Tue, Oct 7, 2025
IREN secures new multi-year AI cloud contracts
Key points
- Additional multi-year cloud services contracts signed with leading AI companies for NVIDIA Blackwell GPU deployments (customers undisclosed)
- On track for >$500m AI Cloud ARR from 23k GPUs (operating and on order) by end of Q1 2026
- Contracts secured to date cover 11k of the 23k GPUs (~$225m of AI Cloud ARR), expected in operation by end of 2025
- New Blackwell GPUs contracted on an average 2-year term, at pricing supporting a ~2-year revenue payback
- British Columbia campuses plus Horizon 1 & 2 at Childress provide capacity for 100k+ GPUs; 2,910MW of secured power/land offers further expansion potential
Deal
Undisclosed customerOct 2025
Duration~2 years average
Expected launchEnd of 2025