On July 21, IREN Ltd rose 5.01% in regular trading, trading at $42.20/share, with turnover of $673 million, extending the prior session's strong momentum.

On the news front, the company announced the signing of multi-year cloud services contracts totaling $2.8 billion with leading AI developers including Microsoft and NVIDIA. Concurrently, IREN raised 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 secured under long-term contracts, with customer prepayments representing roughly 45% of associated GPU capital expenditure. The weighted average contract term across the portfolio stands at approximately four years.

As of June 30, IREN held approximately $7.6 billion in cash and cash equivalents, providing substantial financial backing for continued infrastructure expansion. The company plans to deliver 480 megawatts of AI cloud capacity this year, scaling to 1.2 gigawatts the following year.

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