# Publicly Disclosed AI Contracts Exceed $100B as Revenue Lags

By Simon Yoon

Canonical URL: https://www.tokenpost.com/news/technology/30762
Published: 2026-10-13T03:08:10.000Z
Updated: 2026-10-13T03:08:10.000Z
Section: Technology

> About 550 MW of more than 4 GW under contract is currently billing, while IREN’s recognized AI revenue remains far below its contracted targets.

Publicly disclosed artificial-intelligence and high-performance-computing contracts exceed $100 billion, but only about $1.1 billion in annualized revenue is currently supported by that backlog as Bitcoin (BTC) miners build out AI capacity.

About 550 megawatts of more than 4 gigawatts under contract is currently billing. The gap highlights the time required to finance, build, equip and commission facilities, then secure customer acceptance before contracted capacity becomes recognized revenue.

Miners are repurposing data centers, power connections and cooling systems originally developed for Bitcoin mining. The shift is also creating new financing and impairment costs as companies redirect infrastructure toward AI workloads.

IREN’s fiscal 2026 results illustrate the transition. AI Cloud Services revenue rose to $128.8 million for the year ended June 30, 2026, from $16.4 million a year earlier. Bitcoin mining revenue totaled $578.2 million, while total revenue reached $707 million.

IREN recorded a $702.6 million net loss and $638.8 million in impairment charges, primarily related to Bitcoin mining hardware and infrastructure displaced or repurposed for AI Cloud Services.

On July 20, 2026, IREN said it had signed $2.8 billion in aggregate, multiyear contracts with leading AI developers. It also raised its year-end 2026 AI Cloud annualized run-rate revenue target to more than $4 billion, with approximately 85% of that target under contract.

Those contracted targets are not the same as recognized revenue. IREN had approximately 40 MW of operating AI Cloud Services capacity as of June 30, while its installed Bitcoin mining capacity was about 23.2 exahashes per second, representing roughly 380 MW of data-center capacity.

The company also disclosed an August 2026 agreement with an unnamed frontier AI lab. “In August 2026, we entered into a multi-year cloud services contract with a leading frontier AI lab,” IREN said. The customer, contract value and delivery timetable were not identified.

Financing adds to the cost of the expansion. IREN disclosed approximately $3.6 billion in GPU financing at 6% for its Microsoft contract and $2.4 billion at a 9% fixed rate for its Mackenzie expansion.

The shift was visible in the June quarter, when IREN’s AI Cloud revenue reached $70.5 million, exceeding its $66.7 million in mining revenue. AI accounted for 51.4% of quarterly revenue, although mining remained the larger business for the full fiscal year.

Akamai Technologies announced an $11.6 billion contractual commitment from Anthropic over seven years for CPU workloads on Akamai Cloud. The relationship could expand by up to another $9 billion. That arrangement is not directly comparable with miners’ AI strategies, which generally emphasize GPU capacity and data-center infrastructure.

The scale of publicly disclosed contracts therefore remains well ahead of current billing. The next test for miners is converting planned capacity into operating facilities and recurring revenue while absorbing construction, equipment and financing costs.