IREN has increased its year-end annualised AI Cloud revenue target from US$3.7bn to more than US$4bn after signing new multi-year cloud services contracts with leading AI developers. Around 85% of that target is now under contract, with the latest agreements representing US$2.8bn in total contract value. The company is expanding its vertically integrated platform across North America, Europe and Asia-Pacific. Its customer base includes Microsoft, NVIDIA, Perplexity, Figure AI, Together AI, Fluidstack, Fireworks AI, Fal AI, Hume AI and another unnamed AI developer. Co-Founder and Co-CEO Daniel Roberts stated that in the past 12 months, IREN expanded from approximately 3MW of self-built AI Cloud capacity to 480MW being delivered this year, with 1.2GW targeted for 2027. Recent contracts include customer prepayments covering around 45% of the GPU capital expenditure, and customer agreements have a weighted average term of approximately four years. As of 30 June 2026, IREN held approximately US$7.6bn in cash and cash equivalents.