IREN raises 2026 AI Cloud revenue target to $4bn+ on $2.8bn in new contracts

Filed July 20, 2026 · Period ending July 20, 2026 · ~1 min read

Key Changes

• high

  Increased year-end AI Cloud ARR target from $3.7bn to over $4bn, with ~85% now under contract following $2.8bn in new multi-year deals with leading AI developers including Microsoft, NVIDIA, Perplexity, and others.

  Exhibit 99.1 view on EDGAR →
• high

  Recent contracts include customer prepayments covering ~45% of associated GPU capex, reducing IREN's net funding requirement; contracts have weighted average 4-year term providing multi-year revenue visibility.

  Exhibit 99.1 view on EDGAR →
• high

  Held $7.6bn in cash and cash equivalents as of June 30, 2026 (includes $1.7bn restricted cash for Microsoft GPU financing), supporting rapid capacity expansion from 3MW to 480MW in 2026 with 1.2GW targeted for 2027.

  Exhibit 99.1 view on EDGAR →