On July 20, IREN Ltd rose 9.76% in regular trading, reaching $38.17/share with turnover of $334 million, as the market reacted positively to a major business announcement.

On the news front, IREN disclosed that it has signed multi-year cloud services contracts with leading AI developers, including Microsoft and NVIDIA, totaling $2.8 billion in contract value. The company simultaneously raised its year-end AI cloud annualized run-rate revenue (ARR) target from $3.7 billion to over $4.0 billion. Approximately 85% of the updated ARR target is now backed by signed contracts, with customer agreements carrying a weighted average term of about four years. Contracted pricing continues to strengthen, with customer prepayments representing approximately 45% of associated GPU capital expenditure. As of June 30, IREN held approximately $7.6 billion in cash and cash equivalents, providing substantial financial flexibility for continued expansion in high-performance AI infrastructure.

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