The NASDAQ-listed firm signs a five-year contract with Nvidia for 60 megawatts of AI compute capacity at $11.3 million per megawatt annually.
Iren (NASDAQ: IREN) has signed a $3.4 billion five-year agreement with Nvidia (NASDAQ: NVDA) to supply 60 megawatts of AI compute capacity. The deal values each megawatt at $11.3 million annually, reflecting strong demand for AI infrastructure.
The company has doubled its gigawatt capacity to 5.8 this year, outpacing competitors like Nebius (NASDAQ: NBIS) and Cipher Mining (NASDAQ: CIFR) in expansion. However, Iren trails in securing hyperscaler tenants, a key revenue driver for AI data center operators.
Iren is financing billions in Nvidia chip purchases and data center construction, anticipating returns as AI adoption accelerates. The deal underscores its push to capture a larger share of the growing AI compute market.