Nasdaq-listed bitcoin miner IREN Limited (ticker IREN) is expanding its AI business through additional multi-year cloud services contracts, including NVIDIA Blackwell GPU deployments. IREN’s expanded cloud capacity is on track to reach half a billion dollars in annualized run-rate revenues, according to an announcement on Tuesday.
IREN (formerly Iris Energy) was named a “preferred partner” of NVIDIA, a leading designer of high-performance graphics processing units, in August, giving the firm better access to chips as it continues to build out AI-focused facilities.
“Our ability to rapidly transition from ASICs to GPUs across our British Columbia campuses, and the speed at which we’re building Horizon 1 & 2, demonstrates how IREN is uniquely positioned to meet accelerating demand for AI compute,” co-CEO Daniel Roberts said in a statement, referencing Horizon high-performance computing (HPC) data centers under construction in Childress, Texas.
According to the announcement, IREN has secured customer contracts for 11,000 of its approximate 23,000 GPUs expected to be in operation by the end of 2025.
Additionally, IREN operates about 50 EH/s of installed self-mining Bitcoin capacity, placing it among the largest miners in terms of fleet utilization.
Bitcoin mining stocks have been on a tear as BTC pushes towards new highs. On Monday, at least three mining firms — Hive, Bitfarms, and Riot Platforms — posted double-digit returns after bitcoin set a fresh all-time high above $126,000.
As Bitcoin miners continue to ramp up their hashrate capabilities, several firms like IREN, Core Scientific, and Hut 8, among others, are looking to compete in the emerging HPC vertical. Meanwhile, other firms like MARA and Riot are looking to garner investor interest by building out their bitcoin treasuries.
While bitcoin mining ASIC chips are not suitable for AI workloads, these firms often have access to lucrative power supply contracts, physical data centers, and other tech that can be adapted for GPU-hosting amid the LLM boom.
Shares of IREN are up about 1% on the day, trading hands for nearly $58 with a $13.7 billion market cap, according to The Block’s data page.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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