IREN has signed a $3.4 billion IREN Nvidia deal to deploy up to 5 gigawatts of AI infrastructure over five years.
Summary
- IREN will provide Nvidia with managed GPU cloud services worth $3.4 billion over five years for the chipmaker’s internal AI and research workloads.
- Nvidia received a five-year warrant to purchase up to 30 million IREN shares at $70 each, representing a potential $2.1 billion equity stake.
- The partnership builds on IREN’s prior $9.7 billion agreement with Microsoft, pushing the company’s total committed revenue past $15 billion.
Bitcoin miner turned AI infrastructure provider IREN has announced a five-year, $3.4 billion AI cloud contract with Nvidia, alongside a broader strategic partnership to build out 5 gigawatts of next-generation infrastructure. The deal was disclosed alongside IREN’s third-quarter FY2026 earnings on May 7.
IREN will provide Nvidia with managed GPU cloud services for its internal AI and research workloads. The partnership centres on deploying Nvidia’s DSX architecture across IREN’s global data center pipeline, starting at its 2-gigawatt Sweetwater campus in Texas.
What the Nvidia warrant means
As part of the deal, Nvidia received a five-year warrant to purchase up to 30 million IREN ordinary shares at $70 each. If fully exercised, that represents a potential equity investment of $2.1 billion, subject to regulatory approvals and GPU delivery milestones.
IREN co-founder and co-CEO Daniel Roberts said the partnership “combines Nvidia’s AI systems and architecture leadership with IREN’s expertise across power, land, data centers, GPU deployment, and infrastructure operations.”
IREN stock surged as much as 27% in after-hours trading following the announcement, extending a run that has seen the stock climb more than 71% over the past month. IREN shares jumped sharply in 2025 as the company first disclosed its pivot toward AI cloud revenue.
Scale and what comes next
The Nvidia deal follows IREN’s November 2025 agreement with Microsoft for $9.7 billion in GPU cloud infrastructure at its Childress, Texas data center. With commitments now exceeding $15 billion across both partnerships, IREN has positioned itself as a major AI infrastructure operator.
IREN is targeting $3.7 billion in annual recurring revenue by end of 2026 and 480 megawatts of capacity with 150,000 GPUs deployed. A further expansion to 1.2 gigawatts is already in build for 2027, with longer-term development across Texas, Spain, and Australia advancing toward the 5-gigawatt target.
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