IREN's AI Client Base Expands: Is Growth Becoming More Durable?

Key Takeaways IREN added multi-year AI cloud customers beyond Microsoft, reducing reliance on a single anchor client.These wins are expected to exceed $500M in AI Cloud ARR by early fiscal 2026, before Microsoft ramps.IREN posted a fifth straight record quarter with $240M revenue, supported by pre-contracted GPU deployments.IREN Limited’s (IREN) expanding AI client base is increasingly pointing to a more durable growth profile, reducing reliance on any single anchor client. Beyond the highly visible $9.7 bi ...