IREN Signs $2.8 Billion AI Cloud Contract, Year-End AI Cloud Annualized Revenue Target Raised to Over $4 Billion

Odaily Odaily Planet Daily News: Bitcoin mining company IREN has signed a new multi-year cloud services contract worth $2.8 billion with AI developers, raising its year-end AI cloud annualized revenue target to over $4 billion. The company stated that approximately 85% of the revised target has already been contracted, with clients including Microsoft, Nvidia, Perplexity, and Figure AI.



IREN co-CEO Daniel Roberts said the company plans to deliver 480 megawatts of AI cloud capacity by 2026, compared to about 3 megawatts a year ago, and aims to reach 1.2 gigawatts by 2027. The company noted that demand from hyperscalers, enterprises, and AI developers continues to outpace its existing and planned capacity.



IREN's stock price rose approximately 15.7% on Monday. The CoinShares Bitcoin Mining ETF (WGMI) increased by 9.61%, with IREN being the fourth largest holding in the sector-tracking ETF, accounting for 10.05% of assets. Recent client agreements also include prepayments covering approximately 45% of related GPU capital expenditures.