A new multi-year agreement with a frontier AI lab has pushed the company's capacity for 2026 to be largely sold out. IREN reached $4 billion in contracted annual recurring revenue for that period, marking the first time AI cloud services generated more revenue than bitcoin mining. The firm currently holds $1 billion in operating ARR and is executing a global expansion across a data center pipeline of more than 5GW.
Full year revenue for 2026 was $707 million, missing estimates of $740 million, while a $702.6 million net loss included $638.8 million in non-cash impairments from decommissioning mining hardware. IREN reported that 3 year contract pricing jumped 125% in recent months and secured $2.8 billion in GPU financing to cover 90% of associated capex.
Key sources
- SOURCE@iren_ltd“Horizon 1 delivered to Microsoft; Horizon 2-4 targeting delivery in Q4 2026”x.com
- SUPPORT@wallstengine“Blue Owl / PIMCO led: $2.4B at 9.0% fixed”x.com
- SUPPORT@wallstengine“customer prepayments cover 45-55% of GPU capex”x.com
- SUPPORT@trendspider“as the business shifts to support the data center buildout”x.com
- SUPPORT@wallstengine“AI Cloud carried an implied gross margin of ~87%, versus ~64% for Bitcoin mining”x.com