IREN Validates AI Stack Strategy as Microsoft and Nvidia Seal Deals

Microsoft and Nvidia have validated IREN's (NASDAQ:IREN) AI stack strategy. The company's co-CEO, Daniel Roberts, believes that owning the entire stack, including power, data centers, compute, and software, creates more value than relying on third-party providers for critical pieces of the stack.

IREN highlighted several milestones that support this approach. The company has delivered Horizon 1, the first of four planned 50-megawatt AI cloud deployments under its Microsoft contract. In addition, IREN's 2026 contracted annual recurring revenue has reached $4 billion, with $1 billion already operational.

The company's software layer is also gaining traction. Mirantis, which IREN recently acquired, enables the company to offer managed AI cloud services alongside bare-metal GPU infrastructure. Nvidia has validated IREN's software layer through Mirantis, naming it an inaugural Nvidia Certified Hypervisor.