IREN signs $2.8bn AI customer contracts, lifts ARR target

IREN has announced new multi-year cloud services contracts with leading AI developers and raised its year-end AI Cloud ARR target to more than $4bn.

• IREN said approximately 85% of its revised ARR target is now under contract after signing new multi-year cloud services contracts representing $2.8bn in total contract value.
• The company said customer prepayments cover approximately 45% of associated GPU capital expenditure for recent contracts, and that it held about $7.6bn in cash and cash equivalents as of June 30, 2026.