IREN Signs $2.8 Billion in AI Deals and Raises Its Yearly Revenue Goal

On July 20, 2026, IREN announced $2.8 billion in new contracts with AI companies. It also raised its 2026 target for annual recurring revenue (ARR), the yearly value of recurring deals, to over $4 billion. ARR is not money earned in a quarter. Both are promises and goals, not reported results. First-quarter results, due November 5, will test them.