Amid the ongoing IREN (NASDAQ: IREN) stock rally, it has emerged that United States Congressman Cleo Fields made two timely purchases in the company, months before the firm announced a $9.7 billion GPU cloud services contract with Microsoft (NASDAQ: MSFT), raising questions about possible insider awareness.
According to filings, Fields bought between $15,001 and $50,000 worth of IREN shares on July 10, 2025, when the stock was trading below $20.
By November 3, his IREN’s purchase had surged more than 330%, far outpacing the S&P 500’s 9% gain over the same period.
Despite the massive rally, Fields made another smaller Congress trade, between $1,001 and $15,000, on October 10, 2025, just weeks before the company’s blockbuster announcement.
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Notably, at press time, IREN was trading at $73, up 22.6% for the day. Year-to-date, the stock has rallied 640%.
The timing of Fields’ trades has drawn attention, given that IREN’s transformation from a cryptocurrency miner to a high-demand AI infrastructure provider has made it one of the year’s standout performers.
Why IREN stock is surging
The company’s new deal with Microsoft cements that transition, establishing IREN as a key supplier of GPU cloud capacity for artificial intelligence workloads.
Under the agreement, IREN will provide Microsoft access to Nvidia GB300 GPUs over a five-year term, with a total value of approximately $9.7 billion, including a 20% prepayment.
To support the contract, IREN has also partnered with Dell Technologies to purchase GPUs and related hardware valued at $5.8 billion. The deployment will take place at IREN’s 750MW Childress, Texas campus, featuring new liquid-cooled data centers capable of handling 200MW of critical IT load.
IREN Co-CEO Daniel Roberts called the deal a “milestone partnership” that validates the firm’s shift toward AI cloud services and highlights its competitive advantage in large-scale power and data center infrastructure.
Overall, the market has increasingly favored companies positioned at the intersection of energy, data centers, and AI compute capacity, such as IREN.
Featured image via Shutterstock
