GPU Expansion and Multi-Year Deals Push IREN Toward $500M Annual Run Rate
Bitcoin miner IREN surged 9% to $63 after announcing new multi-year AI cloud contracts with leading technology companies. The agreements are tied to NVIDIA’s Blackwell GPU deployments, positioning IREN as one of the fastest-growing hybrid mining and AI infrastructure firms in the market.
According to company data, IREN’s newly signed contracts cover around 11,000 GPUs, representing an estimated $225 million in annualized run-rate revenue (ARR) expected to come online by the end of 2025. The company projects its total ARR could exceed $500 million by Q1 2026 from roughly 23,000 GPUs currently operational or on order.
IREN Expands AI Data Centers in North America
IREN’s expansion focuses on its British Columbia and Texas campuses, where it is building Horizon 1 and Horizon 2 data centers capable of hosting more than 100,000 GPUs. These facilities are supported by 2,910 megawatts (MW) of secured power, ensuring stable and scalable infrastructure for both AI and high-performance computing (HPC) workloads.
Co-founder Daniel Roberts highlighted the company’s successful transition from traditional Bitcoin mining to GPU-driven AI operations.
“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,” Roberts said.
AI and HPC Stocks Continue Market Rally
The AI and HPC sector remained in rally mode during U.S. trading hours. Bitfarms (BITF) climbed 12% after a 15% surge on Monday, while Hive Digital (HIVE) gained another 10% following a 25% jump earlier in the week.
This upward momentum reflects growing investor confidence in AI-powered infrastructure plays and companies pivoting from crypto mining to cloud and GPU computing services.
IREN’s pivot into AI cloud contracts marks a pivotal moment for the company, signaling the next phase in Bitcoin miners’ evolution into full-scale digital infrastructure providers.
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