On August 3, IREN Ltd rose 6.01% in regular trading, trading at $38.58/share, with turnover of $452 million. The stock continues to benefit from the sustained positive sentiment surrounding its recently announced $2.8 billion AI cloud services contracts.

The company signed multi-year cloud service agreements with several leading AI developers totaling $2.8 billion in contract value, prompting management to raise its year-end AI cloud annualized recurring revenue target from $3.7 billion to over $4.0 billion. Approximately 85% of the updated target is now locked under long-term contracts, with a weighted average contract term of about four years. Customer prepayments represent roughly 45% of associated GPU capital expenditure, providing strong cash flow visibility.

Additionally, the company appointed Eric Hammersley as Chief Information Security Officer in mid-July, signaling continued investment in operational capabilities as it scales its AI infrastructure business. As of June 30, IREN held approximately $7.6 billion in cash and cash equivalents, supporting its expansion plans in the competitive neocloud sector.

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