IREN has been signing three-year contracts worth more than $20 million per megawatt (MW). Some discussions have reached $25 million per MW.
Since November 2025, prices for three-year contracts have risen approximately 125%. Prices for five-year contracts have increased 70% over the same period.
IREN’s 2026 capacity is largely sold out. The company has secured $4 billion in contracted annualized run-rate revenue.
Customer prepayments cover a significant portion of capital expenditures, improving project economics. IREN is also exploring ways to increase revenue without a corresponding increase in grid capacity by using spare power and power-management technologies.