IREN Limited has signed new multi-year cloud contracts for deployments of advanced Nvidia Blackwell GPUs, positioning itself to surpass $500 million in annualized revenue from its AI cloud segment by the end of the first quarter of 2026. The announcement came on October 7, highlighting a major strategic pivot from Bitcoin mining to high-performance AI computing.
AI Demand Fuels Growth, Contract Details & GPU Deployment
To date, 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 be operational by the end of 2025, with new Blackwell GPUs contracted on an average two-year term. Beyond this initial deployment, IREN is in advanced discussions with existing and prospective customers. Its sites in British Columbia and the Horizon 1 & 2 data centers under construction in Childress, Texas, provide capacity for more than 100,000 future GPUs.
Infrastructure & Power Advantage
“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. IREN (Nasdaq: IREN) develops and operates next-generation data centers powered by 100% renewable energy. Its business spans three verticals: Bitcoin mining, AI cloud services, and the design and operation of tailored AI data center infrastructure.
Business Evolution & Reporting Changes
As its business evolves, IREN will transition to a standardized reporting process used by industry peers and discontinue monthly operational updates. The revenue targets are based on internal assumptions and are not fully guaranteed, as noted in the company’s release. This shift underscores IREN’s transformation from a pure-play Bitcoin miner into a diversified high-performance computing provider, leveraging its existing power infrastructure to capture the booming AI cloud market.