IREN shares increased by 9%, new AI cloud contracts were acquired.

Rise in IREN Shares

IREN shares increased by 9%, reaching $63, after signing new long-term cloud service contracts with leading artificial intelligence (AI) companies, linked to the NVIDIA Blackwell GPU deployments. These contracts are expected to generate an annual revenue of $225 million.

The company is expanding its capacities at locations in British Columbia and Texas. The new data centers will have the capacity to host over 100,000 GPUs. Additionally, there is secured 2,910 MW of energy for these centers.

IREN plans to exceed its annual revenue target of $500 million with 23,000 GPUs by the end of the first quarter of 2026. The signed contracts are valid for 11,000 GPUs and are expected to provide $225 million in revenue by the end of 2025.

Co-founder Daniel Roberts stated, "Our speed of transition from ASIC to GPUs at our British Columbia campuses and our process of building Horizon 1 and Horizon 2 demonstrates IREN's unique position to meet the rapidly increasing demand for AI computing."