IREN Limited (NASDAQ: IREN) signed additional multi-year AI cloud service contracts with leading artificial intelligence firms, reinforcing its transition from Bitcoin mining to large-scale GPU-powered compute infrastructure. The company remains on track to generate more than $500 million in annualized recurring revenue (ARR) from 23,000 NVIDIA GPUs currently deployed or on order by the end of Q1 2026.
Contracts covering 11,000 GPUs—nearly half of the total capacity—are already secured, representing roughly $225 million in ARR expected by the end of 2025. The NVIDIA Blackwell GPU systems are being contracted on two-year terms, with average pricing that supports a two-year payback period. IREN’s new AI data centers in British Columbia and at its Horizon 1 and Horizon 2 sites in Childress, Texas, will eventually host over 100,000 GPUs, supported by the company’s 2,910 MW renewable power and land portfolio spanning North America.
IREN’s latest buildout marks one of the fastest pivots in the digital infrastructure industry from ASIC-based Bitcoin operations to GPU-driven AI compute. The company’s new AI Cloud division already operates in renewable-powered, fiber-connected regions optimized for high-density workloads. With 810 MW of operating data centers, IREN supports three verticals: Bitcoin mining, AI cloud services, and AI data center construction and 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,” said Daniel Roberts, Co-Founder and Co-CEO of IREN.
🌐 Analysis: IREN’s strategy highlights a broader trend of Bitcoin mining operators converting renewable-heavy power portfolios into AI-ready infrastructure, competing directly with newer entrants like CoreWeave and Lambda. With nearly 3 GW of grid-connected capacity, IREN’s multi-year GPU contracts position it as a credible hyperscale AI infrastructure provider capable of supporting foundation model training and inference at scale.
- Multi-year AI cloud contracts signed for NVIDIA Blackwell GPUs
- $500 million ARR projected from 23,000 GPUs by Q1 2026
- 11,000 GPUs already under contract, worth $225 million ARR
- 2,910 MW of secured power across U.S. and Canada
- Horizon 1 & 2 data centers to host up to 100,000 GPUs
🌐 We’re tracking the latest developments in AI data center infrastructure. Follow our ongoing coverage at: https://convergedigest.com/category/data-centers/
