IREN shares jump 27% after announcing five-gigawatt Nvidia partnership for AI infrastructure deployment

IREN Limited announced a strategic partnership with Nvidia involving a five-gigawatt AI infrastructure commitment. Under the agreement, IREN issued Nvidia a five-year right to purchase up to 30 million ordinary shares at $70 per share, representing up to $2.1 billion of potential investment if fully exercised.

IREN also signed a separate five-year, $3.4 billion AI Cloud contract with Nvidia for air-cooled Blackwell GPUs, with deployment expected within 60 megawatts of existing data centers at Childress and a targeted ramp beginning in early 2027. The partnership centers on Nvidia-aligned DSX AI factory infrastructure using IREN's two-gigawatt Sweetwater campus in Texas.

The stock rose 27% to $72.28 in after-hours trading on Thursday following the announcement, before pulling back to $69.45 at press time, still up more than 21%. In the most recent quarter, IREN reported total revenue of $144.8 million, down from $184.7 million in the prior quarter, while AI Cloud Services revenue rose to $33.6 million.