Who are the customers in these deals?

Customers include Microsoft, NVIDIA, and other AI developers.

What is IREN's annualized revenue target?

The annualized run-rate revenue target is over $4.00 billion.

What percentage of GPU costs are covered by prepayments?

Prepayments cover roughly 45% of related GPU capital expenditure.

IREN Secures $2.8B AI Cloud Deals with Microsoft, NVIDIA

IREN Limited has secured $2.80 billion in new multi-year AI cloud contracts with Microsoft, NVIDIA, and other AI developers, raising its 2026 annualized run-rate revenue target to over $4.00 billion. The deals include prepayments covering roughly 45% of related GPU capital expenditure.

July 21, 2026

2 min read

Source: Simply Wall St.

Key Numbers

contract value

2.80B

annualized revenue target

4.00B

prepayment percentage

45%

cash balance

7.60B

IREN Limited (IREN) announced it has signed new multi-year AI cloud services contracts worth a total of $2.80 billion with customers including Microsoft (MSFT), NVIDIA (NVDA), and several AI developers, according to a company press release.

Deal Details

Under these agreements, IREN raised its 2026 AI Cloud annualized run-rate revenue target to more than $4.00 billion, with approximately 85% now under contract. A key feature is sizable customer prepayments covering roughly 45% of related GPU capital expenditure.

Context

IREN holds $7.60 billion in cash, providing a strong foundation to fund expansion in AI infrastructure. The deals come amid surging demand for AI cloud services from major technology companies.

What This Means for Investors

These contracts provide a significant boost to IREN's future revenue, but investors should monitor the company's ability to execute on data center expansion and maintain margins in a highly competitive landscape.

Frequently Asked Questions

The new contracts are valued at $2.80 billion.

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This article was rewritten in Wrqti's editorial style based on information from the original source above. Content is informational only — not investment advice.