IREN signs $2.8 billion in AI cloud deals, raises 2026 ARR target
IREN (NASDAQ: IREN) announced it signed $2.8 billion in new multi-year AI cloud services contracts with leading AI developers, raising its year-end 2026 AI cloud annualized run-rate revenue (ARR) target from $3.7 billion to over $4 billion. The new agreements bring contracted ARR to approximately 85% of the revised target. IREN shares rose 15% following the announcement. The company held about $7.6 billion in cash as of June 30. Customer contracts have a weighted average term of about four years, with prepayments covering roughly 45% of related GPU capital expenditures. Co-CEO Daniel Roberts noted IREN expanded from approximately 3 MW of self-built AI cloud capacity to 480 MW scheduled for delivery in 2026, targeting 1.2 GW in 2027. Customers include Microsoft, NVIDIA, Perplexity, and Figure AI. This follows a $9.7 billion AI cloud agreement with Microsoft announced in November 2025 and a $1.6 billion Dell Blackwell systems order.
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