IREN Ltd's stock soared 9.40% in pre-market trading.

The surge follows the company's announcement that it has signed new multi-year AI cloud services contracts with leading AI developers, representing $2.8 billion in total contract value. Additionally, IREN raised its year-end 2026 AI Cloud annualized run-rate revenue (ARR) target to more than $4 billion from $3.7 billion, with approximately 85% of this target now under contract.

The new contracts include customer prepayments covering about 45% of the associated GPU capital expenditure, which reduces the company's net funding requirements for these deployments. The weighted average contract term is approximately four years, providing revenue visibility. As of June 30, 2026, IREN held approximately $7.6 billion in cash and cash equivalents, strengthening its financial position.