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Finance2 similar reports mergedIREN signs $2.8B AI cloud deals, raises FY2026 ARR target to over $4B
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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.
Source report
William Foxley Mon, July 20, 2026 at 6:41 AM PDT | 2 min read
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IREN announced Monday that it had signed $2.8 billion in new multi-year AI cloud services contracts with leading AI developers. The data center and bitcoin mining operator raised its year-end 2026 AI cloud annualized run-rate (ARR) revenue target from $3.7 billion to more than $4 billion.
The new agreements bring contracted ARR to approximately 85% of the revised target, according to IREN. ARR is an annualized measure based on deployed services and does not represent revenue already reported for a completed accounting period.
IREN shares rose 15% following Monday's announcement, according to DI Metrics. The company held approximately $7.6 billion in cash and cash equivalents as of June 30, separate from prepayments associated with recent GPU deployments.
IREN's customer contracts have a weighted average term of about four years, according to Investing.com. Recent agreements also include customer prepayments covering approximately 45% of related GPU capital expenditures, reducing IREN's funding requirement for those deployments.
Executive Commentary
Daniel Roberts, IREN co-founder and co-CEO, said the operator had expanded from approximately 3 MW of self-built AI cloud capacity over the past 12 months to 480 MW scheduled for delivery in 2026. IREN is targeting 1.2 GW in 2027.
"Our vertically integrated AI Cloud platform is scaling at pace. In the past 12 months we have expanded from approximately 3MW of self-built AI Cloud capacity to 480MW being delivered this year, with 1.2GW targeted for 2027, broadening our customer base across hyperscalers, enterprises and AI developers."
Customer Base and Use Cases
IREN said its infrastructure is being used across:
- Design
- Physical AI and robotics
- Generative media
- AI search
- Model development
Its customer base includes Microsoft, NVIDIA, Perplexity, and Figure AI, with services delivered through bare-metal and managed-cloud arrangements, according to Investing.com.
Background and Expansion
The expansion follows IREN's five-year, approximately $9.7 billion AI cloud agreement with Microsoft, announced in November 2025. The company has purchased hardware for the buildout, including a $1.6 billion Dell Blackwell systems order for its Childress, Texas campus.
IREN previously described its operating model as a transition of data center capacity from bitcoin mining toward AI cloud workloads. Its February filing reported 810 MW of operating data centers and more than 4.5 GW of secured power.
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Source
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IREN Signs $2.8B AI Cloud Deals, Raises Revenue Target, Stock Surges