Business UpdateMay 7, 2026, 05:19 PM
IREN Secures $3.4B NVIDIA AI Cloud Contract & 5GW Partnership
AI Summary
IREN announced a significant business update, including a 5-year, $3.4 billion AI Cloud contract with NVIDIA for Blackwell GPUs and a 5GW strategic partnership. As part of the partnership, NVIDIA has a right to purchase up to 30 million shares for $2.1 billion. The company reported Q3 FY26 financial results, with total revenue decreasing to $144.8 million and a net loss of $(247.8) million, reflecting its ongoing transition from Bitcoin mining to AI Cloud services.
Key Highlights
- Secured 5-year, $3.4B AI Cloud contract with NVIDIA for Blackwell GPUs.
- Formed 5GW strategic partnership with NVIDIA; NVIDIA can invest up to $2.1B.
- 2026 expansion to 480MW on track, targeting $3.7B ARR by year-end.
- 2027 expansion to 1,210MW AI Cloud capacity in build.
- Acquired Nostrum (490MW in Spain) and Mirantis to strengthen AI Cloud delivery.
- Q3 FY26 total revenue $144.8M, down from $184.7M in Q2 FY26.
- Q3 FY26 net loss $(247.8)M, compared to $(155.4)M in Q2 FY26.
- Adjusted EBITDA $59.5M in Q3 FY26, down from $75.3M in Q2 FY26.