Nvidia and IREN agreed to deploy up to 5 gigawatts of AI infrastructure, with Nvidia granted a five-year option to acquire 30 million IREN shares at $70 each. The arrangement commits up to $2.1 billion in equity funding to accelerate the build-out of large-scale AI “factories,” with IREN’s 2 GW Sweetwater campus in Texas designated as a primary development site.

Under a separate five-year contract valued at $3.4 billion, IREN will provide Nvidia with managed GPU cloud services, including orchestration and cluster management software co-developed with Mirantis. Air-cooled Blackwell systems drawing on roughly 60 MW at IREN’s Childress campus will support Nvidia’s internal AI research and workloads.

In its fiscal third quarter, IREN reported revenue of $144.8 million, down from $184.7 million in the prior period, reflecting its strategic shift from bitcoin mining toward AI cloud services. Net losses widened to $247.8 million from $155.4 million, undershooting analysts’ expectations for both top-line growth and margin improvement.

This partnership aligns with Nvidia’s broader strategy of securing equity stakes and strategic options across its supply chain and customer base. Recent arrangements include rights to invest in Corning, Marvell Technology and others, reinforcing Nvidia’s influence over critical components and infrastructure for its AI ecosystem.