IREN Limited Fully Contracts $4 Billion 2026 Revenue Target

IREN Limited has fully contracted its $4 billion annual recurring revenue target for 2026. Following the release of its Q4 2026 earnings results, the computing infrastructure company reported that its primary operational risk has shifted from market demand to the execution and delivery of its Horizon 2–4 capacity.

Recent contract economics indicate a positive trend, with three-year deals now exceeding $20 million per IT MW. This growth is supported by an expanding customer base within the artificial intelligence sector. While the company continues to face risks regarding capital expenditure and potential dilution, improved financing and rising revenue per MW have influenced market sentiment.

Financial analysts have responded by raising price targets for the company. Some valuations now place the stock at $52 per share, a figure based on a 10x multiple of $2.2 billion in normalized forward adjusted EBITDA.