Woofun AI reports that Bitcoin mining firm IREN has executed a $2.8 billion multi-year cloud services agreement with AI developers. This deal elevates the company’s year-end AI cloud annualized revenue target to over $4 billion, with approximately 85% of this revised figure already under contract. Clients include Microsoft, Nvidia, Perplexity, and Figure AI.

IREN co-CEO Daniel Roberts stated the firm plans to deliver 480 megawatts of AI cloud capacity by 2026, scaling from roughly 3 megawatts a year ago, with a goal of 1.2 gigawatts by 2027. The company noted that demand from hyperscalers and enterprises continues to exceed existing and planned capacity. IREN shares rose approximately 15.7% on Monday, while the CoinShares Bitcoin Mining ETF (WGMI) gained 9.61%. Recent agreements also feature prepayments covering about 45% of related GPU capital expenditures.