IREN expands AI infrastructure with $2.8 billion contracts, boosting AI Cloud revenue target beyond $4 billion through global compute growth.

Australian AI infrastructure company IREN has accelerated its artificial intelligence expansion after securing USD 2.8 billion in new multi-year AI cloud contracts, pushing its year-end IREN AI cloud revenue annualized run-rate target beyond USD 4 billion.

The company’s growing momentum in AI infrastructure reflects its transformation from a cryptocurrency mining operator into a major provider of high-performance computing capacity for global AI developers, enterprises and hyperscalers.

AI Infrastructure Expansion Drives Growth

IREN has significantly expanded the capacity of its AI Cloud platform, from about 3MW of internally developed infrastructure to 480MW that is anticipated to be implemented this year. With the help of its expanding data center infrastructure and secured energy resources, the company aims to achieve 1.2GW of AI computing power by 2027.

A crucial component of this strategy is still the company's Horizon data center campus in Childress, Texas, which has four planned facilities that together provide 200 MW of IT load. IREN has secured about 3GW of electrical capacity across North America to facilitate the development of future AI infrastructure.

Key highlights from IREN’s latest expansion include:

  • $2.8 billion in new multi-year AI cloud contracts signed

  • AI Cloud ARR target raised above $4 billion

  • 85% of revenue target already secured under contracts

  • Capacity expansion planned toward 1.2GW by 2027

  • Customer agreements average around four years duration

Expanding AI Customer Ecosystem

IREN's position in the competitive AI compute market is strengthened by the most recent agreements. A major five-year agreement worth USD 9.7 billion for specialized Nvidia GB300 GPU infrastructure was recently revealed by the company and Microsoft. A separate USD 5.8 billion supply agreement for GPUs and related technologies with Dell Technologies supports this partnership

Beyond major technology partners, IREN’s AI cloud customer base now includes leading AI companies such as Nvidia, Perplexity, Figure AI, Together AI, Fluidstack, Fireworks AI, Fal AI and Hume AI. The company also serves an additional undisclosed AI developer through both bare metal infrastructure and managed cloud solutions.

The expansion of IREN's AI infrastructure coincides with an increase in the need for advanced computer resources. According to the company, demand from AI laboratories, traditional companies, hyperscalers and emerging AI developers currently exceeds both its current availability and its planned capacity expansion.

With many new agreements covering about 45% of relevant GPU capital expenditure, the company has additionally strengthened its financial position through client prepayments. This strategy facilitates the quicker deployment of AI computer infrastructure while relieving financial pressure.

IREN reported cash and cash equivalents of almost USD 7.6 billion as of June 30, 2026, which gives the company more freedom to invest in future growth.

So, Business Fortune believes IREN’s AI infrastructure strategy positions the company as a growing force in the global AI computing market.

FAQs

What is driving IREN AI cloud revenue growth?

IREN AI cloud revenue growth is being driven by new AI infrastructure contracts, expanding compute capacity, and rising demand for GPU resources.

What is IREN’s new AI Cloud ARR target?

IREN has increased its year-end AI Cloud annualised run-rate revenue target to more than USD 4 billion.

Which companies are working with IREN’s AI Cloud platform?

IREN’s AI Cloud customers include Microsoft, Nvidia, Perplexity, Figure AI, Together AI, and other AI developers.

Where is IREN expanding its AI infrastructure?

IREN is expanding primarily through its Horizon data centre campus in Childress, Texas, along with broader North American facilities.

How much AI compute capacity does IREN plan to achieve?

IREN aims to reach 1.2GW of AI compute capacity by 2027 through continued infrastructure expansion.