IREN’s Major Developments in AI Cloud Sector
IREN (NASDAQ: IREN) announced $2.8 billion in new multi-year AI cloud contracts in July and increased its year-end run-rate revenue target to over $4 billion. The company’s AI cloud capacity is set to expand from approximately 3 megawatts in 2022 to 480 megawatts by 2026, with plans to reach 1.2 gigawatts by 2027.
On Tuesday, IREN completed its acquisition of Mirantis, a cloud software firm, primarily through newly issued stock. This acquisition enhances IREN’s capabilities in managing AI workloads and adds to its customer base, which includes major companies like Microsoft and Nvidia.
As of now, IREN’s market value is around $15 billion, with shares trading near $41, following a 4% increase on Tuesday. Despite a trailing revenue of $757 million over the past year, which represents a 105% increase, the gap to the new $4 billion target indicates significant growth and operational challenges ahead.
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