IREN Lands $2.8B in AI Contracts, Lifts 2026 ARR Target Above $4B

IREN announced $2.8 billion in new contracts with leading AI developers on July 20, 2026, and raised its 2026 annual recurring revenue (ARR) target to over $4 billion. ARR annualizes contracted recurring revenue; it is not quarterly revenue. Both figures are commitments and targets, not reported results. Its first-quarter results, due November 5, will test them.