The announcement offers another sign that the AI infrastructure market is evolving beyond simply adding more GPUs. Related:Nvidia Places Massive AI Infrastructure Bet on IREN’s 5 GW Pipeline“For infrastructure operators, this funding model dramatically lowers net capital requirements and de-risks multi-billion dollar expansions,” McCarthy said. IREN said roughly 85% of its targeted 2026 AI cloud annualized run-rate revenue is now under contract following the new agreements. “Our vertically integrated AI Cloud platform is scaling at pace,” Daniel Roberts, IREN co-founder and co-CEO, said in a statement. Long-Term Contracts Support ExpansionIREN said its customer base now includes Microsoft, Nvidia, Perplexity, Figure AI, Together AI, Fluidstack, Fireworks AI, Fal AI, Hume AI, and an undisclosed AI developer spanning bare-metal and managed cloud services.