IREN signs $2.8bn in new customer contracts with leading AI developers

NEW YORK -- IREN Limited (NASDAQ: IREN) (“IREN”) today announced that it has raised its year-end AI Cloud annualized run-rate revenue (“ARR”)¹ target from $3.7bn to more than $4bn², of which approximately 85% is now under contract following new multi-year cloud services contracts with leading AI developers representing $2.8bn in total contract value.

IREN's customer base now includes Microsoft, NVIDIA, Perplexity, Figure AI, Together AI, Fluidstack, Fireworks AI, Fal AI, Hume AI, and a new leading AI developer, across both bare metal and managed cloud services.

IREN 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's available and planned capacity, and IREN 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’s net funding requirement for those deployments.³ Across the portfolio, IREN’s customer contracts have a weighted average term of approximately 4 years.⁴

As of June 30, 2026, IREN held approximately $7.6bn in cash and cash equivalents.⁵

Daniel Roberts, Co-Founder and Co-CEO of IREN, said:

“Our vertically integrated AI Cloud platform is scaling at pace. In the past 12 months we have expanded from approximately 3MW of self-built AI Cloud capacity to 480MW being delivered this year, with 1.2GW targeted for 2027, broadening our customer base across hyperscalers, enterprises and AI developers.”

“We are proud to support leading companies building frontier applications across design, physical AI and robotics, generative media, AI search and model development.”

About IREN

IREN is a vertically integrated AI Cloud provider, delivering large-scale data centers and compute for AI training and inference. IREN’s platform is underpinned by its expansive portfolio of grid-connected land and power in renewable-rich regions across North America, Europe and APAC.

Notes

1. ARR is calculated as GPU/hour pricing for commissioned GPUs as of December 31, 2026 multiplied by 8,760 hours per year and includes annualized revenue for storage and ancillaries. ARR is an operating metric, not a GAAP measure, and is not derived from, or a substitute for, revenue determined in accordance with GAAP; it does not reflect applicable GAAP recognition and measurement effects.
2. The $4bn+ ARR target reflects 480MW (gross) of AI Cloud capacity planned by year-end 2026 based on internal company assumptions regarding GPU models, contracting, utilization and pricing, with revenue expected to ramp upon, and being subject to commissioning, testing and customer acceptance of GPUs in the months following each data center's delivery.
3. Customer prepayments represent amounts contractually payable by customers in advance of service delivery under agreements executed since June 1, 2026, expressed as a percentage of the estimated capital expenditure attributable to the associated deployments. Prepayment terms vary by contract and there can be no assurance that future contracts will include prepayments on similar terms.
4. Weighted average contract term is calculated by weighting each contract’s stated term by its contribution to ARR.
5. Reflects USD equivalent, unaudited preliminary cash and cash equivalents as of June 30, 2026, and includes $1.7bn of restricted cash in connection with the GPU financing for the Microsoft contract at Horizon 1-4.