NEW YORK, July 20, 2026 (GLOBE NEWSWIRE) — IREN Limited (NASDAQ: IREN) (“IREN”) today announced that it has increased its year-end AI Cloud annual revenue (“ARR”).1 target from $3.7 billion to more than $4 billion.2of which about 85% are currently under contract following new multi-year cloud services contracts with leading AI developers totaling $2.8 billion.
IREN’s customer base now includes Microsoft, NVIDIA, Perplexity, Fig AI, Together AI, Fluidstack, Fireworks AI, Fal AI, Hume AI and a new leading AI developer in both bare metal and managed cloud services.
IREN continues to selectively allocate capacity prior to go-live, prioritizing diversification and growth of its customer base and platform tiers. Demand from hyperscalers, enterprises, AI developers and advanced laboratories continues to exceed IREN’s available and planned capacity, and IREN is engaged with customers throughout its expansion program for 2026 and 2027.
Contract prices continue to strengthen. Recent contracts also include customer upfront payments equal to approximately 45% of qualifying GPU capital costs, reducing IREN’s net funding requirement for these deployments.3 The weighted average term of IREN’s contracts with clients across the entire portfolio is approximately 4 years.4
As of June 30, 2026, IREN held approximately $7.6 billion 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 a rapid pace. Over the last 12 months, we have expanded the capacity of our self-built AI Cloud from approximately 3 MW to 480 MW to be delivered this year, with a planned 1.2 GW of capacity expansion planned by 2027, expanding our customer base among hyperscalers, enterprises and AI developers.”
“We are proud to support leading companies creating cutting-edge applications in design, physical AI and robotics, generative media, AI search and model engineering.”
ABOUT IRENE
IREN is a vertically integrated AI cloud provider that provides large-scale data centers and computing resources for AI training and inference. The IREN platform draws on a broad portfolio of grid-connected land and power in renewable-rich regions of North America, Europe and Asia-Pacific.
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Assumptions and Notes
- ARR is calculated as GPU price per hour for GPUs in service as of December 31, 2026, multiplied by 8,760 hours per year, and includes annual storage and ancillary revenue. ARR is an operating measure, not a GAAP measure, and is not a derivative of or substitute for income determined in accordance with GAAP; it does not reflect applicable GAAP recognition and measurement effects.
- The ARR target of more than $4 billion reflects 480 MW (gross) of AI Cloud capacity planned by the end of 2026 based on the company’s internal assumptions regarding GPU models, contracting, utilization and pricing, with revenue expected to grow and driven by GPU onboarding, testing and customer acceptance within months of each data center being delivered.
- Customer prepayments represent amounts payable by customers under contract prior to the provision of services under agreements entered into beginning June 1, 2026, expressed as a percentage of estimated capital expenditures attributable to the applicable deployments. Prepayment terms vary from contract to contract, and there is no guarantee that future contracts will include prepayment on similar terms.
- The weighted average contract term is calculated by weighting the stated term of each contract by its contribution to ARR.
- Reflects U.S. dollar equivalents, unaudited pro forma cash and cash equivalents as of June 30, 2026, and includes $1.7 billion of restricted cash in connection with GPU financing under the Microsoft contract at Horizon 1-4.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve significant risks and uncertainties. Forward-looking statements generally relate to future events or future financial or operating performance of IREN. Forward-looking statements include information about possible or estimated future operating results, including a description of our business plan and strategies, ARR and revenue targets, the timing and extent to which GPU capacity included in ARR becomes revenue-generating and contributes to revenue recognized in accordance with GAAP, expectations regarding contracting for additional GPU capacity and delivery, commissioning and customer acceptance of GPU capacity, related financing requirements, performance in accordance with applicable customer contracts, expected usage and pricing, customer selection and engagement, expectations for future AI cloud capacity and other trends we anticipate. affect our business. These statements often include words such as “expect,” “believe,” “may,” “may,” “should,” “could,” “could,” “plan,” “may,” “project,” “seek,” “budget,” “forecast,” “anticipate,” “intend,” “goal,” “will,” “estimate,” “forecast,” “potential,” “continue,” “planned.” Forward-looking statements may also be made orally or in writing by members of our Board of Directors or management in connection with this press release.
These forward-looking statements are based on management’s current expectations and beliefs. These statements are neither promises nor guarantees, but involve and are subject to known and unknown risks, uncertainties and other important factors that may cause IREN’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including IREN’s ability to successfully implement its growth strategies and operating plans, achieve AI Cloud’s target ARR and related revenue expectations, continue to develop existing processing centers data, design and deploy direct-to-chip liquid cooling systems, and diversify into the AI Cloud market, as well as other important factors discussed under the heading “Risk Factors” in IREN’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on August 28, 2025, and in our other filings with the SEC. These and other important factors could cause actual results to differ materially from those expressed in the forward-looking statements made in this press release. Any forward-looking statements included in this press release speak only as of the date of such statement. Except as required by law, IREN disclaims any obligation to update or revise or publicly announce any update or revision of any forward-looking statements, whether as a result of new information, future events or otherwise.
