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IREN Adds AI-Cloud Contracts and Reaffirms $500 Million ARR Goal as It Announces $875 Million Convertible Offering

After a record high, the stock slipped about 6% in late trading following the financing announcement.

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Iren signs multi year ai contracts for nvidia blackwell gpus

Overview

  • IREN said new multi-year agreements with leading AI firms for Nvidia Blackwell deployments keep it on track to illustrate more than $500 million in annualized run-rate revenue by the end of Q1 2026 from 23,000 GPUs in operation or on order.
  • Customer contracts now cover about 11,000 GPUs, representing roughly $225 million in AI Cloud ARR expected to be in operation by the end of 2025.
  • The company announced $875 million of unsecured convertible notes, with an option to increase by $125 million, maturing in July 2031 and paired with capped calls intended to reduce potential dilution.
  • Shares set an intraday record of $58.28 earlier before falling approximately 6% after hours on the note offering, though the stock remains up nearly 1,000% from April lows.
  • IREN highlights capacity for more than 100,000 GPUs across British Columbia and Texas supported by a 2,910 MW power and land portfolio as it accelerates its shift from bitcoin mining to AI infrastructure.