IREN Signs $2.8 Billion in New AI Cloud Contracts

IREN Limited announced $2.8 billion in new multi-year cloud services contracts with AI developers on July 20, 2026. Following these agreements, IREN Limited raised its year-end AI Cloud annualized run-rate revenue target from $3.7 billion to over $4 billion, noting that approximately 85% of this new target is already under contract.

The company scaled its AI Cloud capacity from 3MW to 480MW within the year and has set a target of 1.2GW for 2027. Recent contracts included customer prepayments covering roughly 45% of associated GPU capital expenditure. The company's customer base includes major firms such as Microsoft, NVIDIA, and Perplexity.

This announcement coincided with a $9.8 billion 15-year lease signed by Hut 8 Mining Corp. for its Beacon Point AI data center campus in Texas. These combined developments triggered a surge in AI compute and bitcoin-miner-turned-infrastructure stocks, driving IREN shares up between 16% and 19%.