IREN Limited (NASDAQ:IREN) shares climbed 7% on Monday after the company announced $2.8 billion in new multi-year AI cloud services contracts and increased its year-end 2026 AI Cloud annualised run-rate revenue (ARR) target to more than $4 billion, up from its previous forecast of $3.7 billion.
The company said the latest agreements mean approximately 85% of its revised ARR target is now backed by signed contracts. IREN’s customer roster includes Microsoft, NVIDIA, Perplexity, Figure AI, Together AI, Fluidstack, Fireworks AI, Fal AI, Hume AI and an undisclosed AI developer, with services spanning both bare metal infrastructure and managed cloud offerings.
IREN added that several of its newest contracts include customer prepayments covering approximately 45% of the related GPU capital expenditure, lowering the company’s net funding requirements for those deployments. Across its portfolio, customer agreements have a weighted average duration of around four years.
The company said demand from hyperscalers, enterprises, AI developers and frontier AI laboratories continues to outpace both its existing and planned capacity. IREN added that it is actively working with customers across its full expansion programme for 2026 and 2027.
As of June 30, 2026, IREN reported approximately $7.6 billion in cash and cash equivalents, providing significant financial flexibility to support future infrastructure growth.
Co-Founder and Co-CEO Daniel Roberts said the company has scaled from roughly 3MW of internally built AI cloud capacity to 480MW scheduled for delivery this year, with a target of reaching 1.2GW in 2027.
IREN stock price
