Iren shares jump 16% as $2.8 billion AI cloud deals lift revenue target

IREN shares jumped 16% after announcing about $2.8 billion in new AI cloud contracts, taking signed deals to roughly 85% of its revised annualised run-rate revenue target. Customers include Microsoft, Nvidia, Perplexity and several other AI developers, with prepayments covering about 45% of related GPU capex and a weighted average contract duration of four years. The company reported around $7.6 billion in cash and is scaling capacity to 480 MW in 2026, targeting 1.2 GW in 2027.