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IREN Secures $2.8B in New AI Cloud Contracts
20 Jul
Summary
- New contracts worth $2.8 billion boost AI cloud services.
- Year-end 2026 revenue target now exceeds $4 billion.
- Capacity grew from 3MW to 480MW, targeting 1.2GW.
IREN Limited experienced a substantial surge in its stock value on Monday, climbing 7% following the announcement of new agreements.
The company has secured over $2.8 billion in new, multi-year cloud services contracts specifically tailored for AI developers. These agreements have prompted IREN to elevate its projected year-end 2026 AI Cloud annualized run-rate revenue target to exceed $4 billion, an increase from the previous $3.7 billion forecast.
Significantly, approximately 85% of this revised revenue target is now already under contract, demonstrating robust client commitments. IREN's customer roster now includes major players such as Microsoft, NVIDIA, and several prominent AI development firms.
The company's infrastructure has seen exponential growth, expanding from approximately 3MW of self-built AI Cloud capacity to 480MW currently being deployed. IREN has set an ambitious goal of reaching 1.2GW by 2027, driven by demand that consistently outstrips available and planned capacity.
As of June 30, 2026, IREN reported substantial financial reserves, holding approximately $7.6 billion in cash and cash equivalents, positioning it strongly for future expansion and development.
