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

IREN Limited IREN is broadening its AI Cloud customer base as it seeks to reduce dependence on a handful of large counterparties. The company is targeting hyperscalers, enterprises, AI developers, frontier labs and channel partners across different industries, geographies and workload types. This strategy is becoming increasingly important as Microsoft and NVIDIA together account for a substantial majority of IREN's contracted revenues. The company has made progress in expanding its roster. In July 2026, IREN signed multi-year cloud-services contracts with Prometheus, Perplexity and Together AI worth about $2.8 billion in aggregate total contract value. It also signed a new contract with a leading frontier AI lab in August.