IREN Secures $2.8 Billion in AI Cloud Contracts, Raises 2026 Revenue Target

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.

IREN, which expanded into AI computing from bitcoin mining, said demand from hyperscalers, enterprises and AI developers continues to exceed its available and planned capacity. The company is in discussions with potential customers across its entire 2026 and 2027 development pipeline.