IREN Ltd files 8-K: results of operations
Item 2.02 Results of Operations and Financial Condition.
herewith as Exhibit 99.1 and is incorporated herein by reference.
Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
IREN Signs $2.8bn in New Customer Contracts with Leading AI Developers, Raises 2026 ARR Target to over $4bn
NEW YORK, July 20, 2026 (GLOBE NEWSWIRE) – 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.
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.”