IREN Strikes $3.4 Billion Nvidia Cloud Deal as It Accelerates AI Pivot

Overview

• IREN signed a five-year, $3.4 billion agreement to run Nvidia’s Blackwell GPU systems as a managed cloud for Nvidia’s own AI and research workloads.
• The pact includes plans to deploy up to 5 gigawatts of AI infrastructure and gives Nvidia the option to invest as much as $2.1 billion in IREN.
• The company is shifting from a bitcoin-heavy business to GPU-as-a-service, with a reported $9.7 billion Microsoft AI cloud contract framed as the anchor for demand.
• IREN agreed to buy Mirantis for about $625 million to add Kubernetes orchestration and enterprise support, which strengthens how it deploys and manages customer AI workloads.
• Management highlights an energy-first model with access to roughly 4.5 gigawatts of renewable power and says a 480 megawatt expansion is on track, though near-term results still lean on bitcoin revenue and require heavy spending that investors are watching closely.