IREN Inks Deal With Nvidia, Scoring Major Victory for the Data Center Stock.
Here’s What Investors Need to Know IREN (NASDAQ: IREN), a former Bitcoin miner that converted to an artificial intelligence (AI) data center company, scored a major win today after announcing a deal and strategic partnership with AI chip giant Nvidia
Under the partnership, IREN will deploy up to 5 gigawatts of Nvidia’s DSX-branded infrastructure across its global data center footprint to run AI workloads. IREN will also give Nvidia the right over the next five years to buy up to 30 million shares at a strike price of $70, giving Nvidia the option to purchase an overall $2.1 billion stake in the company. In a separate announcement last night, IREN also announced that the Australian company will serve as a cloud provider to Nvidia for the company’s own AI workloads.
IREN will leverage Nvidia’s Blackwell systems at its Childress, Texas, facility for this deal, valued at $3.4 billion over the next five years. As of 10:57 a.m. ET, shares of IREN traded nearly 9% higher.