IREN, formerly a Bitcoin miner, has transformed into an AI infrastructure provider by securing two landmark contracts worth $9.7 billion（約1.6兆円） with Microsoft and $3.4 billion（約5400億円） with Nvidia. The deals are projected to boost its revenue nearly thirteenfold by 2028 and turn it profitable by that year, positioning it as a potential high-growth alternative to Nvidia for investors seeking larger gains in the booming AI market.
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IREN, an Australian company that pivoted from Bitcoin mining to AI infrastructure, signed a 5-year $9.7 billion（約1.6兆円） AI cloud contract with Microsoft in November and a $3.4 billion（約5400億円） contract with Nvidia in May, making it one of the market's hottest "neocloud" stocks.
Why it matters
These contracts are expected to drive IREN's revenue from $510 million（約820億円） in fiscal 2025 to $6.44 billion（約1兆円） by fiscal 2028, with adjusted EBITDA rising from $270 million（約430億円） to $4.89 billion（約7800億円）. For investors seeking faster growth than Nvidia—already a $4.7 trillion（約750兆円） company—IREN's smaller scale offers potential for outsized returns, though valuations remain compressed by near-term spending concerns.
What to watch
Analysts project IREN will achieve profitability by fiscal 2028. The company's enterprise value is $15.7 billion（約2.5兆円）, valued at seven and ten times next year's expected sales and adjusted EBITDA, respectively.
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