Updated
Updated · The Motley Fool · Jul 3
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.

Insights

With billion-dollar deals but staggering losses, what is IREN's real timeline to profitability?
How can a former Bitcoin miner with massive debt successfully serve AI giants like Microsoft and Nvidia?