IREN Signs $2.8 Billion Cloud Contract, Raises Year-End AI Cloud Revenue Target to $4 Billion

After signing a $2.8 billion cloud services contract with AI developers, Bitcoin mining company IREN has raised its year-end AI cloud annual revenue target to over $4 billion. Approximately 85% of the revised target has already been contracted, with clients including Microsoft, NVIDIA, Perplexity, and Figure AI. IREN's co-CEO Daniel Roberts stated that the company plans to deliver 480 megawatts of AI cloud capacity by 2026, a significant increase from the 3 megawatts a year ago, and aims to reach 1.2 gigawatts by 2027. The company noted that demand from hyperscale customers, enterprises, and AI developers continues to exceed its existing and planned capacity. IREN's stock price rose about 15.7% on Monday. The CoinShares Bitcoin Mining ETF (WGMI) increased by 9.61%, with IREN being the fourth largest holding in the industry-tracking ETF, accounting for 10.05% of assets. Recent customer agreements also include advance payments covering approximately 45% of related GPU capital expenditures.

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