IREN (NASDAQ: IREN) said Monday that it had signed $2.8 billion of new multi-year AI cloud services contracts with leading AI developers.
The data center and bitcoin mining operator lifted its year-end 2026 AI cloud annualized run-rate revenue target from $3.7 billion to more than $4 billion
The new agreements bring contracted ARR to approximately 85% of the revised target, according to IREN. ARR is an annualized measure based on deployed services and does not represent revenue already reported for a completed accounting period. IREN shares rose 15% following Monday’s announcement, according to DI Metrics.
The company held approximately $7.6 billion in cash and cash equivalents as of June 30, separate from the prepayments associated with recent GPU deployments. IREN’s customer contracts have a weighted average term of about four years, according to Investing.com. Recent agreements also include customer prepayments covering approximately 45% of related GPU capital expenditures, reducing IREN’s funding requirement for those deployments.