IREN Raises Year-End AI Cloud Annualized Run-Rate Revenue Target From $3.7B To More Than $4B, With ~85% Now Under Contract Following Multi-Year Cloud Services Contracts With AI Developers Representing $2.8B In Total Contract Value

IREN Limited (NASDAQ:IREN) ("IREN") today announced that it has raised its year-end AI Cloud annualized run-rate revenue ("ARR") target from $3.7bn to more than $4bn, 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. Across the portfolio, IREN’s customer contracts have a weighted average term of approximately 4 years.

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