A company that used to mine Bitcoin is now signing multi-billion-dollar cloud contracts with some of the biggest names in AI, and the pivot looks like it’s paying off.
Iren, formerly known as Iris Energy, announced this week that it has secured $2.8 billion in new multi-year cloud services agreements with what it describes only as “leading AI developers.” The company didn’t name the specific customers behind these new deals, but it did confirm its broader client roster now includes Microsoft, Nvidia, Perplexity, Figure AI, Together AI, Fluidstack, Fireworks AI, Fal AI, and Hume AI, all using Iren’s bare-metal and managed cloud infrastructure.
The new contracts, averaging four years in length, pushed Iren to raise its expected annualized revenue run rate for 2026 from $3.7 billion to more than $4 billion. The company says signed contracts now cover roughly 85 percent of its target ARR, a meaningful jump in visibility for a business that was mining cryptocurrency not that long ago.
Co-CEO Daniel Roberts framed the growth in terms of infrastructure scale rather than just contract value. Iren grew from about 3 megawatts of self-built AI cloud capacity a year ago to 480 megawatts this year, with a target of 1.2 gigawatts by 2027. That jump in physical build-out reflects just how much capital is flowing into AI compute infrastructure right now.
The company operates data center sites across Texas, Oklahoma, and British Columbia, and has been expanding aggressively in recent months. It acquired Spanish data center developer Nostrum, announced an 800-megawatt campus in Australia, and energized the first phase of a 2-gigawatt campus in Texas.
Nvidia’s involvement goes beyond being a customer. In May, the chipmaker revealed a $2.1 billion investment in Iren specifically tied to deploying up to 5 gigawatts of its DSX compute hardware, tying the two companies together well beyond a standard vendor relationship.
Iren’s trajectory reflects a broader pattern among former crypto miners: companies that built infrastructure and power access for Bitcoin mining are finding that same infrastructure surprisingly well suited to AI compute, where demand for power-hungry data centers shows no sign of slowing down.
