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GlobeNewswire·

IREN Signs $2.8bn in New Customer Contracts with Leading AI Developers, Raises 2026 ARR Target to over $4bn

  • IREN Limited raised its 2026 year-end AI Cloud annualized run-rate revenue target from $3.7bn to over $4bn.
  • Approximately 85% of the revised ARR target is now under contract, driven by new multi-year deals with leading AI developers totaling $2.8bn.
  • The customer base includes Microsoft, NVIDIA, Perplexity, Figure AI, Together AI, Fluidstack, Fireworks AI, Fal AI, Hume AI, & a new leading AI developer.
  • IREN is prioritizing diversification across its customer base & platform layers while demand from hyperscalers, enterprises, & AI developers exceeds available capacity.
  • Recent contracts feature customer prepayments covering roughly 45% of associated GPU capital expenditure, reducing net funding requirements.
  • The portfolio's weighted average contract term is approximately 4 years.
  • As of June 30, 2026, IREN held approximately $7.6bn in cash & cash equivalents.
  • Self-built AI Cloud capacity expanded from 3MW to 480MW delivered in 2026, with 1.2GW targeted for 2027.
  • IREN remains selective in allocating capacity ahead of commissioning to support growth across its 2026 & 2027 expansion program.