IREN locks $2.8B AI contracts, pushes 2026 ARR past $4B
IREN sealed $2.8 billion in multi‑year AI cloud contracts with developers like Microsoft and NVIDIA, boosting its 2026 cloud ARR target to over $4 billion. About 85% of that target is already under contract, and pre‑payments cover roughly 45% of GPU cap‑ex, giving the company strong visibility and cash flow.