Svmuu News Bitcoin Mining company IREN has raised its year-end target for annualized AI cloud operating revenue to over $4 billion after signing a new, multi-year, $2.8 billion cloud services contract with an AI developer. The company stated that approximately 85% of the revised target has already been contracted, with clients including Microsoft, NVIDIA, Perplexity, and Figure AI.
IREN Co-CEO Daniel Roberts said the company plans to deliver 480 megawatts of AI cloud capacity in 2026—up from approximately 3 megawatts a year ago—and aims to reach 1.2 gigawatts in 2027.The company said demand from hyperscale customers, enterprises, and AI developers continues to outpace its existing and planned capacity.
IREN’s stock price rose approximately 15.7% on Monday.The CoinShares Bitcoin Mining ETF (WGMI) rose 9.61%; IREN is the ETF’s fourth-largest holding, accounting for 10.05% of its assets. Recent customer agreements also include advance payments covering approximately 45% of related GPU capital expenditures.