NEW YORK, May 10, 2026, 14:06 EDT
IREN Limited is doubling down on its pivot from bitcoin mining to AI cloud, locking in a $3.4 billion, five-year cloud-services deal with Nvidia. The company also secured a broader agreement to roll out as much as 5 gigawatts of Nvidia-based AI infrastructure throughout its data-center pipeline.
Timing is key here. In the middle of an AI boom that’s squeezed both power and available data-center real estate, Nvidia’s agreement lands IREN a flagship customer — and maybe a future backer. Nvidia secured an option to pick up as many as 30 million IREN shares over five years, each priced at $70, potentially totaling $2.1 billion. The plan, of course, will need regulatory signoff and other conditions.
The fresh deals come as IREN continues to feel the weight of its legacy business. In the most recent quarter, IREN reported revenue dropping to $144.8 million, down from $184.7 million the previous quarter. Net loss deepened to $247.8 million. The company attributes those numbers to its ongoing shift—moving away from bitcoin mining and into AI cloud services built around GPUs, the hardware powering AI model training and inference.
With U.S. markets shut on Sunday, IREN finished Friday at $61.20, up 7.7%, putting its market cap near $20.4 billion. Nvidia’s last price was $215.20.
Nvidia and IREN plan to center future rollouts on IREN’s 2-gigawatt Sweetwater campus in Texas, which is set to become a showcase for Nvidia’s DSX AI factory architecture—a blueprint for building out large-scale AI computing systems. “AI factories,” according to Nvidia CEO Jensen Huang, are set to become “foundational infrastructure.” For IREN, co-CEO Daniel Roberts highlighted that the collaboration connects Nvidia’s systems directly to IREN’s energy resources, property, and data center footprint. NVIDIA Investor Relations
Nvidia’s internal AI and research teams are set to get managed GPU cloud services from IREN, thanks to a separate $3.4 billion cloud deal. IREN plans to roll out air-cooled Blackwell systems, tapping roughly 60 megawatts of its existing data center capacity in Childress, Texas. “Fully managed cloud solutions, not just bare metal,” is how Roberts summed up what IREN can now offer.
IREN’s been snapping up assets to back up its pivot. On May 5, the company struck an all-share agreement to buy Mirantis—a cloud infrastructure and enterprise support firm—in a deal valued around $625 million at signing. Mirantis founder and CEO Alex Freedland said AI customers are after platforms that are “open, flexible and built for scale.”
IREN moved quickly two days later, announcing a deal to buy Spain’s Nostrum Group, a data-center developer. The acquisition brings roughly 490 megawatts of grid-connected, secured power in Spain, lifting IREN’s total portfolio to 5 gigawatts. Nostrum’s chief, Gabriel Nebreda, said the company aims to support European clients, sovereign AI programs among them.
Nvidia’s latest project follows IREN’s big Microsoft deal. Back in November, Microsoft inked a $9.7 billion, five-year agreement with IREN to secure Nvidia GB300 chips at the company’s Childress location. Alongside that, IREN committed to purchasing roughly $5.8 billion in GPUs and related gear from Dell Technologies.
IREN isn’t the only one racing for land and power. On May 6, Hut 8 announced a 15-year, $9.8 billion AI data center lease deal in Texas. The first stage? 352 megawatts, with the site built for Nvidia hardware. TeraWulf and other ex-bitcoin miners have also been touting AI data-center shifts to investors.
After the Nvidia announcement, analysts wasted no time. Cantor Fitzgerald bumped its IREN price target to $77 from $61, sticking with an Overweight call and pointing to the Nvidia tie-up, that $3.4 billion cloud agreement, and more capacity in Spain. Investing.com said H.C. Wainwright hiked its target to $85, while Bernstein SocGen Group held steady with an Outperform and a $100 target.
Still, execution looms as a real risk here. IREN says it plans to cover near-term capital needs using existing cash, cash flow from operations, GPU financing, and whatever other funding it can secure. Regulatory filings also detail a $140.4 million impairment, mostly from bitcoin miners and gear displaced in its move toward AI cloud. The Mirantis and Nostrum transactions? Both are still subject to closing conditions and must clear regulatory hurdles.
Right now, the narrative is running ahead of what shows up on the income statement. Investors got what they were looking for with IREN—those contracts, the Nvidia partnership, and the power portfolio. The real question: can the company get sites, chips, and funding up and working before costs or snags start chipping away at the opportunity?
