IREN's AI cloud reaches $4B contracted ARR

IREN reported $4 billion in contracted ARR for 2026 capacity, with $1 billion operating today and $2.8 billion in new GPU financings, in its FY26 results release. The company says recent customer prepayments cover 45–55% of estimated GPU capex, while FY26 AI Cloud Services revenue was $128.8 million—not $4 billion of recognized sales. Builders evaluating neocloud capacity should file the distinction: IREN is showing a financed, largely sold-out buildout, not four billion dollars of current GAAP revenue; compare it with the archive’s AI power-per-megawatt analysis.