IREN shares jumped as much as 16% on Monday following the announcement of $2.8 billion in new multi-year AI cloud services contracts and an upgraded year-end 2026 revenue target. The Nasdaq-listed company, formerly known primarily for bitcoin mining, continues to gain significant traction as an AI infrastructure provider.
Signed contracts now back roughly 85% of IREN’s revised annualized run-rate revenue target. The company’s expanding customer base features high-profile tech and AI entities, including Microsoft, Nvidia, Perplexity, Figure AI, and Together AI. The agreements cover both bare metal infrastructure and managed cloud services, boasting a weighted average duration of about four years. Notably, several of the new deals include upfront customer prepayments covering roughly 45% of the associated GPU capital expenditure, significantly lowering IREN’s near-term funding requirements.
This latest development accelerates IREN’s pivot into the broader AI infrastructure market, where it builds large-scale GPU cloud capacity for hyperscalers and frontier AI labs. The $2.8 billion in new agreements builds upon previous massive deals, including a $9.7 billion contract with Microsoft signed in November and a $3.4 billion agreement with Nvidia finalized in May.
To support this explosive demand, IREN is rapidly scaling its infrastructure. According to co-founder and co-CEO Daniel Roberts, the company has grown from 3 MW of internally built AI cloud capacity to 480 MW scheduled for delivery this year, with a target of 1.2 GW by 2027. Backed by $7.6 billion in cash and cash equivalents as of June 2026, alongside its customer prepayment structure, IREN remains well-positioned to fund its extensive data-center buildouts and GPU procurement.
