IREN signs $2.8 billion of new AI Cloud contracts and lifts its run-rate target above $4 billion

In a release dated 20 July 2026, IREN said it raised its year-end AI Cloud annualized run-rate revenue target from $3.7 billion to more than $4 billion, with about 85% under contract after new multi-year contracts with leading AI developers worth $2.8 billion in total contract value. Run-rate is IREN's own measure, based on GPUs commissioned at 31 December 2026. IREN said demand from hyperscalers, AI developers and frontier labs exceeds its available and planned capacity, and that recent contracts include customer prepayments of about 45% of the related GPU spending. It reported about $7.6 billion of unaudited cash on 30 June, including $1.7 billion restricted. We file this because IREN ties the contracts to AI developers in its own words. How we read it: AI developers are signing multi-year commitments and paying part of the cost up front. What would change this: delays commissioning the capacity. Why it matters to you: it shows who is funding the AI computing build.