$2.8 Billion AI Contracts Boost IREN's Transformation from Bitcoin Miner

IREN Limited has been shifting its focus from Bitcoin mining to AI cloud infrastructure. The company's data centers are optimized for high-performance computing and AI workloads, leveraging renewable energy sources.

The transformation is paying off as IREN secured $2.8 billion in new multi-year AI cloud contracts, with pricing ranging from $3.80 to $4.30 per GPU-hour.

These deals span four years or longer, including prepayments covering approximately 45% of associated GPU capital costs.