• IREN (NasdaqGS:IREN) has expanded its AI Cloud business with new multi-year contracts from major technology companies.

• These contracts include agreements with Microsoft and NVIDIA and cover a large share of IREN’s targeted year-end revenue.

• The company has raised its year-end revenue target and reports that most of this figure is now contracted.

• Customer prepayments and firmer contractual pricing are part of the new deal structure.

IREN has been building out its AI Cloud offering as demand for compute capacity grows across large technology customers. The new contracts with Microsoft and NVIDIA place the company directly in the flow of AI infrastructure spending, at a time when businesses are seeking reliable access to high performance computing.

For you as an investor, the key takeaway is the shift toward contracted, multi-year revenue from well known clients. These agreements may change how you view the risk profile of IREN’s cash flows compared with a model that relies more on short term or usage based arrangements.

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📰 Beyond the headline: 4 risks and 2 things going right for IREN that every investor should see.

The new AI Cloud contracts indicate that IREN is leaning harder into long-term, service-based revenue tied to high-performance computing rather than relying only on shorter-cycle activities like Bitcoin mining. The company now targets more than US$4.0b in year-end AI Cloud annualized run-rate revenue, with about 85% reportedly under contract. That level of contracted coverage can matter for you because it ties a large portion of expected revenue to multi-year agreements with counterparties such as Microsoft, NVIDIA and a group of AI-focused customers. The reported customer prepayments, covering roughly 45% of associated GPU capital expenditure, also point to customers sharing some of the up-front funding burden. At the same time, IREN still needs to deliver large-scale buildouts on time and on budget while managing debt, cash flows and technology cycles in GPUs that can change quickly.

How This Fits Into The IREN Narrative

• The expansion of AI Cloud contracts fits the narrative of IREN using vertical integration and data center control to supply recurring, higher-margin AI workloads for large customers.

• The larger contract book increases execution and delivery risk that analysts have already flagged, since the company must commission significant capacity while winding down older revenue streams.

• The scale of customer prepayments and the reported US$7.6b cash balance add extra detail on funding that is not fully captured in the earlier high-level discussion of financing flexibility.