IREN raises 2026 AI Cloud ARR target to over $4 billion

• IREN (NASDAQ:IREN) raised its year-end 2026 AI Cloud annualized run-rate revenue target from $3.7 billion to over $4 billion.
• The company's shares traded 8.5% higher at $14.20 following the upgraded financial guidance and contract announcements.
• Management secured $2.8 billion in new multi-year cloud services agreements, bringing total contracted ARR coverage to approximately 85%.

IREN (NASDAQ:IREN) raised its year-end 2026 AI Cloud annualized run-rate revenue (ARR) target to over $4 billion, up from its previous target of $3.7 billion.

This upward revision is anchored by 480 MW of planned AI Cloud capacity.

According to the company, roughly 85% of this projected ARR is already secured under formal contracts.

The growth is driven by new multi-year cloud services agreements with leading AI developers, totaling $2.8 billion in aggregate contract value.

Following the announcements, IREN shares climbed 8.5% to trade near $14.20 in regular market activity.

The expanded customer roster now features major technology leaders including Microsoft, NVIDIA, and several specialized AI enterprises, maintaining a weighted average contract term of approximately 4 years.

Recent agreements feature significant customer prepayments equal to roughly 45% of related GPU capital expenditures.

Additionally, IREN reported a robust liquidity position, holding approximately $7.6 billion in cash and cash equivalents as of June 30, 2026, to support its ongoing infrastructure expansion.