IREN Signs $2.8B in AI Cloud Contracts, Lifts 2026 Target Above $4B

IREN Limited (NASDAQ: $IREN) shares jumped nearly 20% on Monday after the company signed $2.8 billion in new AI cloud contracts and raised its year-end annualized run-rate revenue target to more than $4 billion.

The multi-year agreements take roughly 85% of that target under contract, giving IREN a customer base that now spans Microsoft (NASDAQ: $MSFT), Nvidia (NASDAQ: $NVDA), Perplexity, Figure AI, Together AI, Fluidstack, Fireworks AI, Fal AI, Hume AI and another unnamed AI developer.

IREN previously targeted $3.7 billion in AI Cloud ARR for 2026. The revised outlook is tied to 480 megawatts of capacity planned for delivery this year, up from approximately three megawatts of self-built capacity 12 months ago. The company is targeting 1.2 gigawatts in 2027 as demand from hyperscalers, enterprises and frontier AI labs continues to run ahead of available supply.

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Recent customers have also agreed to prepayments covering approximately 45% of the GPU capital expenditure tied to their deployments. That lowers IREN's upfront funding requirement while adding more visibility across contracts carrying a weighted average term of about four years.

Co-founder and co-CEO Daniel Roberts said the company's vertically integrated AI Cloud platform is "scaling at pace," with customers building across robotics, generative media, AI search, model development and other compute-heavy applications.

IREN said preliminary cash and cash equivalents stood at approximately $7.6 billion as of June 30, including $1.7 billion of restricted cash connected to GPU financing for its Microsoft contract.

The bookings give IREN a more defined revenue path as it builds beyond bitcoin mining and into large-scale AI infrastructure. The $4 billion target remains an operating measure rather than reported revenue, with the ramp still dependent on capacity being delivered, commissioned and accepted by customers.

Most of the target is now contracted. Execution will decide how quickly it reaches the income statement.

IREN Limited (NASDAQ: IREN) is currently trading at $40.20 U.S. per share.