IREN signs $2.8 billion AI cloud contracts with leading AI developers
IREN•New AI cloud contracts and updated targets
IREN signed new multi-year AI cloud services contracts totaling $2.8 billion in contract value with leading AI developers.
- Year-end 2026 AI Cloud ARR target raised to more than $4 billion from $3.7 billion; about 85% now under contract.
- Recent deals include customer prepayments covering about 45% of associated GPU capital expenditure, cutting net funding needs for deployments.
- Customer contracts carry a weighted average term of about four years.
- Cash and cash equivalents totaled about $7.6 billion as of June 30, 2026.
