About 85% of the company’s year-end AI Cloud annualized run-rate revenue target is now under contract, with recent deals including customer prepayments tied to GPU deployments.
IREN said it signed new multi-year cloud services contracts with leading AI developers representing $2.8 billion in total contract value and raised its year-end 2026 AI Cloud annualized run-rate revenue target from $3.7 billion to more than $4 billion. The company said roughly 85% of that target is now under contract across bare metal and managed cloud services, with customers including Microsoft, NVIDIA, Perplexity, Figure AI, Together AI, Fluidstack, Fireworks AI, Fal AI, Hume AI, and a new leading AI developer. IREN said contracted pricing has strengthened and that recent agreements include customer prepayments covering about 45% of the associated GPU capital expenditure, reducing its net funding requirement. It also said its customer contracts carry a weighted average term of about four years and that cash and cash equivalents stood at approximately $7.6 billion as of June 30, 2026, including $1.7 billion of restricted cash tied to GPU financing for the Microsoft contract at Horizon 1-4.