IREN's AI cloud pricing hits $25M per megawatt, boosting contract value and stock to $17.6B market cap.

IREN's Q4 FY26 report reveals AI cloud contracts now price at $25 million per megawatt of IT load, up from $9.7 million in late 2025. This surge reflects strong demand and scarce compute capacity, with $4 billion in contracted annual recurring revenue (ARR) expected operational by end-2026. The company’s stock rose over 26% following the report, reaching a $17.6 billion market cap. With secured grid connections and $14 billion in GPU financing, IREN is positioned for substantial growth as it scales its AI infrastructure.