IREN announced new multi-year cloud services contracts totaling $2.8 billion in contract value and raised its year-end AI Cloud annualized run-rate revenue (ARR) target from $3.7 billion to more than $4 billion. The company said approximately 85% of the ARR target is now under contract and reported approximately $7.6 billion in cash and cash equivalents as of June 30, 2026. IREN highlighted strengthened contracted pricing, customer prepayments covering ~45% of related GPU capex on recent deals, and a weighted average contract term of about four years.

Financial Highlights

  • Raised 2026 AI Cloud ARR target from $3.7 billion to more than $4.0 billion.
  • New customer contracts total $2.8 billion in aggregate contract value.
  • Approximately 85% of the 2026 ARR target is now under contract following recent deals.
  • As of June 30, 2026, approximately $7.6 billion in cash and cash equivalents (unaudited preliminary), including $1.7 billion of restricted cash related to GPU financing.
  • Recent contracts include customer prepayments representing ~45% of associated GPU capital expenditure for those deployments.

Business Highlights

  • Signed multi-year cloud services contracts with leading AI developers and customers across bare metal and managed cloud services, including Microsoft, NVIDIA, Perplexity, Figure AI, Together AI and others.
  • Reported rapid capacity scaling: expansion from ~3 MW of self-built AI Cloud capacity 12 months ago to 480 MW being delivered in 2026, with a 1.2 GW target for 2027.
  • Maintains selective capacity allocation prior to commissioning, prioritizing customer and platform diversification across hyperscalers, enterprises, AI developers and frontier labs.
  • Customer contracts exhibit a weighted average term of approximately four years, reflecting multi-year commitments across the portfolio.
  • Demand across 2026–2027 expansion program exceeds available and planned capacity; contracting activity continues for future deployments.

Original SEC Filing:

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