AI cloud Iren has secured $2.8 billion in new multi-year cloud services contracts.

As a result, the company has increased its expected annualized revenue run rate (ARR) for 2026 from $3.7 billion to more than $4 billion.

Iren says that with the new deals, it has around 85 percent of its target ARR under contract.

The newly signed cloud service agreements have been made with unnamed "leading AI developers."

While Iren did not detail the identity of the customers, it does note that its customer base now includes Microsoft, Nvidia, Perplexity, Figure AI, Together AI, Fluidstack, Fireworks AI, Fal AI, Hume AI, and a "new leading AI developer," which are using its bare-metal and managed cloud services.

Iren's cloud contracts have an average term of four years.

Daniel Roberts, co-founder and co-CEO of Iren, said: “Our vertically integrated AI Cloud platform is scaling at pace. 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, broadening our customer base across hyperscalers, enterprises and AI developers.

“We are proud to support leading companies building frontier applications across design, physical AI and robotics, generative media, AI search and model development.”

Iren, formerly known as Iris Energy, is one of many Bitcoin mining companies to have pivoted towards an AI cloud offering. The company has data center sites live and in development across Texas (Childress, Sweetwater), Oklahoma (Kiowa), and British Columbia in Canada (Mackenzie, Prince George, and Canal Flats).

In recent months, Iren has acquired a Spanish data center developer, Nostrum, announced plans for an 800MW data center campus in Australia, and energized the first phase of a 2GW campus in Texas.

In May 2026, Nvidia was revealed to be investing $2.1 billion in Iren, funding the deployment of up to 5GW of its DSX compute.