IREN, a company originally focused on Bitcoin mining, has secured a massive five-year contract with Nvidia valued at $3.4 billion. Under this agreement, IREN will deliver managed GPU cloud services to support Nvidia’s internal artificial intelligence and research efforts. This collaboration marks a significant shift for IREN as it moves deeper into the AI infrastructure space.
As part of the arrangement, Nvidia has been granted a five-year warrant to acquire up to 30 million IREN shares at $70 each. If exercised in full, this could result in a $2.1 billion equity stake for Nvidia, pending regulatory approval and progress on GPU deliveries. This equity component underscores the strategic nature of the partnership.
IREN’s co-CEO Daniel Roberts emphasized that the deal brings together Nvidia’s leadership in AI systems with IREN’s strengths in power, land, data centers, and operations. The partnership will focus on deploying Nvidia’s DSX architecture across IREN’s global data center pipeline, starting at the Sweetwater campus in Texas with 2 gigawatts of capacity.
Following the announcement, IREN’s stock surged up to 27% in after-hours trading, building on a strong run that has seen shares rise over 71% in the past month. This comes as IREN transitions from Bitcoin mining to AI cloud services, a move that has drawn significant investor interest.
The Nvidia deal adds to IREN’s earlier $9.7 billion commitment with Microsoft, bringing total contracted revenue to more than $15 billion. IREN now aims to achieve $3.7 billion in annual recurring revenue by the end of 2026, with 480 megawatts of capacity and 150,000 GPUs deployed. Further plans include expanding to 1.2 gigawatts by 2027 and ultimately reaching 5 gigawatts across sites in Texas, Spain, and Australia.