Iren jumps 7.65% after announcing multi-year Nvidia partnership and AI cloud expansion plans

Iren closed Friday at $61.2, up 7.65%, after announcing a multi-year partnership with Nvidia. Trading volume reached 108.3 million shares, about 187% above its three-month average of 37.7 million shares.

Under the deal, Iren will deploy up to 5 gigawatts of Nvidia's infrastructure designs for AI tasks across its data centers worldwide. Nvidia receives the right to purchase up to 30 million shares of Iren at $70 per share, or up to about $2.1 billion. In a separate five-year deal worth about $3.4 billion, Iren will provide Nvidia with managed GPU cloud services for internal AI and research tasks.

Investors responded positively to Iren's positioning as an AI cloud compute supplier. Since its 2021 IPO, Iren has grown 150%.