IREN announced $2.8 billion in new AI infrastructure contracts and raised its full-year 2026 revenue guidance above $4 billion, completing its transformation from bitcoin mining to AI compute services.
The distinction between AI and crypto infrastructure is increasingly blurring. IREN, originally known for Bitcoin mining, has substantially strengthened its AI business after securing billions of dollars in new cloud contracts with leading AI developers.
The multi-year AI cloud contracts position IREN's annualized run-rate revenue (ARR) to exceed $4 billion, up from $3.7 billion prior to the announcement and $2.5 billion at present. Its customer base now includes Microsoft, NVIDIA, Perplexity, Figure AI, Together AI, Fluidstack, Fireworks AI, Fal AI, Hume AI, and another leading AI developer. The agreements cover bare-metal GPU infrastructure as well as managed AI cloud services.
Demand continues to exceed IREN's portfolio capacity. The company has seen increasing demand from hyperscalers, enterprises, frontier AI labs, and AI developers. AI cloud capacity has scaled from approximately 3 MW a year ago to a goal of 480 MW this year, with plans to reach 1.2 GW by 2027.
The recent deals include prepayment of approximately 45% of GPU deployment expenses, reducing IREN's capital requirements and accelerating growth. Average contract duration for AI agreements is around four years.
IREN was founded in Bitcoin mining but is now positioning itself as an AI infrastructure provider. To support AI model training, inference, and digital asset operations, its data centers are established in renewable-energy-rich regions across North America, Europe, and APAC. As of June 30, 2026, IREN held approximately $7.6 billion in cash and cash equivalents, including restricted cash related to GPU financing.
IREN's expansion reflects a broader industry shift. As cryptocurrency mining margins compress, businesses are leveraging their power infrastructure and data centers to capture growing demand for AI computing. Long-term cloud contracts offer more predictable revenue than Bitcoin mining while allowing these operators to deploy their existing expertise in large-scale computing infrastructure.