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Get filing alertsIREN 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
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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 → -
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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 → -
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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 → -
medium
Contracted pricing continues to strengthen as demand from hyperscalers, enterprises, AI developers and frontier labs exceeds available and planned capacity.
Exhibit 99.1 view on EDGAR →
Summary
IREN disclosed a significant acceleration in its AI Cloud business, raising its 2026 year-end annualized run-rate revenue target from $3.7 billion to over $4 billion. The increase is backed by $2.8 billion in new multi-year contracts with leading AI developers, bringing approximately 85% of the revised target under contract.
The company's customer roster includes Microsoft, NVIDIA, Perplexity, Figure AI, and other prominent AI firms. Recent contracts include customer prepayments covering roughly 45% of the associated GPU capital expenditure, materially reducing IREN's funding requirements for those deployments while the 4-year weighted average contract term provides multi-year revenue visibility.
The company has scaled rapidly from approximately 3MW of AI Cloud capacity to 480MW being delivered in 2026, with a 1.2GW target for 2027. IREN held $7.6 billion in cash and cash equivalents as of June 30, 2026 (including $1.7 billion restricted for Microsoft GPU financing), positioning it to fund this expansion. Management noted that contracted pricing continues to strengthen and that demand from hyperscalers, enterprises, and AI developers exceeds available capacity. For retail holders, the combination of contracted revenue growth, customer prepayments reducing capital requirements, and strengthening pricing represents a material de-risking of the company's AI infrastructure buildout.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
IREN issued a press release announcing certain business updates.
Added in current filing · verify on EDGAR →
On July 20, 2026, IREN Limited issued a press release announcing certain business updates.
IREN disclosed that it issued a press release on July 20, 2026 announcing certain business updates.1. Without access to the exhibit, the specific nature and materiality of the business updates cannot be determined from this filing.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
IREN Limited (NASDAQ: IREN) (“IREN”) today announced that it has raised its year-end AI Cloud annualized run-rate revenue (“ARR”)1 target from $3.7bn to more than $4bn2, of which approximately 85% is now under contract following new multi-year cloud services contracts with leading AI developers representing $2.8bn in total contract value.
IREN increased its 2026 year-end AI Cloud ARR target from $3.7 billion to over $4 billion, driven by new multi-year contracts worth $2.8 billion in total contract value. Approximately 85% of the revised ARR target is now under contract. The company's customer base includes Microsoft, NVIDIA, Perplexity, Figure AI, Together AI, Fluidstack, Fireworks AI, Fal AI, Hume AI, and a new leading AI developer.
Added in current filing · view on EDGAR →
As of June 30, 2026, IREN held approximately $7.6bn in cash and cash equivalents.5
IREN reported holding approximately $7.6 billion in cash and cash equivalents as of June 30, 2026, which includes $1.7 billion of restricted cash in connection with GPU financing for the Microsoft contract at Horizon 1-4.
Added in current filing · view on EDGAR →
In the past 12 months we have expanded from approximately 3MW of self-built AI Cloud capacity to 480MW being delivered this year, with 1.2GW targeted for 2027
IREN has rapidly scaled its AI Cloud capacity from approximately 3MW to 480MW being delivered in 2026, with a target of 1.2GW for 2027. The company notes that demand from hyperscalers, enterprises, AI developers and frontier labs continues to exceed available and planned capacity.
Added in current filing · view on EDGAR →
Contracted pricing continues to strengthen.
IREN disclosed that contracted pricing for its AI Cloud services continues to strengthen, indicating favorable market dynamics for the company's GPU capacity.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 28, 2026 · How we verify