IREN Limited (Nasdaq: IREN), the Bitcoin miner turned AI infrastructure provider, has signed new multi-year cloud contracts to deploy advanced Nvidia Blackwell GPUs. The company announced on Oct. 7 that its AI cloud business is on track to generate more than $500 million in annualized revenue by the end of the first quarter of 2026.
GPU Deployment and Revenue Outlook
As of the announcement, IREN has secured customer contracts for 11,000 of its 23,000 total GPUs, representing approximately $225 million in annualized run-rate revenue. These contracted GPUs are expected to become operational by the end of 2025. The new Blackwell GPU contracts carry an average term of two years and are signed ahead of delivery.
Beyond the initial 23,000 GPU deployment, IREN is engaged in advanced discussions with existing and prospective customers. The company’s sites in British Columbia and its Horizon 1 & 2 data centers under construction in Childress, Texas, provide capacity for more than 100,000 future GPUs. This capacity demonstrates the company’s ability to scale AI compute supply rapidly.
Transition from Bitcoin Mining to AI Infrastructure
“Our ability to rapidly transition from ASICs to GPUs across our British Columbia campuses, and the speed at which we’re building Horizon 1 & 2, demonstrates how IREN is uniquely positioned to meet accelerating demand for AI compute,” said Daniel Roberts, IREN’s co-founder and co-CEO. He highlighted the company’s nearly 3 gigawatts of secured power as a key advantage for scaling, with all power sourced from 100% renewable energy.
IREN’s business is built on three verticals: Bitcoin mining, AI cloud services, and the design and operation of tailored AI data center infrastructure. As the business evolves, the company will transition to standardized reporting procedures used by industry peers and discontinue its monthly operational updates. The revenue targets are based on internal assumptions and are not fully guaranteed, as noted in the company’s release.
The contract signing comes amid surging global demand for AI compute power. Nvidia Blackwell GPUs represent the latest generation of high-performance computing chips widely used for large model training and inference. With its power resources and rapid deployment capabilities, IREN has positioned itself as one of the few publicly listed companies successfully pivoting from Bitcoin mining into the AI cloud market. Market analysts suggest that if the contracts are delivered on schedule, IREN could capture a significant share of the AI infrastructure landscape.