NEW YORK, May 6, 2026, 08:06 (EDT)
IREN Ltd plans to acquire Mirantis Inc in an all-share transaction pegged at roughly $625 million, a move that folds cloud software and enterprise support into the ex-bitcoin miner’s expanding AI infrastructure push. Mirantis specializes in cloud platforms and Kubernetes orchestration—software for managing and deploying apps at scale.
This deal’s significance is tied to IREN’s push beyond just power and data center ownership—they want a bigger slice of the AI technology stack for clients needing compute muscle. Just days earlier, IREN announced it had energized the 1.4 gigawatt Sweetwater 1 data-center in Texas. That marks a key grid hookup on the way to a planned 2 gigawatt campus.
Mirantis counts over 1,500 enterprise clients and, based on company documents, will continue as a standalone subsidiary, backing IREN’s AI cloud rollout. The company’s k0rdent AI platform targets infrastructure management over physical servers, virtual machines, and Kubernetes setups.
IREN’s co-founder and co-CEO Daniel Roberts pointed to execution as the company’s strength, saying that includes “securing power” and getting GPU compute running at scale. Over at Mirantis, founder and CEO Alex Freedland emphasized that customers want platforms that are “open, flexible and built for scale.” GPUs—graphics processing units—are chips that play a central role in training and running AI models.
IREN ended Tuesday higher by 10.6% at $54.74. Bitcoin’s move past $82,000 added another boost for the company, which continues leaning on digital-asset mining as it seeks out AI clients.
Mirantis comes on the heels of IREN’s expansion drive. Back in March, IREN announced a deal for upwards of 50,000 Nvidia B300 GPUs, bringing its targeted GPU total to 150,000. The company put out a projection: over $3.7 billion in annualized AI cloud run-rate revenue by the close of 2026, though it flagged the number isn’t locked in by contracts yet.
Rivalry in the sector isn’t slowing down. On Wednesday, Hut 8 locked in a 15-year lease valued at $9.8 billion, securing 352 megawatts for its Beacon Point AI data-center campus in Texas. The deal points to a growing push by crypto and data-center outfits with ample power to woo major AI infrastructure clients.
Still, the IREN deal isn’t done yet. There’s execution risk here: it needs all the usual sign-offs and regulatory green lights. The stock-funded part could mean dilution for current shareholders. But the real test for IREN is pulling Mirantis in without tripping up a buildout already relying on chips, power, customer contracts and funding from the markets.
Investors won’t have to wait long for another update. IREN drops its fiscal third-quarter numbers May 7, with a call set for 5 p.m. Eastern. That’s when the market gets a clearer sense of whether AI momentum is hitting the top line, or still just talk.
Right now, Mirantis isn’t just another add-on in the market’s eyes. It’s a wager that IREN will move beyond selling megawatts and hardware, pushing into managed AI cloud services.
