AI neocloud 信用恐慌拖累 IREN 盘前再跌约5%，但属板块/利率情绪共振而非公司确认性利空

IREN Limited (NASDAQ:IREN) shares are under pressure Thursday after falling sharply Wednesday amid a Gartner warning that more than 80% of neocloud providers could cease independent operations by 2030, a spike in CoreWeave’s bond yields, a shelved AI data center IPO and rising expectations for a Fed rate hike.
- IREN shares are sliding. What’s pressuring IREN stock?
Gartner Says More Than 80% of Neoclouds Could Cease Independent Operations by 2030
In a report released Wednesday, Gartner said AI providers are on track to spend nearly $1 trillion on AI infrastructure in 2026 and about $6 trillion more through 2030. It said AI revenue tied to data centers will reach only about $3.6 trillion by 2030, far short of the roughly $8.5 trillion it says is needed to cover the spending, financing costs and a 12% return on capital. As a result, Gartner said, more than $3.5 trillion of AI infrastructure spending could face impairment, and cost pressure and a lack of a differentiating business model will force over 80% of neocloud providers to cease independent operations.
"Enterprise and consumer AI revenue will be insufficient to support profitable returns on all planned AI capital expenditures during this period," said Will Sommer, senior director analyst at Gartner. The report doesn’t name IREN specifically.
CoreWeave’s Bond Yields Spike Toward 15% as Credit Markets Flag AI Debt Risk
The selloff hit CoreWeave hardest, with its shares falling about 15.5%. CNBC reported that the yield to maturity on CoreWeave’s 9.625% bonds due 2032 rose to 14.8% and briefly touched 15%, while its 9.75% notes due 2031 yielded about 14.9%. Rising yields mean falling bond prices. The 2032 notes, which CoreWeave issued in June, have fallen from around 85 cents on the dollar at the start of October to below 80 cents, lifting their yield from about 13.4%, according to BigGo Finance.
CoreWeave’s credit rating is B+ at S&P, which is junk territory. Reuters reported that the cost of insuring its debt against default rose to around 1,000 basis points. Venture capitalist Chamath Palihapitiya drew attention to the yield on X on Tuesday evening, noting it had touched 15% and closed at a new high.
Firmus Shelves a $5 Billion IPO as Investors Grow Selective on AI Infrastructure
Separately, Nvidia-backed Australian data center operator Firmus shelved its roughly $5 billion IPO on October 9 after lukewarm demand, Reuters reported. It would have been the second-largest share sale in Australia’s history. Firmus cited market volatility and said it would pursue private funding instead. Investors had raised concerns about its debt, its lack of a track record building AI data centers and the A$11 share price, which implied a valuation of about $30 billion, nearly triple the $10.5 billion it reached in an early August funding round. Orders were also pulled after the CEO of CDC Data Centres said a planned 1.6-gigawatt AI factory development with Firmus was no longer going ahead.
Rate-Hike Odds Climb After Hot Inflation, and IREN Falls Below Support
Consumer prices rose 3.7% in September from a year earlier, above the 3.6% economists expected, and core inflation rose 2.6%, above the 2.5% forecast. Odds of a Fed rate hike this month jumped to 44% from 22% the day before, according to CME FedWatch data cited by Axios, which raises the cost of the debt neoclouds use to fund GPUs and data centers. IREN fell roughly 9% to 12% Wednesday and extended losses overnight, trading around $30.90, below the roughly $32 support level and more than 55% below its 2026 high of $70.65. Nebius, Applied Digital and Cipher Digital also fell.
Bulls Call the Selloff Overdone as IREN’s AI Cloud Business Grows
CoreWeave’s CEO said the market was acting irrationally, and Wedbush analyst Dan Ives said fears about CoreWeave were "way overdone," according to Stocktwits. IREN is moving away from Bitcoin mining. Its AI cloud revenue reached $128.8 million in fiscal 2026, up from $16.4 million a year earlier. In July, it signed $2.8 billion in new customer contracts and raised its annual recurring revenue target to more than $4 billion. IREN carries a consensus Buy rating with an average price target of $66, according to Benzinga data, and B. Riley recently kept a Buy rating with a $91 target.
IREN Shares Decline
IREN Price Action: At the time of publication, IREN shares are trading 5.30% lower at $28.94, according to data from Benzinga Pro.
Image via Shutterstock
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Market News and Data brought to you by Benzinga APIs
© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
To add Benzinga News as your preferred source on Google, click here.