The deal validates Iren’s shift from Bitcoin mining to AI infrastructure and includes up to 5 gigawatts of data center capacity.
Iren (NASDAQ: IREN) announced a $3.4 billion AI cloud contract with Nvidia (NASDAQ: NVDA) to run internal workloads over five years. The agreement supports Iren’s plans to deploy up to 5 gigawatts of data center capacity powered by Nvidia hardware, accelerating its transition from Bitcoin mining to AI infrastructure.
The deal addresses critical constraints in AI’s physical infrastructure, including power and land availability. Goldman Sachs projects a 45-gigawatt power shortfall for U.S. data centers by 2028, with 72 gigawatts of new capacity needed by 2030. Iren’s grid-connected power assets position it to capitalize on rising contract prices.
Goldman Sachs estimates the cost to build new AI data centers at $15 million to $20 million per megawatt, underscoring the value of Iren’s 5-gigawatt portfolio. The partnership with Nvidia enhances Iren’s ability to meet growing demand in a compute-constrained market.