IREN shares surge 9% after it books USD $2.8b in AI contracts
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The news: Cloud provider IREN says it has signed new multi-year contracts with AI developers worth a combined USD $2.8 billion.
The numbers: The Sydney-based company is now targeting annualised revenue of more than USD $4 billion this year, up from USD $3.7 billion, with 85% of the target already under contract.
Co-founder and co-chief executive Daniel Roberts said IREN had scaled its operations to deliver 480 megawatts of self-built AI cloud capacity this year and was planning to expand to 1.2 gigawatts next year.
Its customers include Microsoft, Nvidia, Perplexity and an unnamed “leading AI developer”.
Shares in the Nasdaq-listed company jumped as much as 9% during pre-market trading hours in New York.
What they said: “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,” Roberts said.
The source: IREN
