IREN signs $2.8 billion in new AI contracts and raises its 2026 revenue run-rate target to over $4 billion.

IREN announced it has secured significant new customer contracts for its AI Cloud services and subsequently increased its annualized run-rate revenue (ARR) target for year-end 2026.

Key Highlights

• Signed $2.8 billion in total contract value from new multi-year cloud services agreements with leading AI developers.
• Increased its year-end 2026 AI Cloud ARR target to over $4 billion, up from a previous target of $3.7 billion.
• Stated that recent contracts include customer prepayments that cover approximately 45% of the associated GPU capital expenditure.
• Reported holding approximately $7.6 billion in cash and cash equivalents as of June 30, 2026.