NVIDIA secures a five-year AI cloud deal with IREN and a $2.1 billion share purchase option, signaling confidence in AI infrastructure.
IREN shares jumped after announcing a $3.4 billion AI cloud contract with NVIDIA, alongside a $2.1 billion equity investment option. The deal includes air-cooled Blackwell GPUs and a five-gigawatt infrastructure partnership.
The agreement reframes IREN as a key AI infrastructure player, shifting focus from Bitcoin mining. NVIDIA’s option to buy up to 30 million shares at $70 each could inject $2.1 billion into IREN if fully exercised.
IREN stock surged 7% to near $61, extending a 38% weekly gain and an 813% annual rally. The company’s market cap now stands at $20.84 billion, reflecting investor enthusiasm for its AI pivot.