$IREN today dropped a lot in one press release. $2.8 billion in new multi-year AI Cloud contracts. Year-end ARR target raised from $3.7B to over $4B, with 85% of it already under contract. The customer base is now greatly diverse. Microsoft, NVIDIA, Perplexity, Figure AI, Together AI, Fluidstack, Fireworks, Fal, Hume, plus one unnamed "leading AI developer" they haven't revealed yet. Contract quality is the part I keep coming back to. Customers are prepaying roughly 45% of the GPU capex on the new deals. Clients funding nearly half the hardware upfront. Weighted average contract term is about 4 years. Scale check: 12 months ago IREN had about 3MW of self-built AI Cloud capacity. This year they're delivering 480MW, targeting 1.2GW in 2027. They say demand exceeds everything built and ev
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