IREN raises AI cloud revenue target to more than $4 billion, shares soar 16%

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IREN raises AI cloud revenue target to more than $4 billion, shares soar 16%

2026-07-21 00:51:26

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Bitcoin miner IREN's share price rose about 15.7% on Monday after the company raised its year-end AI cloud annualized operating rate revenue target to more than US$4 billion and recently signed a new US$2.8 billion multi-year cloud service contract with AI developers.

The company said that about 85% of its revised AI cloud revenue targets are currently under contract, with customers including Microsoft, Nvidia, Perplexity and Figure AI.

According to Yahoo Financial data, CoinShares Bitcoin Mining ETF (WGMI) rose 9.61%, and shares of other miners also rose slightly. IREN shares are the fourth largest position among the sector's tracking exchange-traded funds, accounting for 10.05%.

Daniel Roberts, co-CEO of

, said IREN plans to provide 480 MW of AI cloud capacity in 2026, compared with about 3 MW a year ago; and a target of 1.2 GW in 2027.

IREN stated that demand from ultra-large enterprises, enterprises and AI developers continues to exceed the company's available and planned capacity. Recent customer agreements also include upfront payments covering approximately 45% of relevant GPU capital expenditures, reducing the funding requirements for these deployments.

The update follows Bernstein's April assessment that IREN's AI cloud business will become its main revenue driver as the company reuses mining infrastructure for AI computing, part of a broader trend of bitcoin miners expanding into AI and high-performance computing.

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IREN raises AI cloud revenue target to more than $4 billion, shares soar 16%

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