IREN announces AI cloud deal, pushing ARR potential over $500 million 

Per a company press release, IREN announced this morning it has signed new multi-year cloud services contracts with leading AI firms for deployments of NVIDIA’s latest Blackwell GPUs, pushing its annualized run-rate revenue (ARR) potential above $500 million.

Markets responded warmly, pushing the miner another 2.3% in the early morning sessions to just under $60 per share.

The announcement is a watershed moment for the (increasingly) former Bitcoin miner. Although still operating 50 EH/s of Bitcoin machines, IREN has pivoted into an AI ‘neo-cloud,’ pursuing the business operations run by peers CoreWeave (CRWV) and Nebius (NBIS).

However, IREN’s plans were often chided online and by analysts, who became increasingly skeptical of an eventual customer for IREN’s compute. With locked agreements for 11,000 of its planned 23,000 GPU fleet–roughly equating to $225 million in AI Cloud ARR set to commence by the end of 2025–IREN has certainly secured its position and justified its stock price re-rating.

The company is on track to have all 23,000 GPUs operating or on order by the close of Q1 2026. IREN’s ongoing site tours and technical diligence efforts aim to secure the remaining GPU capacity, with room to scale beyond 100,000 units across its Horizon 1 and 2 data centers now under construction in Childress, Texas.

Headlines By Blockspace

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