IREN Secures $3.4B NVIDIA AI Cloud Deal and 5GW Strategic Partnership
IREN secured a $3.4 billion AI Cloud contract and 5 GW partnership with NVIDIA, granting a five-year right to buy 30 million shares at $70, unlocking a $2.1 billion investment. Q3 revenue dropped to $144.8 million with a $247.8 million net loss as the company shifted from Bitcoin mining.
1. NVIDIA AI Cloud Contract and Partnership
IREN and NVIDIA agreed a $3.4 billion AI Cloud contract, under which IREN will integrate NVIDIA GPUs across its global data center pipeline and develop 5 GW of strategic AI infrastructure.
2. Five-Year Share Purchase Option
As part of the agreement, NVIDIA received a five-year option to purchase up to 30 million IREN shares at $70 each, representing a potential $2.1 billion equity investment subject to regulatory conditions.
3. Q3 FY26 Financial Results
In Q3 FY26, IREN reported revenue of $144.8 million, net loss of $247.8 million, and adjusted EBITDA of $59.5 million, with results reflecting lower Bitcoin mining activity ahead of GPU deployment.
4. Transition from Bitcoin Mining to AI Cloud
The company continues decommissioning mining hardware and repurposing data center capacity for AI Cloud services, targeting 480 MW of operational capacity in 2026 and expansion to 1.2 GW by 2027.