–Customer prepayments cover 45–55% of GPU CapEx in the most recent contracts. Roberts (CEO) views this as the strongest signal of demand from the earnings call: Customers are not only securing capacity; they are pre-financing the construction.
–Prices: Three-year contracts are about 125% above November, while five-year contracts are about 70% higher. Recent deals amount to $20 million per megawatt of IT load; ongoing negotiations at around $25 million – Payback on the computing investment in about two years.
–FY27 CapEx guidance: $25 billion to $30 billion. This is offset by approximately $14 billion in cash, committed GPU financing, and prepayments; an additional $8 billion is targeted. All data centers are unencumbered and therefore have not yet been used as collateral.
–$4 billion in recurring annual revenue has been contracted for the 2026 capacity, of which $1 billion is currently generating revenue following Microsoft’s $MSFT acquisition of Horizon 1. The $700 million from the NVIDIA cloud contract is not yet included in this figure.
-New to the platform is a multi-year contract with a leading frontier AI lab, whose name IREN has not yet disclosed. The AI developer, which remained unnamed in July, is Prometheus. Together AI and Fireworks AI have renewed and expanded their contracts.
