IREN Limited Secures $3.4 Billion AI Cloud Contract with NVIDIA
IREN Limited has signed a five-year contract with NVIDIA valued at $3.4 billion for AI cloud services. This agreement is part of IREN's strategic shift towards AI infrastructure, expanding its capabilities in managed GPU services and indicating a significant transition from cryptocurrency-focused operations.
Theia Market Signal Identification - AI Assisted
IREN Limited has entered into a five-year agreement with NVIDIA worth approximately $3.4 billion to provide managed AI cloud services. The deal includes deployment of air-cooled Blackwell GPU systems within 60MW of IREN's data centers in Childress, Texas, with ramp-up expected to start in early 2027.
IREN also has a 5GW partnership with NVIDIA related to its global data center pipeline, indicating a shift from bitcoin mining to AI infrastructure. The company anticipates an annual recurring revenue target of $3.7 billion by the end of 2026.
Financial results show a decline in total revenue to $144.8 million and a net loss of $247.8 million, primarily due to reduced bitcoin mining operations. IREN is also enhancing its operational capabilities with the acquisitions of Mirantis and Nostrum, aiming to convert previous mining sites for AI workloads. This strategic move positions IREN to meet the growing demand for AI computing resources.
Comments