Overview
- A five-year managed cloud contract announced Thursday between IREN and Nvidia is valued at about $3.4 billion and will run Blackwell-based GPU clusters across roughly 60MW at IREN’s Childress, Texas campus for Nvidia’s own AI work.
- Nvidia received a five-year option to buy up to 30 million IREN shares at $70 each, a potential $2.1 billion investment that remains subject to approvals and conditions.
- The partnership targets deployment of up to 5 gigawatts of AI infrastructure with early focus on IREN’s 2GW Sweetwater, Texas campus, while a pending Ingenostrum purchase in Spain would add about 490MW of grid power and expand IREN’s footprint in Europe.
- Investors pushed IREN shares up as much as 27% in late trading after the announcements, then weighed a quarterly update that showed revenue of $144.8 million, missing forecasts as Bitcoin mining capacity scaled down during the pivot.
- IREN is moving beyond bare-metal hosting through its $625 million all-stock Mirantis deal for orchestration software and by pairing the Nvidia agreement with a previously reported multi‑billion Microsoft cloud contract.