IREN has signed new multi-year contracts with major AI developers, pushing its year-end annualized revenue target for AI Cloud above $4 billion. The company confirmed it landed $2.8 billion in AI contracts, with Microsoft and NVIDIA helping to secure 85% of that new target.
A $2.8 billion foundation
The contracts mark a decisive step for IREN, which has been building out its AI Cloud infrastructure. The $2.8 billion in deals already signed provide a strong revenue base. The company said the remaining portion of the $4 billion target is supported by commitments from key partners.
Microsoft and NVIDIA as partners
Both Microsoft and NVIDIA are playing a direct role in getting IREN to the 85% mark. That means the two tech giants are not just customers but are also helping to lock in the revenue stream. The arrangement suggests a deeper integration between IREN’s infrastructure and the AI development pipelines of these companies.
Climbing to $4 billion
The new annualized revenue target of over $4 billion represents a significant jump, though the company has not disclosed the exact previous target. The contracts are multi-year, giving IREN a predictable revenue runway. The company is now focused on delivering the infrastructure needed to support those workloads.
IREN’s push into AI Cloud comes as demand for compute power surges. The company is betting that its existing data center footprint and energy contracts can scale to meet the needs of AI developers. The involvement of Microsoft and NVIDIA signals that the market is taking that bet seriously.
For now, the company is executing on the contracts. The next milestone will be the deployment of the hardware and software needed to start generating revenue from those agreements.
