IREN Stock Falls as Musk Warns of Neocloud Failures, Says SpaceX Won’t Buy Them

Shares of IREN Ltd. (NASDAQ: IREN), an AI cloud and data-center operator, fell more than 4% to $23.90 in premarket trading Monday after Elon Musk warned that hundreds of specialized AI cloud providers could go out of business or be forced to merge. Musk also ruled out SpaceX acquiring any neocloud companies. The decline coincided with share-price declines in fellow AI infrastructure companies CoreWeave (CRWV) and Nebius Group (NBIS) . In a Sunday post on X, Musk said lenders had nearly stopped providing financing to companies without substantial revenue outside AI data centers.

Also reported by TronWeekly.

Source: The Crypto Basic