IREN says pricing for three-to-five-year AI cloud contracts under negotiation has reached approximately $25 million per megawatt, up from $9.7 million for its five-year Microsoft agreement in November 2025. Co-CEO Daniel Roberts told the Financial Times that expanding AI capacity can generate additional demand by making AI cheaper and faster to use, creating an amplification cycle rather than quickly restoring market balance. IREN reported $1 billion in annual recurring revenue as of August 26, 2026, and is targeting $4 billion in contracted ARR by December 31, 2026. The company plans to expand delivered IT load to 1.2 gigawatts by 2027, supported by $14 billion in GPU financing and prepayments and $5.8956 billion in cash. Its growth plans include a deeper relationship with NVIDIA, which has an option to invest up to $2.1 billion in IREN under a $3.4 billion five-year agreement, while shareholders have criticized large restricted-stock awards to IREN's co-CEOs.