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Bitcoin Miner IREN Shifts Into AI Overdrive With NVIDIA-Powered Expansion
- IREN, once a Bitcoin miner, is expanding its AI cloud operations using NVIDIA Blackwell GPUs.
- Contracts for 11,000 of 23,000 GPUs could generate US$225M (AU$342.8M) annualised revenue by end-2025.
- Its AI push, supported by 2,910 MW of power assets, targets US$500M (AU$759.6M) run-rate revenue by Q1 2026.
Nasdaq-listed IREN Limited is accelerating its shift from Bitcoin mining to artificial intelligence, unveiling a major expansion of its AI cloud business anchored by NVIDIA’s Blackwell GPUs. The company announced new multi-year cloud service contracts that will help push its annualised revenue run rate toward US$500 million (AU$759.6 million) by the end of the first quarter of 2026.
IREN, formerly known as Iris Energy, was designated a “preferred partner” by NVIDIA in August, giving it priority access to advanced GPU hardware for large-scale AI workloads.
Co-CEO Daniel Roberts said the company’s quick transition “from ASICs to GPUs across our British Columbia campuses, and the speed at which we’re building Horizon 1 & 2, demonstrates how IREN is uniquely positioned to meet accelerating demand for AI compute”.
With nearly 3GW of grid-connected power across North America and a cloud services business scaling in size and reputation, we believe IREN is well positioned to scale with the rapid growth in AI compute needs.
Daniel Roberts, Co-Founder and Co-CEO of IREN. From Mining Rigs to GPUs
The company has already secured customer contracts for 11,000 of the 23,000 GPUs that are either active or on order, equating to roughly US$225 million (AU$342.8 million) in annualised AI Cloud revenue expected to come online by the end of 2025. These agreements, typically signed two years before deployment, reflect IREN’s two-year payback model and provide predictable revenue visibility.
Beyond this, IREN is continuing to expand its infrastructure footprint in both British Columbia and Texas, where its Horizon 1 and 2 data centres are under construction. Together, these sites will support more than 100,000 GPUs, backed by a secured portfolio of 2,910 MW of power and land across North America.
The firm’s stock has mirrored its operational momentum, climbing near its 52-week high of US$58.28 (AU$88.56) after surging 591% over the past year. While analysts remain divided on valuation, IREN’s ability to scale rapidly in the AI compute market signals a significant evolution from its roots in Bitcoin mining.
Related: Saylor Pauses Bitcoin Acquisitions, Asks MrBeast to “Buy Bitcoin”
Author
Rachel Lourdesamy
Rachel is a freelance writer based in Sydney with experience within financial services, marketing, and corporate communications in the APAC region. An avid reader and a graduate of the University of Sydney, she covers topics including business, finance and human interest.
