million.

Furthermore, the company accelerated the target energization date for its 1.4GW data center site in Texas to April 2026 and secured additional land, fueling its ambitious expansion plans. Iris Energy also highlighted ongoing discussions with multiple hyperscalers regarding monetization structures, including powered land leases, colocation, and build-to-suit options, adding to the positive sentiment surrounding the company's growth prospects.