IREN raises AI cloud revenue target above $4 billion after securing $2.8 billion in new contracts

IREN Raises AI Cloud Revenue Target Above $4B after $2.8B AI Deals

The Bitcoin miner raised its year-end AI cloud revenue target to more than $4 billion after signing $2.8 billion in new contracts with AI developers. Bitcoin miner IREN's shares rose around 15.7% on Monday after the company raised its year-end AI cloud annualized run-rate revenue target to more than $4 billion following $2.8 billion in new multi-year cloud services contracts with AI developers. The company said about 85% of its revised annualized AI cloud revenue target is now under contract, with customers including Microsoft, Nvidia, Perplexity and Figure AI. CoinShares Bitcoin Mining ETF (WGMI) was up 9.61% as other miners also saw modest share gains, according to Yahoo Finance. IREN stock is the fourth-largest holding in that sector-tracking exchange-traded fund, at 10.05% of assets. Co-CEO Daniel Roberts said IREN plans to deliver 480 megawatts of AI cloud capacity in 2026, up from about 3 MW a year earlier, with 1.2 gigawatts targeted for 2027. Demand from hyperscalers, enterprises and AI developers continues to exceed the company's available and planned capacity, IREN said. Recent customer agreements also include prepayments covering about 45% of the associated GPU capital expenditures, reducing funding requirements for those deployments. The update follows Bernstein's April assessment that IREN's AI cloud business would become its primary revenue driver as the company repurposes mining infrastructure for AI computing, part of a broader trend of Bitcoin miners expanding into AI and high-performance computing.

Iren shares jump 16% as $2.8 billion AI cloud deals lift revenue target

IREN shares surged after the company secured $2.8 billion in AI cloud contracts and raised its 2026 revenue target. Strong demand for GPU infrastructure, backed by major clients like Microsoft and Nvidia, highlights its shift from bitcoin mining to AI, with capacity expansion and prepayment-backed deals supporting growth visibility. IREN shares jumped as much as 16% on Monday after the company announced $2.8 billion in new multi-year AI cloud services contracts and raised its year-end 2026 revenue target for the business. The Nasdaq-listed stock rose as investors welcomed fresh signs that the former bitcoin mining company is gaining traction in the AI infrastructure market. IREN said the new contracts with leading AI developers take its total contracted base closer to its updated target and show that demand for GPU cloud capacity remains strong. US MarketsPowered By As on 20 Jul 2026, 08:34 PM IST S&P 500 Top Gainers Teradyne339.28(5.25%) Western Digital497.07(4.16%) Monolithic Power Systems1,354(3.22%) Global Payments80.28(3.16%) Gainers" S&P 500 Top Losers Coterra Energy32.56(-8.62%) Chipotle Mexican Grill32.99(-4.22%) Oracle121.26(-4.08%) United Parcel Service113.66(-3.45%) Losers" The company said about 85% of the revised annualised run-rate revenue target is now backed by signed contracts. Its customer list includes Microsoft, Nvidia, Perplexity, Figure AI, Together AI, Fluidstack, Fireworks AI, Fal AI, Hume AI and an unnamed AI developer. The contracts cover both bare metal infrastructure and managed cloud services. Several of the latest deals include customer prepayments covering about 45% of the related GPU capital expenditure, reducing IREN's own funding requirement for those deployments. Across its portfolio, customer agreements have a weighted average duration of about four years. AI cloud pivot gains speedIREN was earlier known largely as a bitcoin mining and data-centre infrastructure company. The AI boom has changed its market story. The company is now building large-scale GPU cloud capacity for hyperscalers, AI developers and frontier AI labs. Also Read: Downfall of a Wall Street darling: Why Oracle shares crashed 65% from peak That shift has made the stock part of the broader AI infrastructure trade. Investors are tracking companies that can provide power, data-centre capacity and GPU access as demand for artificial intelligence computing continues to rise. The latest contracts add to earlier large deals. In November, IREN signed a $9.7 billion cloud services contract with Microsoft to provide access to NVIDIA GB300 GPUs over a five-year period. The agreement included a 20% customer prepayment, according to the company's release and Associated Press reporting at the time. In May, IREN also announced a five-year AI infrastructure cloud services contract with NVIDIA valued at about $3.4 billion. Under that agreement, IREN is providing NVIDIA with access to managed GPU cloud services for internal AI and research workloads. The company has also entered into a broader strategic partnership with NVIDIA across its data-centre pipeline. As part of that partnership, IREN issued NVIDIA a five-year right to purchase up to 30 million ordinary shares at $70 each, which could result in an investment of up to $2.1 billion if conditions are met. Capacity expansion becomes keyIREN said demand from hyperscalers, enterprises, AI developers and frontier AI laboratories continues to exceed its existing and planned capacity. The company is working with customers across its 2026 and 2027 expansion programme. Co-founder and co-CEO Daniel Roberts said IREN has scaled from about 3 MW of internally built AI cloud capacity to 480 MW scheduled for delivery this year. The company is targeting 1.2 GW in 2027. That capacity expansion is central to the investment case. In AI cloud, signed contracts are only one part of the story. Investors also watch whether companies can procure GPUs, secure power, build data centres, deploy clusters and start generating revenue on time. The company had earlier said its 2026 expansion to 480 MW was on track and that its operational capacity was fully contracted. It has also disclosed plans to build capacity at Childress, Sweetwater and other sites as part of a wider 5 GW secured power pipeline. Cash position supports growth planIREN reported about $7.6 billion in cash and cash equivalents as of June 2026. That gives the company financial flexibility as it funds GPUs, data-centre buildout and supporting infrastructure. The customer prepayment structure is also important. AI cloud providers need to spend large sums upfront before revenue fully ramps up. If customers fund part of the GPU capex through prepayments, it lowers near-term pressure on the company's balance sheet. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

What's Going on With Iren Stock on Tuesday? - IREN (NASDAQ:IREN)

Raised AI Cloud Revenue Forecast After New Contracts IREN has raised its year-end AI Cloud annualized run-rate revenue forecast from $3.7 billion to over $4 billion, with approximately 85% of this now under contract. The new contracts include customer prepayments covering around 45% of GPU capital costs, which could lower funding needs and solidify IREN's position in the market. IREN Technical Outlook: Below Key Moving Averages The stock is currently trading about 2.6% below its 20-day simple moving average (SMA) of $43.24, and 19.5% below its 50-day SMA of $52.30. The moving average convergence divergence (MACD) is below its signal line, indicating that upside momentum is fading unless it can reclaim that baseline, suggesting traders should watch for potential shifts in momentum. IREN Earnings Date And Analyst Estimates: What To Expect IREN is slated to provide its next financial update on August 27, 2026 (estimated). * EPS Estimate: Loss of 38 cents (Down from 66 cents) * Revenue Estimate: $165.16 million (Down from $187.30 million) * Valuation: P/E of 52.2x (Indicates premium valuation) Analyst Consensus & Recent Actions: The stock carries a Buy rating with an average price forecast of $79.11. Recent analyst moves include: * Macquarie: Outperform (Maintains Target to $90.00) (July 15) * Freedom Broker: Upgraded to Buy (Target $58.00) (July 6) * Jefferies: Initiated with Buy (Target $79.00) (June 18) How IREN Ranks On Momentum And Valuation Below is the Benzinga Edge scorecard for IREN, highlighting its strengths and weaknesses compared to the broader market: * Momentum: Bullish (Score: 85.12) -- Stock is outperforming the broader market. * Value: Weak (Score: 18.99) -- Trading at a steep premium relative to peers. The Verdict: IREN's Benzinga Edge signal reveals a mixed profile, with weak value indicators suggesting a premium valuation, while momentum remains strong. This could indicate a cautious approach for investors as the stock navigates its current market dynamics. IREN Price Action: Iren shares were up 3.46% at $41.59 during premarket trading on Tuesday, according to Benzinga Pro data. Photo via Shutterstock This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Market News and Data brought to you by Benzinga APIs To add Benzinga News as your preferred source on Google, click here.

Why Is IREN Stock Jumping on Monday? - IREN (NASDAQ:IREN)

This comes on the heels of securing new multi-year cloud services contracts valued at $2.8 billion with leading AI developers such as Microsoft, NVIDIA and Perplexity. Raises AI Cloud ARR Target After $2.8B Contracts IREN has raised its year-end AI Cloud annualized run-rate revenue forecast from $3.7 billion to over $4 billion, with approximately 85% of this now under contract. Demand continues to exceed available and planned capacity, with IREN engaged across its 2026 and 2027 expansion pipeline. Recent contracts include customer prepayments covering around 45% of GPU capital costs, lowering funding needs, while contracts carry a weighted average term of about four years. The new contracts reflect strong demand from hyperscalers and enterprises, further solidifying IREN's position in the AI cloud infrastructure market. As of June 30, 2026, IREN had approximately $7.6 billion in cash and cash equivalents. IREN Technical Outlook: Momentum Vs Key Moving Averages The stock's current price of $36.68 is significantly below its moving averages, with the 20-day simple moving average (SMA) at $44.22, indicating a 16.9% decline from this level. The MACD is currently below its signal line, suggesting that upside momentum is fading unless it can reclaim that baseline, which could be a critical point for traders to watch. IREN Earnings Preview: Next Update Date And Analyst Estimates IREN is slated to provide its next financial update on August 27, 2026 (estimated). * EPS Estimate: Loss of 38 cents (Down from 66 cents) * Revenue Estimate: $165.16 million (Down from $187.30 million) Analyst Consensus & Recent Actions: The stock carries a Buy rating with an average price target of $79.11. Recent analyst moves include: * Macquarie: Outperform (Maintains Target to $90.00) (July 15) * Freedom Broker: Upgraded to Buy (Target $58.00) (July 6) * Jefferies: Initiated with Buy (Target $79.00) (June 18) How IREN Ranks On Value And Momentum Below is the Benzinga Edge scorecard for IREN, highlighting its strengths and weaknesses compared to the broader market: * Value: Weak (Score: 29.94) -- Trading at a steep premium relative to peers. * Momentum: Neutral (Score: 46.79) -- Stock is showing moderate performance indicators. The Verdict: IREN's Benzinga Edge signal reveals a mixed profile, with weak value indicators suggesting a premium valuation, while momentum remains neutral. This could indicate a cautious approach for investors as the stock navigates its current market dynamics. IREN Price Action: Iren shares were up 14.25% at $38.40 at the time of publication on Monday, according to Benzinga Pro data. Photo via Shutterstock This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Market News and Data brought to you by Benzinga APIs To add Benzinga News as your preferred source on Google, click here.

Iren Raises Year-End 2026 AI Cloud ARR Target to Over $4 Billion; Shares Rise Pre-Bell

IREN Limited is an Australia-based company, which owns and operates data centers powered by 100% renewable energy. The Company is vertically integrated artificial intelligence (AI) Cloud provider, delivering large-scale data centers and graphics processing unit (GPU) clusters for AI training and inference. Its platform is underpinned by its portfolio of grid-connected land and power in regions across North America, Europe and Asia-Pacific (APAC). Its data centers are optimized for power-dense computing applications and support a combination of GPUs for High-Performance Computing (HPC) and AI services and ASICs for Bitcoin mining. Its data center mining facilities are in Sweetwater, Canal Flats, Mackenzie, Prince George, and Childress. Al Cloud Services provides cloud compute to Al customers, approximately 1,896 NVIDIA H100 and H200 GPUs. Its Canal Flats facility is located on a 10-acre freehold site, directly connected to the BC Hydro power grid through a 30 megawatt (MW).

IREN Limited Signs $2.8 Billion in New Customer Contracts with Leading AI Developers

IREN Limited announced that it has raised its year-end AI Cloud annualized run-rate revenue (ARR) target from USD 3,700 million to more than USD 4,000 million, of which approximately 85% is now under contract following new multi-year cloud services contracts with Microsoft Corporation, NVIDIA Corporation, Perplexity, Figure AI, Together AI, Fluidstack, Fireworks AI, Fal AI, Hume AI and a new AI developer representing USD 2,800 million in total contract value. IREN Limited's customer base now includes Microsoft Corporation, NVIDIA Corporation, Perplexity, Figure AI, Together AI, Fluidstack, Fireworks AI, Fal AI, Hume AI, and a new AI developer, across both bare metal and managed cloud services. IREN Limited remains selective in allocating capacity ahead of commissioning, prioritizing diversification and growth across its customer base and platform layers. Demand from hyperscalers, enterprises, AI developers and frontier labs continues to exceed IREN Limited's available and planned capacity, and IREN Limited is engaged with customers across its entire 2026 and 2027 expansion program. Contracted pricing continues to strengthen. Recent contracts also include customer prepayments representing approximately 45% of the associated GPU capital expenditure, reducing IREN Limited's net funding requirement for those deployments. Across the portfolio, IREN Limited's customer contracts have a weighted average term of approximately 4 years. As of June 30, 2026, IREN Limited held approximately USD 7,600 million in cash and cash equivalents.