IREN Ltd. said on its Thursday earnings call that its 2026 data center capacity is largely sold out, shifting attention to the company’s 2027 and 2028 buildouts. IREN Co-Founder and Co-CEO Daniel Roberts said the company is in late-stage discussions with new customers covering a significant portion of 2027 capacity, while talks for 2028 have also begun with customers and financing providers. Chief Operating Officer Kent Draper said live customer discussions are producing contracts priced above $20 million per megawatt of IT load, typically with terms of 3 to 5 years rather than 2-year or spot arrangements. Roberts said IREN evaluates contracts based on strategic value, economics including price, prepayment and term, and potential opportunities in managed services and software. He said the main constraint is bringing GPUs online, not signing deals, and that IREN is avoiding announcements made only for publicity. GPU financing, which Roberts said barely existed as an asset class a year earlier, has generated $6.5 billion in financing during the last 3 months across the credit spectrum. Customer prepayments are beginning to help fund IREN’s construction program. Draper described compute as a largely global market, saying pricing in Spain and Australia has tracked North America. Roberts said IREN had $4 billion of annual recurring revenue, or ARR (recurring yearly revenue), contracted for 2026 and described 2027 and beyond as deliberate runway for expanding its customer base and service mix. IREN stock was down 12.7% at $35.36 at publication on Friday, according to Benzinga Pro.