**Iren Partners with Nvidia for AI Expansion**
Iren (NASDAQ: IREN) has announced a strategic partnership with Nvidia (NASDAQ: NVDA) to deploy AI chips across its data centers, supporting up to 5 gigawatts. This partnership follows similar agreements Nvidia made with other companies like Nebius and CoreWeave. The collaboration is expected to accelerate Iren’s revenue growth, with the company poised to generate higher annual recurring revenues sooner.
As part of the deal, Nvidia will have the right to purchase up to 30 million shares of Iren at $70 each, potentially representing a $2.1 billion investment for a stake of just under 10% in the company. Iren has also secured a five-year agreement with Nvidia for 60 megawatts of existing capacity, valued at $3.4 billion, and recently completed the energization of its 1.4-gigawatt Sweetwater 1 facility, enhancing its competitive position in the data center market.
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