On July 22, IREN Ltd rose 5.44% in regular trading, trading at $43.515/share with turnover of $307 million, extending its multi-day rally. The continued strength follows the company's announcement of $2.8 billion in new multi-year cloud service contracts with leading AI developers including Microsoft, NVIDIA, Perplexity, and FigureAI.

IREN simultaneously raised its year-end AI cloud annualized recurring revenue target from $3.7 billion to over $4.0 billion, with approximately 85% of the updated target now secured under long-term contracts. Customer contracts carry a weighted average term of about four years, with prepayments representing roughly 45% of associated GPU capital expenditure. As of June 30, the company held approximately $7.6 billion in cash and equivalents. IREN plans to deliver 480 megawatts of AI cloud capacity this year and targets 1.2 gigawatts the following year, demonstrating a clear expansion trajectory.

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