IREN Secures $2.8 Billion in AI Cloud Contracts, Raises 2026 Revenue Target
AI-generated image: synthetic visual, not an actual depiction of events, people, or locations.
Key Takeaways
- IREN raised its year-end 2026 annualized run-rate revenue target to over $4 billion following $2.8 billion in new contract signings.
- The company plans to expand its AI Cloud capacity from 3MW to 480MW in 2026, with a further target of 1.2GW by 2027.
IREN has raised its year-end AI Cloud annualized revenue target to more than $4 billion from $3.7 billion after signing new multi-year agreements with AI developers.
The contracts represent $2.8 billion in total contract value and bring the portion of IREN’s targeted annualized revenue already under contract to about 85%, the company said Monday. Its cloud customers now include Microsoft, NVIDIA, Perplexity, Figure AI, Together AI, Fluidstack and several generative AI developers. IREN's stock price jumps up by 9% during pre-market trading hours on Monday.
IREN said some of its latest customers are providing upfront payments equivalent to about 45% of the GPU capital expenditure tied to their deployments, reducing the amount the company must fund itself. Its cloud contracts have a weighted average term of roughly four years.
The company held about $7.6 billion of cash and cash equivalents as of June 30, providing liquidity for an aggressive expansion of its computing infrastructure. IREN expects to deliver 480 megawatts of AI Cloud capacity during 2026, up from about 3 MW a year earlier, and is targeting 1.2 gigawatts in 2027.
