IREN raised its AI Cloud ARR target above $4bn after signing $2.8bn in new contracts with Microsoft, NVIDIA, and others. The stock surged 20%.
IREN jumped 20% on Tuesday after the AI cloud provider raised its year-end annualized revenue run-rate target past $4 billion and disclosed $2.8 billion in new multi-year contracts with customers including Microsoft, NVIDIA, and Perplexity.
The company, which operates large-scale data centers for AI training and inference, said roughly 85% of the $4 billion-plus target is now under contract. The new deals include customer prepayments covering about 45% of the associated GPU capital expenditure, reducing IREN's net funding requirement for those deployments.
IREN's customer list now includes Microsoft, NVIDIA, Perplexity, Figure AI, Together AI, Fluidstack, Fireworks AI, Fal AI, Hume AI, and another leading AI developer. The contracts span bare metal and managed cloud services.
Demand from hyperscalers, enterprises, AI developers, and frontier labs continues to exceed IREN's available and planned capacity, the company said. IREN is engaged with customers across its full 2026 and 2027 expansion program. Contracted pricing has strengthened, and the portfolio carries a weighted average term of roughly four years.
As of June 30, 2026, IREN held about $7.6 billion in cash and cash equivalents.
IREN carries an Alpha Score of 30 out of 100 on AlphaScala, a reading the platform labels "Weak" and which reflects the stock's volatility and early-stage revenue profile. The new contract backlog could shift that assessment as revenue visibility improves.
The stock traded at $40.28 after the open, up 19.79% on volume of more than 48 million shares.
Drafted by a large language model from the source reporting linked above, then screened by automated publishing checks. It is not read by a journalist before publication. Some articles cite our Alpha Score. Verify prices and figures against the original source. Educational coverage, not personalized advice.