IREN Signs $2.8B AI Cloud Deals, Raises Revenue Target, Stock Surges
IREN Limited, an AI cloud and Bitcoin mining firm, announced $2.8 billion in new multi-year AI cloud contracts with clients including Microsoft, NVIDIA, and Perplexity, raising its 2026 annualized revenue run-rate target to over $4 billion. The company is rapidly scaling AI capacity from 3MW to 480MW, targeting 1.2GW by 2027, and holds $7.6 billion in cash. Shares surged up to 20% on the news, though analysts note a potential $21.1 billion funding gap for its expansion plans.
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IREN’s $2.8 Billion AI Contract Haul Changes the Stock’s Story
IREN Limited announced $2.8 billion in new AI cloud services contracts, causing its stock to surge nearly 20% above $40 per share. The deals raise IREN's 2026 annualized revenue target to over $4 billion, with approximately 85% already under contract from major clients including Microsoft, NVIDIA, Perplexity, and Figure AI. The company funded its expansion through a $2.6 billion convertible notes offering and capped call transactions, while customer prepayments cover about 45% of GPU capital expenditures. IREN is transitioning from a legacy Bitcoin miner to a tier-one AI compute provider, though grid interconnection delays remain a key risk. The article highlights how this contract haul fundamentally rewrites IREN's valuation matrix, shifting from volatile crypto mining revenue to sticky, recurring AI cloud revenue.
IREN Limited Shares Surge 20% on $2.8 Billion AI Cloud Deal
Nasdaq-listed IREN Limited (IREN) shares jumped nearly 20% after the AI cloud provider signed $2.8 billion in new multi-year customer contracts, lifting its 2026 revenue run-rate target above $4 billion. The company, formerly Iris Energy, now counts Microsoft, NVIDIA, Perplexity, Figure AI, and Together AI among its clients. The rally was part of a broader surge in Bitcoin mining stocks pivoting to AI infrastructure, with rival Hut 8 disclosing a $9.8 billion AI data center lease. IREN's co-CEO Daniel Roberts highlighted the company's rapid scaling from 3MW to 480MW of AI Cloud capacity. However, Blocksbridge Consulting estimates IREN faces a $21.1 billion funding gap for its AI ambitions, though the company holds $7.6 billion in cash and benefits from customer prepayments covering 45% of GPU costs. Technically, the stock bounced off support near $33 and faces resistance at $47.
IREN Signs $2.8B in AI Cloud Contracts, Lifts 2026 Target Above $4B
IREN Limited (NASDAQ: IREN) shares surged nearly 20% after announcing $2.8 billion in new multi-year AI cloud contracts, raising its 2026 annualized run-rate revenue target from $3.7 billion to over $4 billion. The contracts, with customers including Microsoft, Nvidia, Perplexity, and Figure AI, cover roughly 85% of the new target. The company plans to deliver 480 megawatts of capacity in 2026, up from 3 megawatts a year ago, targeting 1.2 gigawatts in 2027. Customers have agreed to prepayments covering about 45% of GPU capital expenditure, reducing IREN's upfront funding needs. The company reported preliminary cash and equivalents of $7.6 billion as of June 30, including $1.7 billion in restricted cash for its Microsoft contract. The revenue ramp depends on capacity delivery and customer acceptance.
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IREN Ltd Ends 7-Day Losing Streak as Firm Hikes Annualized Revenue Target to $4 Billion
IREN Ltd (NASDAQ:IREN) ended a seven-day losing streak on July 20, 2026, with its stock surging up to 21% to $40.77 after the company raised its annualized run-rate revenue (ARR) target from $3.7 billion to $4 billion. The increase follows the signing of $2.8 billion in multi-year cloud services contracts with major AI developers including Microsoft, Nvidia, Perplexity, Figure AI, and others. The company plans to deliver 480 MW of capacity this year and ramp up to 1.2 GW by 2027, compared to only 3 MW in July 2025. Customer contracts include prepayments covering approximately 45% of GPU capital expenditure, with a weighted average term of about 4 years. Institutional interest rose, with 53 hedge funds holding stakes in Q1 2026, up from 36 in Q4 2025, though combined holdings dipped slightly to $1.61 billion, reflecting cautious investor sentiment on AI valuations.
Iren Stock Soars on Upgraded 2026 Revenue Target Amid AI Infrastructure Demand
Shares of AI cloud provider Iren Limited (NASDAQ: IREN) surged nearly 20% on July 20, 2026, after the company announced a significant upward revision to its 2026 annual revenue run rate target, raising it to over $4 billion from $3.7 billion. The revision is driven by new long-term cloud service agreements and continued strong demand for AI computing capacity. Iren noted that contracted pricing continues to strengthen, signaling confidence in returns on AI infrastructure investments. The company's customers include tech giants Nvidia and Microsoft, as well as private cloud firms. The stock eased from its early peak but remained up 16.7% by late morning. The article also includes promotional content for The Motley Fool's Stock Advisor service.
IREN signs $2.8 billion in AI cloud deals, raises 2026 ARR target
IREN (NASDAQ: IREN) announced on Monday that 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. The expansion follows a $9.7 billion AI cloud agreement with Microsoft announced in November 2025 and a $1.6 billion Dell Blackwell systems order.
IREN Stock Surges on $2.8 Billion AI Cloud Contract Wins, Revenue Target Raised
IREN Limited (NASDAQ:IREN) shares rose 7% after announcing $2.8 billion in new multi-year AI cloud services contracts, boosting its year-end 2026 AI Cloud annualised run-rate revenue (ARR) target to over $4 billion from $3.7 billion. Approximately 85% of the revised ARR is now backed by signed contracts. Key customers include Microsoft, NVIDIA, Perplexity, Figure AI, Together AI, and others. Several new contracts include customer prepayments covering about 45% of related GPU capital expenditure, reducing IREN's net funding needs. The company reported $7.6 billion in cash as of June 30, 2026, and is scaling AI cloud capacity from 3MW to 480MW this year, targeting 1.2GW in 2027. Demand from hyperscalers and AI developers continues to outpace capacity.
IREN Limited Co-founders Awarded $788 Million Pay Package Amid AI Expansion
On July 2, 2026, Forbes reported that IREN Limited's board approved a four-year equity compensation package valued at $788 million for co-founders and co-CEOs Will Roberts and Daniel Roberts. The package includes over 9 million shares each, vesting through 2030, aimed at attracting leadership and aligning pay with long-term shareholder value. IREN, a vertically integrated AI cloud provider, builds green-energy-powered data centers and recently announced plans for a $10 billion, 800 MW AI campus in South Australia. The company signed a $9.7 billion compute agreement with Microsoft and purchased $1.6 billion in AI infrastructure from Dell. While Bitcoin mining remains its largest business, AI Cloud revenue surged 94% quarter-over-quarter to $33.6 million, though crypto revenue fell to $111.2 million from $167 million. The article positions IREN as an under-the-radar stock benefiting from the AI boom.