IREN Signs $2.8B AI Contracts, Raises 2026 ARR Target to Over $4B IREN (NASDAQ: IREN) announced it has raised its year-end 2026 AI Cloud annualized run-rate revenue (ARR) target from $3.7 billion to more than $4 billion, citing new multi-year cloud services agreements with leading AI developers. The company reported that approximately 85% of the $4 billion ARR target is now under contract, supported by deals totaling $2.8 billion in value. These agreements, which include partnerships with Microsoft, NVIDIA, and several AI specialists, are expected to span an average of four years. The contracts also feature customer prepayments covering about 45% of the associated GPU capital expenditures, reducing IREN’s net funding requirements for these deployments. As of June 30, 2026, IREN held approximately $7.6 billion in cash and cash equivalents, including $1.7 billion in restricted cash tied to GPU financing. The company’s self-built AI Cloud capacity has expanded from 3 megawatts to 480 megawatts in 12 months, with a target of 1.2 gigawatts by 2027. IREN’s customer base now includes Microsoft, NVIDIA, Perplexity, Figure AI, Together AI, Fluidstack, Fireworks AI, Fal AI, Hume AI, and a new leading AI developer. The company emphasized its selective approach to capacity allocation, prioritizing diversification and growth across its platform. Demand from hyperscalers, enterprises, AI developers, and frontier labs continues to exceed available capacity, with IREN engaged in expansion programs for 2026 and 2027. Daniel Roberts, Co-Founder and Co-CEO of IREN, stated: “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.#microsoft #nvidia #perplexity #iren #figure_ai
