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IREN shares surge after AI cloud revenue target tops $4B

The company said about 85% of its revised annualized AI cloud revenue target is already under contract, following $2.8B in new multi-year cloud services deals.

Reported · Written up by our desk · Market Structure

IREN shares jumped about 15.7% on Monday after the Bitcoin miner raised its year-end AI cloud annualized run-rate revenue target to more than $4 billion. Cointelegraph reports the update followed $2.8 billion in new multi-year cloud services contracts with AI developers.

Cointelegraph says about 85% of the revised annualized AI cloud revenue target is now under contract, with customers including Microsoft, Nvidia, Perplexity and Figure AI. The story also notes CoinShares Bitcoin Mining ETF (WGMI) rose 9.61% as other miners logged modest gains, and that IREN is the fourth-largest holding in the ETF at 10.05% of assets.

The company plans to deliver 480 megawatts of AI cloud capacity in 2026, up from about 3 MW a year earlier, with 1.2 gigawatts targeted for 2027, according to Cointelegraph. IREN attributed the outlook to demand that it said continues to exceed its available and planned capacity.

Cointelegraph adds that some customer agreements include prepayments covering about 45% of associated GPU capital expenditures, reducing funding needs for those deployments, and that the update aligns with Bernstein’s earlier view that IREN’s AI cloud business could become its primary revenue driver.

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