IREN Secures $3.4 Billion AI Cloud Deal with NVIDIA, Shifts Focus from Bitcoin Mining

2026-05-09 12:46

IREN has announced a significant $3.4 billion contract with NVIDIA to deploy air-cooled Blackwell GPU infrastructure over the next five years, marking a strategic pivot from Bitcoin mining to AI cloud services. This transition is part of IREN's broader strategy, which includes a $9.7 billion data center construction project with Microsoft currently in progress. The company's latest financial report reveals a third-quarter revenue of $144.8 million, a decline from the previous quarter's $184.7 million, attributed to a non-cash impairment charge from retiring mining equipment. IREN reported a net loss of $247.8 million, with $2.6 billion in cash reserves as of April 30.

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