IREN Limited is expanding its AI Cloud customer base to reduce revenue concentration from major clients like Microsoft and NVIDIA. The company is now targeting a broader mix of hyperscalers, enterprises, and AI developers.
Recent customer additions include Cohere, Figure AI, and Higgsfield AI. IREN reported a 125% increase in three-year contract pricing over recent months.
The company has already sold out most of its 2026 capacity. Management is now securing a diversified customer mix for 2027 and 2028 to de-risk future revenue streams.