Iren Secures Major Contract Amid Crypto Exit Plans
Iren, formerly known as Iris Energy, has secured a major contract with an unnamed 'leading frontier lab.' This move is part of its efforts to exit the crypto business by the end of this year. The company's co-founder and co-CEO, Daniel Roberts, noted that Iren now has annual recurring revenue (ARR) of $4 billion.
This includes contracts with prominent companies like Cohere, Prometheus, Perplexity, Figure AI, Fal.ai, and Higgsfield AI. Of the total ARR, $1 billion is currently operating and is expected to ramp up in 2027, including a further $700 million associated with Iren's contract with Nvidia, which was signed in May 2026.
The contract spans five years with a total value of $3.4 billion. According to Iren's Annual Report filing with the SEC, this, along with its $9.7 billion cloud deal signed with Microsoft in November 2025, 'represent[s] a substantial majority of our contracted revenue.'