IREN Ltd., a company recognized for its bitcoin mining operations, saw its shares rise 3.93% in early Wednesday trading. The increase followed the announcement of a long-term agreement with leading AI firms to utilize NVIDIA Blackwell GPUs for its AI cloud services, marking a strategic expansion into artificial intelligence infrastructure.
Following the AI cloud deal, IREN’s shares opened at $59.07 in pre‑market trading, down 2.6% from Wednesday’s close of $57.75. The stock gained momentum as the day progressed. Over the past five days, IREN’s share price has moved between $46.60 and $61.01.
This year, its gains have shown a shift from mining bitcoin, which uses a lot of energy, to focusing on AI computing technology, which is more popular. The company’s total market capitalization is 16.78 billion. Its price has been as low as $5.13 and as high as $58.28 in the past 52 weeks, which shows how the prices of both crypto and new tech have changed.
IREN targets $500M revenue with GPU deals
As per the deal, the firm is on track to earn more than $500 million in yearly revenue from its 23,000 GPUs, both those already working and those on order, by the end of the first quarter of 2026.
So far, it has locked in deals for 11,000 of these GPUs, bringing in about $225 million in annual revenue, with these contracts expected to be fully active by the end of 2025.
This progress comes after IREN spent $674 million on 12,400 new graphics processors in 2025 and became NVIDIA’s top partner in August.