IREN raises 2026 revenue target to $4bn after $2.8bn in contracts

IREN Limited (NASDAQ: IREN), a vertically integrated AI cloud provider, has raised its year-end 2026 annualized run-rate revenue (ARR) target to more than $4bn, up from a prior target of $3.7bn, according to a press release issued July 20, 2026.

The revision follows the signing of new multi-year cloud services contracts with AI developers representing $2.8bn in total contract value. Approximately 85% of the updated ARR target is now under contract. The company's customer base includes Microsoft, Nvidia, Perplexity, Figure AI, Together AI, Fluidstack, Fireworks AI, Fal AI, Hume AI, and one undisclosed AI developer.

Recent contracts include customer prepayments representing approximately 45% of the associated GPU capital expenditure. Across its portfolio, IREN's customer contracts carry a weighted average term of approximately four years.

As of June 30, 2026, IREN held approximately $7.6bn in cash and cash equivalents, which includes $1.7bn of restricted cash tied to GPU financing for its Microsoft contract.

The company states its AI Cloud capacity has grown from approximately 3 megawatts to 480 megawatts planned for delivery in 2026, with 1.2 gigawatts targeted for 2027. IREN's ARR is a non-GAAP operating metric and is not a substitute for revenue determined in accordance with GAAP.

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