IREN signed new multi-year agreements with leading AI developers, totaling approximately $2.8 billion in contract value, and increased its 2026 AI Cloud annualized run-rate revenue target from $3.7 billion to over $4 billion, with 85% already under contract. The company's AI customer base now includes Microsoft, NVIDIA, Perplexity, Figure AI, Together AI, Fluidstack, Fireworks AI, Fal AI, and Hume AI, with recent contracts featuring customer prepayments covering about 45% of associated GPU capital expenditures. IREN expects to expand its AI cloud capacity from 480 MW this year to 1.2 GW in 2027, as demand continues to exceed both existing and planned capacity.
IREN's significant contract wins and capacity expansion confirm strong, sustained demand for AI compute infrastructure, with customers prepaying for GPU capex.