BlockBeats News, July 20th, according to BIT (bit.com) market data, the stock price of Bitcoin mining firm IREN rose by about 15.7% on Monday after the company announced an upward revision of its AI cloud business revenue target, with the expected year-end AI cloud annualized revenue run rate exceeding $4 billion.

IREN stated that the company recently signed a $2.8 billion multi-year cloud service contract with an AI developer, with approximately 85% of the new AI cloud revenue target already secured through contracts. Customers include Microsoft, NVIDIA, Perplexity, and Figure AI, among others.

Boosted by the IREN news, the CoinShares Bitcoin Mining ETF (WGMI) rose by about 9.6% on Monday, with other mining firm stocks also seeing gains. IREN is currently the fourth largest holding in the ETF, accounting for approximately 10.05%.

IREN's co-CEO, Daniel Roberts, stated that the company plans to deliver 480MW of AI cloud computing capacity by 2026, a significant increase from the approximately 3MW in 2025, and aims to have 1.2GW of capacity by 2027.

The company mentioned that demand from hyperscale cloud providers, enterprise customers, and AI developers continues to outstrip existing and planned computing capacity. Recent customer agreements also include prepayment arrangements covering around 45% of GPU capital expenditures, reducing the financial pressure of AI infrastructure expansion.

Previously, Bernstein predicted in April that as IREN transitions its Bitcoin mining infrastructure to AI computing, the company's AI cloud business will become the primary revenue source. This trend also reflects an increasing number of Bitcoin mining firms shifting towards AI data centers and high-performance computing (HPC) domains.