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What changed: Updated the story to include Q3 financial results showing a wider net loss and declining revenue due to a slump in the bitcoin mining segment.

StocksMediumUpdated×2•Originally published 7 May 2026•Updated 9 May 2026•

1 min read

IREN Secures $3.4bn AI Cloud Deal and Strategic Partnership with NVIDIA

Digital illustration of a man next to server racks, NVIDIA logos, and a $3.4 billion AI cloud agreement sign.

Key Facts

1IREN signed a 5-year, $3.4bn AI Cloud contract to deploy NVIDIA Blackwell GPUs within its existing data centers.

2IREN issued NVIDIA a 5-year right to purchase up to 30 million shares at an exercise price of $70 per share.

3The company is targeting $3.7bn in Annual Recurring Revenue (ARR) by the end of calendar year 2026.

IREN Limited has announced a $3.4 billion AI Cloud contract with NVIDIA to deploy Blackwell GPUs, even as its Q3 financial results highlighted growing operational pressures. The company reported a widening net loss for the third quarter compared to the previous period, alongside a decline in total revenues. This revenue drop was primarily driven by a slump in its core Bitcoin mining business unit. Despite these financial headwinds, the 5-year strategic alliance grants NVIDIA warrants for 30 million shares, signaling long-term institutional backing. IREN remains focused on scaling its data center capacity to 1.2GW by 2027 to pivot away from mining volatility. Management maintains an Annual Recurring Revenue (ARR) target of $3.7 billion by late 2026, banking on AI infrastructure to drive recovery. Analysts are monitoring how quickly the AI segment can offset the current weakness in crypto-related earnings.

Sources:

globenewswire.com

zacks.com

seekingalpha.com