IREN Limited (NASDAQ:IREN) stock jumped 7.1% in premarket trading on Tuesday after the company announced a series of new multi-year cloud service agreements with major artificial intelligence (AI) clients for NVIDIA Blackwell GPU deployments.
The AI infrastructure company said it has now signed customer contracts covering 11,000 of the 23,000 GPUs currently in operation or on order — equivalent to an estimated $225 million in annualized run-rate revenue (ARR) from its AI Cloud division. These GPUs are expected to be fully deployed and operational by the end of 2025.
IREN reaffirmed its expectation of reaching over $500 million in ARR from its existing GPU fleet by the end of the first quarter of 2026. The firm noted that new NVIDIA Blackwell GPUs are being contracted before delivery, typically on two-year terms, with pricing designed to achieve a two-year payback period on revenue.
“Our ability to rapidly transition from ASICs to GPUs across our British Columbia campuses, and the speed at which we’re building Horizon 1 & 2, demonstrates how IREN is uniquely positioned to meet accelerating demand for AI compute,” said Daniel Roberts, Co-Founder and Co-CEO of IREN.
The company added that, beyond its initial GPU rollout, its British Columbia and Childress data center sites under construction could eventually support over 100,000 GPUs. IREN also highlighted its 2,910 MW of secured power and land assets, giving it substantial room for expansion as AI infrastructure demand continues to grow.
In a separate update, IREN said it will adopt a standardized industry reporting format going forward and will cease publishing monthly operating updates to align with best practices among its peers.
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