This Bitcoin Miner Says It Has $4 Billion of Contracted AI ARR. One Analyst Thinks It Can More Than Double

IREN Limited (NASDAQ:IREN) told investors on August 27 that its 2026 AI capacity is largely sold out and carries about $4 billion of contracted annualized run-rate revenue. The stock fell the next day. H.C. Wainwright responded by reiterating a Buy rating and a $90 target, creating the sort of contradiction that deserves a closer look before investors treat the selloff as a verdict.

The operating transition is moving rather quickly. IREN said AI Cloud Services revenue reached $70.5 million in the June quarter, more than double the prior quarter, while full-year AI Cloud revenue rose roughly eightfold to $128.8 million. It also signed a new multi-year contract with a leading frontier AI lab and said Horizon 1, the first of four 50-megawatt liquid-cooled deployments for Microsoft, was delivered August. Current operating ARR is about $1 billion.

Photo from IREN website

The attraction is obvious in that IREN Limited (NASDAQ:IREN) spent years acquiring power and data-center sites as a Bitcoin miner, then repurposed that scarce infrastructure into AI compute. Recent three-year contracts exceed $20 million of revenue per IT megawatt, according to management. Customer prepayments and GPU financing can cover much of the hardware bill, including a new $2.8 billion financing package that funds about 90% of associated GPU capex.