IREN Limited (NASDAQ:IREN) shares are up on Monday, rising as high as 15%, as the company announced a significant increase in its annualized run-rate revenue forecast.

This comes on the heels of securing new multi-year cloud services contracts valued at $2.8 billion with leading AI developers such as Microsoft, NVIDIA and Perplexity.

Raises AI Cloud ARR Target After $2.8B Contracts

IREN has raised its year-end AI Cloud annualized run-rate revenue forecast from $3.7 billion to over $4 billion, with approximately 85% of this now under contract.

Demand continues to exceed available and planned capacity, with IREN engaged across its 2026 and 2027 expansion pipeline.

Recent contracts include customer prepayments covering around 45% of GPU capital costs, lowering funding needs, while contracts carry a weighted average term of about four years.

The new contracts reflect strong demand from hyperscalers and enterprises, further solidifying IREN’s position in the AI cloud infrastructure market.

As of June 30, 2026, IREN had approximately $7.6 billion in cash and cash equivalents.

IREN Technical Outlook: Momentum Vs Key Moving Averages

The stock’s current price of $36.68 is significantly below its moving averages, with the 20-day simple moving average (SMA) at $44.22, indicating a 16.9% decline from this level. The MACD is currently below its signal line, suggesting that upside momentum is fading unless it can reclaim that baseline, which could be a critical point for traders to watch.

IREN Earnings Preview: Next Update Date And Analyst Estimates

IREN is slated to provide its next financial update on August 27, 2026 (estimated).

• EPS Estimate: Loss of 38 cents (Down from 66 cents)
• Revenue Estimate: $165.16 million (Down from $187.30 million)

Analyst Consensus & Recent Actions: The stock carries a Buy rating with an average price target of $79.11. Recent analyst moves include:

• Macquarie: Outperform (Maintains Target to $90.00) (July 15)
• Freedom Broker: Upgraded to Buy (Target $58.00) (July 6)
• Jefferies: Initiated with Buy (Target $79.00) (June 18)

How IREN Ranks On Value And Momentum

Below is the Benzinga Edge scorecard for IREN, highlighting its strengths and weaknesses compared to the broader market:

• Value: Weak (Score: 29.94) — Trading at a steep premium relative to peers.
• Momentum: Neutral (Score: 46.79) — Stock is showing moderate performance indicators.

The Verdict: IREN’s Benzinga Edge signal reveals a mixed profile, with weak value indicators suggesting a premium valuation, while momentum remains neutral. This could indicate a cautious approach for investors as the stock navigates its current market dynamics.

IREN Price Action: Iren shares were up 14.25% at $38.40 at the time of publication on Monday, according to Benzinga Pro data.

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