IREN ▼ -3.5% - IREN Limited $IREN Says Current AI Contract Discussions Are at ~$25M Revenue per MW ? • IREN says recent three-year contracts are above $20M of revenue per MW of IT load, while current discussions are already at ~$25M/MW; at >$20M/MW, the compute investment is expected to pay back in roughly two years. • Customer prepayments now fund 45–55% of GPU CapEx, while IREN targets ~300 MW of additional IT load in 2026 and another ~500 MW in 2027, taking gross platform capacity to ~1.2 GW in 2027. • Horizon 1 has been delivered to Microsoft, while Horizon 2–4 are in commissioning or late-stage construction and are expected to be delivered during the December quarter. IREN shares declined 3.5% despite reporting positive developments in its AI infrastructure business, including higher contract pricing at approximately $25M per megawatt of IT load and a substantial expansion pipeline targeting 300 MW in 2026 and 500 MW in 2027. The company also noted that customer prepayments now cover 45-55% of GPU capital expenditures, with multiple facilities in advanced stages of delivery. The stock's decline suggests investors may have been disappointed by the pace of expansion, existing facility commissioning timelines, or other market factors not reflected in the headline. 27-AUG-2026 05:22 PM ET