Iren (NASDAQ: IREN) has secured a strategic partnership with Nvidia (NASDAQ: NVDA) to accelerate its data center expansion, focusing on artificial intelligence (AI) capabilities. The deal, announced recently, grants Iren a $3.4 billion AI cloud contract over five years to handle Nvidia’s internal workloads, while Nvidia has the option to invest up to $2.1 billion in Iren, contingent on specific performance milestones.
The partnership aligns with Iren’s plans for global expansion, including developments in Spain and Australia, and comes as the company prepares to deploy up to 5 gigawatts of data center capacity using Nvidia hardware. Goldman Sachs projects a 45-gigawatt power shortfall for U.S. data centers by 2028, emphasizing Iren’s strategic advantage with its existing grid-connected power infrastructure. In the first quarter, Iren’s annualized recurring revenue under contract rose to $3.1 billion, with a goal of reaching $3.7 billion by 2026, validating its potential for substantial revenue growth.
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