IREN (NASDAQ: IREN) said Monday that it had signed $2.8 billion of new multi-year AI cloud services contracts with leading AI developers. The data center and bitcoin mining operator lifted its year-end 2026 AI cloud annualized run-rate revenue target from $3.7 billion to more than $4 billion.
The new agreements bring contracted ARR to approximately 85% of the revised target, according to IREN. ARR is an annualized measure based on deployed services and does not represent revenue already reported for a completed accounting period.
IREN shares rose 15% following Monday's announcement, according to DI Metrics. The company held approximately $7.6 billion in cash and cash equivalents as of June 30, separate from the prepayments ******* ociated with recent GPU deployments.
IREN's customer contracts have a weighted average term of about four years, according to Investing.com. Recent agreements also include customer prepayments covering approximately 45% of related GPU capital expenditures, reducing IREN's funding requirement for those deployments.
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The new agreements bring contracted ARR to approximately 85% of the revised target, according to IREN. ARR is an annualized measure based on deployed services and does not represent revenue already reported for a completed accounting period.
IREN shares rose 15% following Monday's announcement, according to DI Metrics. The company held approximately $7.6 billion in cash and cash equivalents as of June 30, separate from the prepayments ******* ociated with recent GPU deployments.
IREN's customer contracts have a weighted average term of about four years, according to Investing.com. Recent agreements also include customer prepayments covering approximately 45% of related GPU capital expenditures, reducing IREN's funding requirement for those deployments.
Stay ahead of AI infrastructure deals. Get Blockspace in your inbox.
#iren #approximately #year #cloud
24 days ago
