Nvidia and Bitcoin miner turned AI compute provider IREN Limited announced a deal to deploy up to 5 gigawatts of next-generation AI infrastructure. The partnership centers on deploying Nvidia's DSX architecture across IREN's global data center pipeline, starting at the company's 2-gigawatt Sweetwater campus in Texas.
As part of the agreement, Nvidia received a five-year option to purchase up to 30 million IREN shares at $70 per share. IREN will provide Nvidia with $3.4 billion in managed GPU cloud services over five years.
"AI factories are becoming foundational infrastructure for the global economy," said Nvidia CEO Jensen Huang. He emphasized the need for deep integration across compute, networking, software, power, and operations.
IREN is expanding its infrastructure footprint with the acquisition of Spain-based Ingenostrum, adding 490 megawatts of grid-connected power. That brings IREN's total power portfolio to 5 gigawatts-matching the scale of the Nvidia deployment.
IREN shares surged in after-hours trading, spiking above $72 before fading after IREN reported a $247.8 million net loss for Q1. The stock is currently up about 3% on the day, trading around $58.60.
Nvidia stock continues to hover near an all-time high above $215 per share, up 83% over the last year. Analysts at Bernstein have a $100 price target on IREN.
IREN's deal with Nvidia follows a November 2025 agreement with Microsoft for $9.7 billion in GPU cloud infrastructure. With commitments exceeding $15 billion across both partnerships, IREN has emerged as a major player in AI infrastructure deployment.