IREN Raises 2026 ARR Target to $4B on Back of $2.8B in New AI Cloud Contracts; Stock Surges 9%

On Monday, IREN raised its 2026 annualized run-rate (ARR) revenue target to over $4 billion from $3.7 billion following the signing of new multi-year cloud services contracts valued at $2.8 billion total, according to the company. The new contracts mean approximately 85% of IREN's year-end ARR target is now under contract, with customer prepayments covering about 45% of GPU capital expenditures. IREN shares surged 9% in premarket trading on Monday, reversing a seven-session losing streak; the stock had lost 22% during the sell-off from July 9 to July 17 and slumped 43% over the past month.

Earlier this month, Freedom Capital upgraded IREN to 'Buy' from 'Hold' while maintaining a $58 price target, according to The Fly, representing 57% upside potential. The brokerage cited the stock's pullback as an attractive entry point, citing expectations for revenue growth from $717 million in 2026 to $3.1 billion in fiscal 2027.