IREN Wins $3.4 Billion Nvidia AI Cloud Deal After $9.7 Billion Microsoft Contract
Updated
Updated · The Motley Fool · Jul 3
IREN Wins $3.4 Billion Nvidia AI Cloud Deal After $9.7 Billion Microsoft Contract
3 articles · Updated · The Motley Fool · Jul 3
Summary
$3.4 billion in AI cloud services from Nvidia adds a second marquee customer for IREN, the Australian infrastructure company that has shifted from Bitcoin mining toward AI and HPC data centers.
That pivot accelerated after IREN rebranded from Iris Energy in 2024, bought Nvidia H100 and H200 GPUs, and in 2025 directed capital, logistics and power capacity toward AI expansion.
$9.7 billion from a five-year Microsoft contract signed last November had already boosted IREN's profile as a "neocloud" stock; the Nvidia deal deepens that transformation.
Analysts now see revenue rising from $510 million in fiscal 2025 to $6.44 billion in fiscal 2028, with adjusted EBITDA climbing from $270 million to $4.89 billion and profitability expected by the final year.