Australian AI infrastructure company IREN has signed USD 2.8 billion in new multi-year AI cloud contracts with leading AI developers, increasing its contracted annualised AI cloud revenue and further diversifying the customer base underpinning its rapidly expanding GPU platform.
The company said the new agreements have lifted its year-end AI Cloud annualised run-rate revenue (ARR) target from USD 3.7 billion to more than USD 4 billion, with around 85% of that revenue now under contract.
The announcement builds on IREN’s recent USD 9.7 billion agreement with Microsoft to provide dedicated Nvidia GB300 GPU infrastructure over five years, demonstrating the company’s transition from a cryptocurrency miner into one of the world’s larger providers of AI cloud infrastructure.
IREN said its AI cloud customers now include Microsoft, Nvidia, Perplexity, Figure AI, Together AI, Fluidstack, Fireworks AI, Fal AI, Hume AI and an additional unnamed AI developer across both bare metal and managed cloud services.
“Our vertically integrated AI Cloud platform is scaling at pace,” said Daniel Roberts, co-founder and co-chief executive of IREN. “In the past 12 months we have expanded from approximately 3MW of self-built AI Cloud capacity to 480MW being delivered this year, with 1.2GW targeted for 2027, broadening our customer base across hyperscalers, enterprises and AI developers.”
“We are proud to support leading companies building frontier applications across design, physical AI and robotics, generative media, AI search and model development,” he added.
Diversifying beyond Microsoft
The latest contracts suggest IREN is continuing to broaden its customer mix following the landmark Microsoft agreement announced earlier this month. That deal, worth USD 9.7 billion over five years, will see Microsoft deploy dedicated Nvidia GB300 GPU infrastructure at IREN’s Horizon data centre campus in Childress, Texas. The project is supported by a separate USD 5.8 billion supply agreement with Dell Technologies covering GPUs and associated infrastructure.
The new customer wins demonstrate that IREN is attracting demand from a broader range of AI developers while continuing to reserve capacity for future deployments. The company said demand from hyperscalers, enterprises, frontier AI labs and AI developers continues to exceed both its currently available capacity and its planned expansion through 2027.
Capacity expansion continues
IREN is targeting approximately 480MW of AI cloud capacity by the end of 2026, increasing to 1.2GW during 2027 as it develops its North American AI infrastructure portfolio. The company said recent customer agreements also include prepayments covering around 45% of associated GPU capital expenditure, reducing its upfront funding requirements for new deployments.
Across its AI cloud portfolio, customer contracts now have a weighted average term of approximately four years.
As of 30 June 2026, IREN reported cash and cash equivalents of approximately USD 7.6 billion.
The company’s expansion is centred on its Horizon data centre campus in Childress, Texas, where it is building four facilities with a combined 200MW of IT load as part of a broader platform supported by approximately 3GW of secured power capacity across North America.