A 24/7 Wall St. article reports that IREN said new AI Cloud customers are prepaying about 90% of related GPU capex, including a five-year contract at about $22 million of annualized revenue per megawatt, after its stock fell 16.95% to $18.03 and rose 10.65% after hours. The article calls prepayments a sign of pricing power but flags heavy debt, reliance on a few large customers, and undisclosed terms, and recommends watching whether the ARR target arrives by February 2027 and how the $6 billion funding gap is covered.