IREN announces US$3.40 billion five-year AI cloud services contract with NVIDIA, with NVIDIA holding the right to purchase up to 30 million IREN shares over five years.

In early May 2026, IREN Limited struck a five-year, US$3.40 billion AI cloud services deal with NVIDIA and plans to deploy NVIDIA Blackwell-based systems across approximately 60MW at its Childress, Texas data centers.

The contract anchors IREN's transition from Bitcoin mining to large-scale AI infrastructure provision, though execution depends on external capital—IREN has announced an intention to offer US$2.0 billion of convertible senior notes due 2033, alongside NVIDIA's up to US$2.1 billion share purchase right.

Consensus projections model US$5.6 billion revenue and US$183.6 million earnings for IREN by 2029, while lower-ranked analysts project only US$2.6 billion 2029 revenue and US$301.0 million earnings, citing supply chain delays as a threat.