IREN increases secured power to 5 gigawatts and announces $3.4 billion five-year AI Cloud contract with NVIDIA

IREN raised secured power to 5 gigawatts during Q3, announced a $3.4 billion, five-year AI Cloud contract with NVIDIA, and increased annual recurring revenue (ARR) under contract to $3.1 billion, with a target of $3.7 billion of ARR exiting calendar 2026.

NVIDIA's $2.1 billion investment is structured so that its rights to invest vest only as NVIDIA GPU infrastructure is deployed across IREN campuses, with full vesting upon deployment of 600,000 GPUs. The contract covers approximately 60 MW of air-cooled Blackwells as a managed services deployment.

For 2026, IREN plans 480 MW of AI Cloud capacity and 150,000 GPUs; for 2027, the company plans to scale to 1,210 MW with 730 MW under construction across British Columbia and Texas. IREN also acquired Nostrum Group, adding 490 MW of secured power in Spain.

Q3 revenue was $144.8 million (down from $184.7 million in the prior quarter), with AI Cloud services revenue increasing to $33.6 million from $17.3 million, reflecting the company's transition from Bitcoin mining toward AI Cloud services.