IREN Signs $2.8B of AI Cloud Contracts and Lifts 2026 ARR Target Above $4B

IREN announced $2.8 billion of new multi-year AI-cloud contracts and increased its year-end 2026 annualized run-rate revenue target from $3.7 billion to more than $4 billion. About 85% of the revised target is under contract, according to the company. Recent customers prepaid amounts equal to roughly 45% of associated GPU capex, and the portfolio’s weighted-average contract term is about four years. IREN reported approximately $7.6 billion in cash at June 30, including $1.7 billion restricted for Microsoft-related GPU financing. Independent trade coverage reported the shares rose roughly 15%.