Cloud provider IREN secures new multi-year agreements with artificial intelligence developers worth a combined $2.8 billion, as demand for dedicated AI infrastructure accelerates.
The Sydney-based company now targets more than $4 billion in annualised revenue this year, up from a previous $3.7 billion goal.
Around 85% of that revised target is already locked in through existing contracts.
IREN has ramped operations to deliver 480 megawatts of self-built AI cloud capacity in the current year, a significant jump driven by client appetite for compute.
The company plans to push that capacity further to 1.2 gigawatts next year, more than doubling its current footprint.
Customers include global heavyweights such as Microsoft and Nvidia along with Perplexity and another unnamed major AI developer.
Those names place IREN inside the core supply chain for cutting-edge AI workloads.
AI developers are scrambling for reliable access to high-performance computing and energy-intensive data centres.
IREN’s move from 480 megawatts to a planned 1.2 gigawatts of self-built capacity mirrors that scramble and highlights the capital intensity of AI cloud build-outs.
With most of its upgraded revenue target already under contract, the company benefits from long-term commitments that can support further expansion.
Rival providers look likely to face increasing pressure to match its scale and depth of customer relationships.
