IREN Limited Sees Strong Growth as AI Pivot Takes Hold

IREN Limited has shifted its focus from Bitcoin mining to AI cloud services and data-center infrastructure, securing significant contracts and power supplies in the process.

The company recently announced $2.8 billion of new multiyear AI cloud contracts, lifting its year-end 2026 annualized AI cloud revenue target to over $4 billion.

This growth is driven by partnerships with major players like NVIDIA, Microsoft, and Perplexity, as well as the expansion of IREN's own data centers.

IREN now has 5 gigawatts of secured power across North America and Europe, with plans to deliver 480 megawatts of AI cloud capacity in 2026 and expand to 1.2 gigawatts by 2027.