IREN lifts AI Cloud revenue target above $4 billion as 85% is contracted

IREN raised its year-end AI Cloud annualized run-rate revenue target to more than $4 billion from $3.7 billion after signing $2.8 billion in new multi-year cloud contracts, with about 85% of the revised goal now covered by signed agreements. Shares rose about 16% on July 20 as investors focused on the company’s AI expansion rather than Bitcoin, which was at $66,001 on July 21, up 3% on the day. IREN named Microsoft, NVIDIA, Perplexity, Figure AI, Together AI, Fluidstack, Fireworks AI, Fal AI and Hume AI among customers, alongside one unnamed leading AI developer, and said it plans to deliver 480 megawatts of AI cloud capacity in 2026 versus roughly 3 megawatts a year earlier, with a 1.2 gigawatt target for 2027. Recent agreements also include customer prepayments covering about 45% of associated GPU capital spending, reducing funding needs as the Bitcoin miner increasingly shifts toward AI infrastructure and cloud services.