On July 27, IREN Ltd rose 5.34% overnight, trading at $39.01/share, with turnover of $9.73 million. The stock continues to gain as the market digests a major contract announcement from earlier in the week.

IREN recently disclosed that it signed multi-year cloud services contracts totaling $2.8 billion with leading AI developers, prompting the company to raise its year-end AI cloud annualized recurring revenue target from $3.7 billion to over $4 billion. Approximately 85% of the updated target is now locked under long-term contracts, with customer contracts carrying a weighted average term of about four years. Customer prepayments represent roughly 45% of associated GPU capital expenditure, providing strong cash flow visibility. As of June 30, IREN held approximately $7.6 billion in cash and equivalents. The company was also recently added to the Russell 1000 Index, further boosting institutional visibility and potential passive fund inflows.

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