AI infrastructure company IREN Ltd. has announced a $2.1 billion strategic partnership with Nvidia to deploy up to five gigawatts of Nvidia’s DGX-branded AI infrastructure across IREN’s global data centers.
Investors drove IREN’s stock up over 27% before it settled to an 8% gain late in the trading session.
Under the deal, IREN grants Nvidia a five-year warrant to purchase up to 30 million shares at $70 each. The partnership also includes a separate $3.4 billion, five-year agreement for Nvidia to access IREN’s managed GPU cloud services for internal AI and research workloads.
Nvidia CEO Jensen Huang stated AI factories are becoming foundational global infrastructure, requiring deep integration across compute, networking, software, power, and operations.
Founded in 2018 as an Australian bitcoin miner under the name Iris Energy, IREN pivoted to AI in 2024, rebranding and building a GPU-as-a-service model. The company recently secured a $9.7 billion contract with Microsoft for 200 megawatts of AI capacity and closed a $625 million acquisition of data center software firm Mirantis.