IREN jumps 16% after raising AI cloud revenue target above $4B

Written by Nate Kostarstaff writerReviewed by Robert Lakinstaff editorWritten by Nate Kostarstaff writerReviewed by Robert Lakinstaff editorIREN jumps 16% after raising AI cloud revenue target above $4BLatest NewsPublishedJul 20, 2026The Bitcoin miner raised its year-end AI cloud revenue target to more than $4 billion after signing $2.8 billion in new contracts with AI developers.Bitcoin miner IREN’s shares rose around 15.7% on Monday after the company raised its year-end AI cloud annualized run-rate revenue target to more than $4 billion following $2.8 billion in new multi-year cloud services contracts with AI developers.The company said about 85% of its revised annualized AI cloud revenue target is now under contract, with customers including Microsoft, Nvidia, Perplexity and Figure AI.CoinShares Bitcoin Mining ETF (WGMI) was up 9.61% as other miners also saw modest share gains, according to Yahoo Finance. IREN stock is the fourth-largest holding in that sector-tracking exchange-traded fund, at 10.05% of assets.Co-CEO Daniel Roberts said IREN plans to deliver 480 megawatts of AI cloud capacity in 2026, up from about 3 MW a year earlier, with 1.2 gigawatts targeted for 2027.Demand from hyperscalers, enterprises and AI developers continues to exceed the company’s available and planned capacity, IREN said. Recent customer agreements also include prepayments covering about 45% of the associated GPU capital expenditures, reducing funding requirements for those deployments.The update follows Bernstein’s April assessment that IREN’s AI cloud business would become its primary revenue driver as the company repurposes mining infrastructure for AI computing, part of a broader trend of Bitcoin miners expanding into AI and high-performance computing.Source: Yahoo Finance Magazine: Peter Brandt predicts the exact day Bitcoin’s bear market will be over Subscribe to daily byte-sized crypto news from Cointelegraph Subscribe Cointelegraph is committed to independent, transparent…

IREN jumps 16% after raising AI cloud revenue target above $4B

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