IREN announced $2.8 billion in new multi-year AI cloud contracts in July and raised its year-end run-rate revenue target to more than $4 billion. The company's AI cloud capacity is scaling from about 3 megawatts a year ago to 480 megawatts being delivered in 2026. IREN completed its acquisition of software maker Mirantis on Tuesday, paying mostly in newly issued stock. IREN is worth about $15 billion as of this writing, with the stock around $41 after climbing another 4% on Tuesday. The July announcement included $2.8 billion in new customer contracts spanning bare-metal computing and managed cloud services, and raised the year-end AI cloud annualized run-rate revenue target from $3.7 billion to more than $4 billion, with about 85% of the new target already under contract. IREN's customer list includes Microsoft, Nvidia, and Perplexity. Shares would still have to climb about 85% to get back to the $76.87 they touched within the past year. IREN is targeting 1.2 gigawatts in 2027. Mirantis serves more than 1,500 enterprise customers, and its software platform for managing AI workloads works with Nvidia's software stack. IREN's revenue over the trailing 12 months was $757 million, up 105% year over year.