Iren raises its 2026 annualized run-rate revenue target after securing $2.8 billion in new contracts.
Iren (IREN) shares climbed roughly 10% in premarket trading after the company announced $2.8 billion in new contracts. The AI cloud infrastructure provider also increased its 2026 annualized run-rate (ARR) revenue target to over $4 billion.
Prior to the announcement, Iren had not disclosed a specific 2026 ARR target. The company, based in Australia, did not provide a previous consensus or comparable period for the new contracts.
The stock surge reflects investor optimism over the expanded revenue outlook and contract wins.