BlockBeats report: On July 20, according to market data from BIT (bit.com), the share price of Bitcoin miner IREN rose about 15.7% on Monday. Previously, the company announced an upward revision to its AI cloud business revenue target, and expects that by year-end the annualized run rate for AI cloud revenue will exceed $4 billion.

IREN said that the company recently signed a multi-year $2.8 billion cloud services contract with an AI developer. In the company’s new AI cloud revenue target, about 85% has been covered by contracts so far. Customers include Microsoft, Nvidia, Perplexity, and Figure AI, among others.

Driven by an IREN消息, CoinShares Bitcoin Mining ETF (WGMI) rose about 9.6% on Monday, and stocks of other mining companies also moved higher in tandem. IREN is currently the ETF’s fourth-largest holding, accounting for roughly 10.05%.

IREN co-CEO Daniel Roberts said the company plans to deliver 480MW of AI cloud computing capacity in 2026, a significant increase from the roughly 3MW in 2025, and plans to reach 1.2GW by 2027.

The company said demand from hyperscale cloud service providers, enterprise customers, and AI developers continues to exceed the existing and planned computing capacity. Recent customer agreements also include prepayment arrangements that can cover about 45% of GPU capital expenditures, reducing the funding pressure for expanding AI infrastructure.

Earlier, in April, Bernstein predicted that as IREN shifts its bitcoin mining infrastructure toward AI computing, its AI cloud business will become its main revenue source. The trend also reflects the growing number of bitcoin miners moving into AI data centers and high-performance computing (HPC).