IREN raised its 2026 AI Cloud revenue target to over $4 billion and signed $2.8 billion in new contracts with leading AI

NEW YORK, July 20, 2026 — IREN Limited announced that it has raised its year-end AI Cloud annualized run-rate revenue target from $3.7 billion to more than $4 billion, of which approximately 85 percent is now under contract following new multi-year cloud services contracts with leading AI developers representing $2.8 billion in total contract value.

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, across both bare metal and managed cloud services. The company remains selective in allocating capacity ahead of commissioning, prioritizing diversification and growth across its customer base and platform layers. Demand from hyperscalers, enterprises, AI developers and frontier labs continues to exceed IREN's available and planned capacity, and IREN is engaged with customers across its entire 2026 and 2027 expansion program.

Contracted pricing continues to strengthen, with recent contracts also including customer prepayments representing approximately 45 percent of the associated GPU capital expenditure, reducing IREN's net funding requirement for those deployments. Across the portfolio, IREN's customer contracts have a weighted average term of approximately 4 years. As of June 30, 2026, IREN held approximately $7.6 billion in cash and cash equivalents.

Co-Founder and Co-CEO Daniel Roberts stated: "Our vertically integrated AI Cloud platform is scaling at pace. In the past 12 months we have expanded from approximately 3 megawatts of self-built AI Cloud capacity to 480 megawatts being delivered this year, with 1.2 gigawatts targeted for 2027, broadening our customer base across hyperscalers, enterprises and AI developers. We are proud to support leading companies building frontier applications across design, physical AI and robotics, generative media, AI search and model development."

IREN is a vertically integrated AI Cloud provider delivering large-scale data centers and compute for AI training and inference, underpinned by its expansive portfolio of grid-connected land and power in renewable-rich regions across North America, Europe and Asia-Pacific.