Overview

• IREN says contracts now cover roughly 11,000 of its planned 23,000 GPUs, representing about $225 million in annualized AI Cloud revenue expected to be in operation by the end of 2025.
• The company reiterates a target of more than $500 million in annualized AI Cloud run-rate revenue by the end of Q1 2026 from GPUs operating or on order.
• New Blackwell GPU agreements are typically two-year terms at pricing the company says supports roughly a two-year revenue payback.
• Capacity plans include room for more than 100,000 GPUs across British Columbia and Texas sites, supported by 2,910 MW of secured grid-connected power and land.
• Shares hit fresh record highs earlier this week before slipping about 6% after-hours on the convertible note announcement, as analyst upgrades contrasted with valuation cautions.