IREN Limited Announces $2.8bn in New AI Cloud Contracts, Raises ARR Target to Over $4bn

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This development has led to an increase in the company's year-end AI Cloud annualized run-rate revenue (ARR) target from $3.7bn to over $4bn. The new contracts include customers such as Microsoft, NVIDIA, and several other prominent AI developers. IREN's customer base now spans both bare metal and managed cloud services, with approximately 85% of the new ARR target under contract. The company remains focused on diversifying and growing its customer base and platform layers, with demand from hyperscalers, enterprises, AI developers, and frontier labs exceeding available and planned capacity.

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About Iren Ltd.

Iren Ltd. is an energy company primarily engaged in the generation, distribution, and sale of electricity, heat, and gas throughout Italy. The company plays a crucial role in providing essential energy services to residential, commercial, and industrial sectors. It is a key player in the Italian energy market with a diverse portfolio that includes renewable energy sources, thus contributing to the country’s energy transition and sustainability goals. Iren Ltd. also actively participates in the development and management of integrated water services and environmental services, offering solutions for waste collection, treatment, and disposal. With its strategic focus on innovation and energy efficiency, the company is dedicated to enhancing its infrastructure and service quality. Iren Ltd.'s initiatives in smart city solutions and district heating projects further underscore its commitment to technological advancement and environmental sustainability. As an integral part of the Italian utility sector, Iren Ltd. works to balance energy demand with ecological responsibility, supporting the modernization of urban areas and contributing to the overall stability and development of the regional energy landscape.