IREN shifts from Bitcoin to AI, securing 16 billion and 34 billion-dollar contracts

IREN Limited announced that it is shifting its business direction from a focus on cryptocurrency mining to providing AI infrastructure. The company signed a hardware contract with Dell worth 16 billion. The contract was found to include NVIDIA Blackwell systems.

IREN also signed a contract with NVIDIA for a term of 5 years, worth 34 billion. The company said it would provide AI computing equipment and software integration services under the contract. The contract terms and detailed schedule are as disclosed by the company.

The company said it would use a power facility in Texas with a capacity of 750 megawatts. It said it plans to bring equipment online at the facility while bypassing the existing data center interconnection queue. The company specified that it would use the facility as a dedicated AI cloud provider.

Management reported annualized revenue of 44 hundred million dollars. This figure is an internal estimate released by the company. The company noted that this revenue estimate could lead to a structural change in how its enterprise value is assessed.

The company said in its announcement that it would simultaneously scale back its mining assets and transition to AI facilities. It said that procuring hardware and software and preparing power infrastructure were central to the transition. The company added that details on investment spending and equipment shipment schedules would be disclosed in future filings.

In public materials, IREN set its target service scope as AI-dedicated cloud and infrastructure leasing, and the operation of NVIDIA-based solutions. The company said it planned to provide large-scale GPU-based computing services through contracts. Future results and contract performance can be confirmed through the company’s regular filings.