IREN signs $2.8bn in AI cloud contracts, raises 2026 ARR target to >$4bn

IREN Ltd

New multi-year cloud services contracts with leading AI developers total $2.8bn in contract value.
2026 AI Cloud ARR target raised from $3.7bn to >$4bn; ~85% now under contract.
Customer base includes Microsoft, NVIDIA, Perplexity, Figure AI, Together AI, Fluidstack, Fireworks AI, Fal AI, Hume AI, and a new leading AI developer.
Customer prepayments cover ~45% of associated GPU capex, reducing IREN's net funding requirement.
Cash and equivalents ~$7.6bn as of June 30, 2026; AI Cloud capacity expanding from 3MW to 480MW in 2026, targeting 1.2GW in 2027.

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