Iris Energy (Nasdaq: IREN) has filed a shelf registration statement for 17.5 million common shares valued at $660.975 million, linked to the company's 2025 incentive plan. Meanwhile, the company's progress on a $9.7 billion Microsoft AI cloud contract has also been noted. The company's stock price surged 13.05% in a single day to $42.70, but its stock performance has been volatile, declining 30.77% over the past 90 days. However, the one-year total shareholder return has been as high as 262.79%. Analysts highlighted the company's high-beta mix of Bitcoin mining and AI infrastructure, and provided a fair valuation of $94.84, implying a 55% upside potential. Risks include Bitcoin price volatility and potential equity dilution.