IREN ▼ -3.5% - IREN Limited $IREN Says 2026 Capacity Is Largely Sold Out With ~$4B of Contracted ARR ? • IREN says 2026 capacity is “largely sold out,” with ~$4B of ARR already contracted and ~$1B of ARR currently live; the expected 2027 ramp is not included in that figure. • Management says it is in late-stage discussions for a “significant portion” of 2027 capacity, while discussions for 2028 are already underway; three-year contract pricing has increased by ~125% since November. • IREN secured $6.5B of GPU financing in three months and, together with customer prepayments, has funded more than 100% of the associated GPU CapEx; $2.8B was financed without investment-grade offtake at single-digit interest rates. IREN Limited fell 3.5% despite reporting strong business momentum, with 2026 capacity largely sold out and approximately $4 billion in contracted annual recurring revenue already secured. The company also announced significant progress on 2027 and 2028 capacity discussions, along with a substantial $6.5 billion GPU financing round completed in three months. The decline may reflect profit-taking after recent gains or market concerns about valuation given the stock's recent run-up on AI infrastructure demand. 27-AUG-2026 05:22 PM ET