IREN (IREN) stock trades at $33.62, carrying a market cap of $12.02 billion, as the company announced a raise to its AI Cloud revenue target on July 20.
The company lifted its year-end AI Cloud annualized run-rate revenue target from $3.7 billion to more than $4 billion, citing new multi-year cloud services agreements totaling $2.8 billion in total contract value.
Approximately 85% of that revised target is now locked in under contract. Customer contracts carry a weighted average term of around four years across the portfolio.
IREN’s customer base includes some of the biggest names in tech: Microsoft, NVIDIA, Perplexity, Figure AI, Together AI, Fluidstack, Fireworks AI, Fal AI, and Hume AI, along with one undisclosed AI developer.
Recent contracts include customer prepayments covering roughly 45% of the associated GPU capital expenditure for those deployments. That’s a meaningful vote of confidence from clients willing to put cash on the table upfront.
The growth story here is really about infrastructure. IREN has gone from approximately 3MW of self-built AI Cloud capacity a year ago to 480MW being delivered in 2026. The company is targeting 1.2GW for 2027.
“Our vertically integrated AI Cloud platform is scaling at pace,” said Daniel Roberts, Co-Founder and Co-CEO 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.”
The $4 billion target is built around that 480MW of AI Cloud capacity planned for year-end 2026. Revenue is expected to ramp up as each data center is commissioned, tested, and accepted by customers.
IREN says demand from hyperscalers, enterprises, AI developers, and frontier labs is running ahead of its available and planned capacity. The company says it is engaged with customers across its entire 2026 and 2027 expansion program.
As of June 30, 2026, IREN held approximately $7.6 billion in cash and cash equivalents. That figure includes $1.7 billion of restricted cash tied to GPU financing for the Microsoft contract at Horizon 1-4.
Levered free cash flow sits at negative $2.3 billion over the last twelve months, reflecting the heavy capital outlay required to build out data center infrastructure at this pace.
The stock has declined 38% over the past six months, though it still shows an 87% gain over the past year.
IREN was recently added to the Russell 1000 Index following FTSE Russell’s annual reconstitution. The company also appointed Eric Hammersley as Chief Information Security Officer, following recent hires of a Chief Product Officer and Chief Development Officer.
The post IREN Stock Raises AI Cloud Revenue Target to Over $4 Billion appeared first on CoinCentral.
