IREN Soars 30% on $2.8 Billion AI Cloud Deals and $3.65 Billion GPU Financing

IREN Limited's stock surged more than 30% in its latest session after announcing $2.8 billion in long-duration AI cloud service agreements with major ecosystem players, including Microsoft and Nvidia. These contracts underscore IREN's rapid pivot from Bitcoin mining to high-performance AI infrastructure.

The company has also secured a $3.65 billion investment-grade GPU financing package, described as the highest-rated publicly disclosed GPU financing of its kind. This facility is crucial for acquiring and deploying large volumes of accelerators needed for hyperscale-class workloads, addressing a key bottleneck in the AI infrastructure buildout.

IREN's customer and partner roster increasingly resembles that of a scaled AI compute platform rather than a niche miner. Alongside Microsoft and Nvidia, the company has pointed to relationships across the AI stack, including Perplexity, while also engaging in ecosystem tooling efforts aimed at improving data-center observability and fault detection.

The company's expansion roadmap is aggressive, with plans to grow self-built capacity from roughly 3 megawatts in July 2025 to 480 MW this year and 1.2 gigawatts next year. This step-change would place IREN among a growing cohort of power-advantaged operators racing to meet AI compute demand.