- •IREN strengthens AI expansion with NVIDIA-backed GPU cloud contracts.
- •Horizon data centers drive IREN’s shift from mining to AI.
- •Half-billion revenue target underscores IREN’s growing dominance in AI infrastructure.
IREN Limited is accelerating its shift toward artificial intelligence through new multiyear cloud service deals that include NVIDIA Blackwell GPU deployments. The company expects its expanded cloud capacity to generate nearly half a billion dollars in annualized run‑rate revenues once fully operational.
The Nasdaq‑listed miner, formerly known as Iris Energy, has already secured customer commitments for 11,000 of the roughly 23,000 GPUs projected to be online by the end of 2025. Its transformation from a bitcoin mining firm into a high‑performance computing provider reflects growing demand for AI infrastructure.
Rapid Transition From Mining to AI Compute
According to IREN, its ability to pivot from ASIC mining rigs to GPU systems across its British Columbia campuses demonstrates both technical flexibility and operational speed. Construction at its Horizon 1 and Horizon 2 data centers in Childress, Texas, continues at pace, aimed at supporting large‑scale AI workloads.
The firm’s recognition as a “preferred partner” of NVIDIA also strengthens its supply chain advantage, ensuring better access to the latest GPU hardware as competition for AI chips intensifies.
With about 50 exahashes per second of self‑mining capacity, IREN remains among the largest bitcoin miners globally. However, it is increasingly focusing on diversifying its revenue streams through the AI compute market.
Strategic GPU Deployment Fuels AI Ambitions
This new wave of contracts enables IREN to scale GPU hosting quickly while converting existing infrastructure into productive AI assets. Its early move into cloud‑based GPU leasing positions the company to capture surging demand from enterprises building large language models and AI‑driven applications.
Moreover, IREN’s partnership with NVIDIA provides a direct pathway to next‑generation chips, ensuring its facilities remain competitive. By locking in contracts for most of its GPU fleet, the company also shields itself from volatile market cycles in AI compute pricing.
IREN’s dual focus on bitcoin mining and AI hosting marks a pivotal expansion strategy. Its continued buildout of GPU‑powered data centers and strong client pipeline places it at the forefront of the convergence between crypto infrastructure and artificial intelligence.