IREN Limited (Nasdaq: IREN) has signed multiple multi-year cloud service contracts for deployments of advanced Nvidia Blackwell GPUs, the company announced on Oct. 7. The company is on track to generate more than $500 million in annualized revenue from its artificial intelligence (AI) cloud segment by the end of the first quarter of 2026.
Blackwell GPU Deployment and Revenue Projections
To date, IREN has secured customer contracts for 11,000 of its total 23,000 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 are being signed ahead of delivery on an average two-year term, providing predictable revenue streams.
Future Capacity and Expansion Plans
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 massive expansion capability positions IREN to capture surging demand for AI compute power.
Leadership Insights and Competitive Advantages
“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, entirely sourced from 100% renewable energy, as a key advantage for scaling data center operations.
IREN operates three business verticals: Bitcoin mining, AI cloud services, and the design and operation of tailored AI data center infrastructure. As the company shifts focus toward AI services, it also announced it will transition to a standardized reporting process used by industry peers and will discontinue its monthly operational updates. The company cautioned that the revenue targets are based on internal assumptions and are not fully guaranteed.