Iren (IREN) has raised its year-end 2026 artificial intelligence cloud annualized run-rate revenue target to more than $4 billion from $3.7 billion, the company said on Monday.
Of this updated target, about 85% is now under contract following new multi-year cloud services contracts with AI developers, representing $2.8 billion in total contract value, the company said.
Iren added that contracted pricing continues to strengthen, with customer prepayments representing about 45% of the associated GPU capital expenditure.
Across its portfolio, Iren's customer contracts have a weighted average term of about four years, according to the company.
Shares of Iren were up 8.6% in Monday premarket trading.