IREN Broadens Its AI Customer Base: Can Diversification Pay Off?

IREN Limited is diversifying its AI cloud customer base away from heavy dependence on Microsoft and NVIDIA by signing $2.8 billion in contracts with Prometheus, Perplexity, and Together AI in July 2026. The company is experiencing stronger contract economics with three-year pricing up 125% and five-year pricing up 70%, though it faces risks from early-stage customers and shorter contracts. With 2026 capacity largely sold out, IREN is targeting broader customer expansion for 2027-2028.