IREN lifts AI cloud revenue target above $4 billion after $2.8 billion in new contracts

NASDAQ‑listed IREN announced $2.8 billion in new multiyear cloud‑services contracts with leading AI developers, including Microsoft and NVIDIA, bringing its 2026 annualized run‑rate revenue target to more than $4 billion, up from $3.7 billion. About 85 % of the revised target is already secured under contract. The agreements cover both bare‑metal and managed services and feature customer pre‑payments equal to roughly 45 % of the GPU capital costs, reducing IREN’s upfront funding needs.

IREN plans to deliver 480 megawatts of AI‑cloud capacity in 2026 and expand to 1.2 gigawatts by 2027. The company’s rapid scaling—from roughly 3 MW of self‑built capacity a year earlier—has driven its stock to jump between 7 % and 20 % in recent sessions following the announcements.