IREN Signs $2.8B AI Cloud Deals, Lifts 2026 Target Above $4B

IREN Limited's stock jumped nearly 20% on Monday after the company announced $2.8 billion（約4500億円） in new AI cloud contracts and raised its year-end annualized run-rate (ARR) revenue target to more than $4 billion（約6400億円）—a significant increase from the previous $3.7 billion（約5900億円） target. Co-founder and co-CEO Daniel Roberts stated that the company's vertically integrated AI Cloud platform is "scaling at pace," with customers building across robotics, generative media, AI search, model development and other compute-heavy applications. The contracts now span a broad base of AI developers: Microsoft, Nvidia, Perplexity, Figure AI, Together AI, Fluidstack, Fireworks AI, Fal AI, Hume AI, and one unnamed developer. Critically, these multi-year agreements represent roughly 85% of the revised $4 billion（約6400億円） target, providing IREN with substantial revenue predictability. The customer base has agreed to prepayments covering approximately 45% of the GPU capital expenditure tied to their deployments, a structure that significantly reduces IREN's upfront funding requirement while adding visibility across contracts with a weighted average term of about four years. The $4 billion（約6400億円） target is grounded in IREN's capacity expansion plans: the company is planning to deliver 480 megawatts of capacity in 2026, a dramatic increase from approximately three megawatts of self-built capacity 12 months earlier, with an even more ambitious target of 1.2 gigawatts in 2027 as demand from hyperscalers, enterprises, and frontier AI labs continues to outpace available supply. As of June 30, IREN's preliminary cash and cash equivalents stood at approximately $7.6 billion（約1.2兆円）, including $1.7 billion（約2700億円） of restricted cash connected to GPU financing for its Microsoft contract. The company emphasized that while the $4 billion（約6400億円） target is an operating measure rather than reported revenue, most of it is now contracted—meaning execution on capacity delivery and customer acceptance will ultimately determine how quickly the revenue materializes on the income statement.

IREN's $2.8 billion（約4500億円） contract win marks a substantial pivot from its origins in bitcoin mining to large-scale AI infrastructure. The company's shift reflects the dramatic acceleration in demand from both hyperscalers (large cloud providers) and frontier AI labs, whose computational needs for model development, AI search, robotics, and generative media have outpaced available GPU supply. By locking in 85% of its $4 billion（約6400億円） 2026 target under multi-year contracts, IREN has transformed a growth projection into a more predictable revenue stream—a critical advantage in a capital-intensive business where execution risk is high. The customer prepayment structure, covering approximately 45% of GPU capital expenditure, further de-risks IREN's balance sheet while aligning customer and company incentives through shared financing. The weighted average contract term of about four years provides visibility that most infrastructure providers lack.