IREN signs $2.8B AI cloud contract, raises year-end AI cloud annualized revenue target to over $4B
2026-07-20 15:23
Odaily Bitcoin mining company IREN has raised its year-end target for AI cloud annualized run-rate revenue to over $4 billion after signing a new multi-year cloud services contract worth $2.8 billion with AI developers. The company stated that approximately 85% of the revised target has been signed, 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 in 2026, up from 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 exceed its existing and planned capacity.
IREN's stock price rose approximately 15.7% on Monday. The CoinShares Bitcoin Mining ETF (WGMI) gained 9.61%, with IREN being the fourth-largest holding in this sector-tracking ETF, accounting for 10.05% of assets. Recent client agreements also include prepayments covering approximately 45% of related GPU capital expenditures.
IREN co-CEO Daniel Roberts said the company plans to deliver 480 megawatts of AI cloud capacity in 2026, up from 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 exceed its existing and planned capacity.
IREN's stock price rose approximately 15.7% on Monday. The CoinShares Bitcoin Mining ETF (WGMI) gained 9.61%, with IREN being the fourth-largest holding in this sector-tracking ETF, accounting for 10.05% of assets. Recent client agreements also include prepayments covering approximately 45% of related GPU capital expenditures.
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