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IREN rallies after $2.8B in AI cloud contracts lift 2026 revenue target
The new deals increase IREN’s 2026 annualized run-rate to over $4.0 billion, with about 85% already covered by contract.
IREN’s shares surged nearly 20% after the company announced a $2.8 billion haul of multi-year artificial intelligence cloud services contracts, prompting a shift in how investors are valuing its business, according to MarketBeat Ratings.
The contracts push IREN’s 2026 annualized run-rate revenue target from $3.7 billion to over $4 billion, and the outlet said roughly 85% of that revised target is already under contract.
MarketBeat Ratings also highlighted that the agreements lengthen the revenue profile, moving IREN away from daily digital asset mining dynamics toward longer-term, weighted-average contract terms of four years.
The customer base cited by the outlet includes Microsoft, NVIDIA, Perplexity, and Figure AI, and it noted Microsoft began a $9.7 billion, five-year agreement in late 2025.