IREN lifts revenue target above $4 billion, shares rise

Shares of IREN Limited surged on Monday, July 20, 2026, after the Australian AI cloud infrastructure company announced a significant increase to its revenue forecast, driven by a wave of new customer contracts. The stock, which trades on the NASDAQ under the ticker IREN, rose sharply during the trading session, closing at $40.20 after previously closing at $33.62.

The company raised its year-end AI cloud annualized run-rate revenue target to more than $4 billion, up from a previous target of $3.7 billion. IREN attributed the upward revision to approximately $2.8 billion in new multi-year customer contracts secured with leading artificial intelligence developers. The company stated that roughly 85% of its updated $4 billion revenue projection is now under contract.

These new agreements include customer prepayments covering about 45% of the associated GPU capital costs, a structure that helps ease near-term capital expenditure requirements. The contracts have a weighted average term of approximately four years, reflecting sustained demand from hyperscale cloud providers, enterprise customers, and AI development firms. IREN's client roster includes Microsoft, NVIDIA, Perplexity,...