IREN (IREN) shares continued to rally after announcing new multi-year AI cloud service contracts with leading AI companies for NVIDIA Blackwell GPU deployments.
The company remains on track to surpass $500 million in annualized run-rate revenue (ARR) by the end of Q1 2026 from 23,000 GPUs in operation or on order.
Contracts covering 11,000 GPUs have already been signed, representing around $225 million in ARR expected to come online by the end of 2025.
With average two-year contract terms and revenue payback periods, IREN is scaling across its British Columbia campuses and Horizon 1 and 2 data centers in Texas, which together can host over 100,000 GPUs supported by 2,910 MW of secured power capacity.
IREN, Co-Founder Daniel Roberts said, “Our ability to rapidly 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.”
Miners Continue Surge
The AI and high-performance computing (HPC) rally continued in early U.S. trading, with Bitfarms (BITF) up 12% after gaining 15% on Monday, while Hive Digital (HIVE) climbs another 10% following a 25% surge in the previous session.
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James Van Straten
https://www.coindesk.com/markets/2025/10/07/bitcoin-miner-iren-jumps-9-after-securing-new-multi-year-ai-cloud-contracts
2025-10-07 13:22:00
