$2.8B in New Contracts + Lunch Takeaways: Pricing Up, Book Diversifies

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$2.8B in New Contracts + Lunch Takeaways: Pricing Up, Book Diversifies

USA | Digital Infrastructure

IREN Ltd EquityJulyResearch21, 2026

TARGET | ESTIMATE CHANGE$2.8B in New Contracts + Lunch Takeaways:

RATING BUYPricing Up, Book Diversifies

PRICE $40.20^

We hosted IREN management for an investor lunch following the

announcement of $2.8B in new AI cloud contracts. This takes contracted ARR PRICE TARGET | % TO PT $81.00 ($79.00) | +101%

by YE26 to ~$3.4B (from $2.4B), and the YE26 target is now >$4B (from $3.7B). 52W HIGH-LOW $76.87 - $14.72

Rather than leasing to IG-rated hyperscalers, IREN chose to sign with AI labs to FLOAT (%) | ADV MM (USD) 86.3% | 1,723.42

broaden its tenant roster. These new tenants are putting up ~45% prepayments MARKET CAP $14.4B

on contracts with ~3yr terms. We raise estimates and our PT to $81. Reiterate TICKER IREN ^Prior trading day's closing price unless otherwise

Buy. noted.

Backlog Additions Chose Diversification Over Hyperscaler Re-Ups; Mirantis Enables the FY (Jun) CHANGE TO JEFe JEF vs CONS

Strategy: The $2.8B in new deals reflected a diversification choice, not necessity. IREN could have 2026 2027 2026 2027

re-upped with existing hyperscaler tenants but deliberately chose not to. The long-term goal is NA NA NA NA

building direct relationships with the customers of hyperscalers, specifically frontier labs and AI-

EPS NA +274% -37% +113%

native developers. This positions IREN to compete for a broader range of customers, enabled

by the Mirantis software layer. The tenant roster now includes Perplexity, Figure AI, Together AI,

2026 ($) Q1A Q2A Q3A Q4 FY

Fireworks AI, Fal AI, Hume AI, and one unnamed leading AI developer alongside MSFT, NVIDIA, and

EPS 1.08 (0.52) (0.74) (0.29) (0.39)

Fluidstack.