Iren (Iren) stock continued to rally after announcing a new multi-year AI cloud services agreement with leading AI company for deployment of NVIDIA Blackwell GPUs.
The company plans to run from 23,000 GPUs or to exceed $500 million in order by the end of Q1 2026.
Contracts covering 11,000 GPUs have already been signed and represent approximately $225 million in ARR that is expected to come online by the end of 2025.
With contract terms and revenue payback periods averaging two years, Iren is expanding its British Columbia campuses in Texas and Horizon 1 and 2 data centers to host more than 100,000 GPUs supported by 2,910 MW of secure power capacity.
Iren, co-founder Daniel Roberts said: “Our ability to rapidly migrate from ASICs to GPUs across our British Columbia campus and the speed with which we are building Horizon 1 and 2 demonstrates how Iren is positioned to meet the accelerating demand for AI compute.”
Miners continue to proliferate
The AI and high performance computing (HPC) rally continued in early US trading with BitFarms (BITF) up 12% after gaining 15% on Monday, while Hive Digital (Hive) rose another 10% following a 25% surge in the previous session.
