$3.4bn AI Cloud Contract & 5GW Strategic Partnership with NVIDIA
2026 Expansion to $3.7bn ARR On Track1
2027 Expansion to 1.2GW of AI Cloud Capacity In Build
2028+ Expansion Across North America, Europe and APAC Underway
NEW YORK, May 07, 2026 (GLOBE NEWSWIRE) -- IREN Limited (NASDAQ: IREN) (“IREN” or “the Company”) today provided a business update and reported its financial results for the three months ended Mar 31, 2026.
Highlights
$3.4bn AI Cloud contract with NVIDIA
5-year contract for air-cooled Blackwell GPUs
Deploying within 60MW of existing data centers at Childress
Targeting ramp from early 2027
5GW strategic partnership with NVIDIA
Collaboration to support deployment of NVIDIA-aligned infrastructure and architecture across IREN’s 5GW global data center pipeline
As part of the partnership, IREN issued to NVIDIA a 5-year right to purchase up to 30 million shares of ordinary stock at an exercise price of $70 per share, resulting in a right to invest up to $2.1 billion, subject to certain conditions including regulatory2
2026 expansion to 480MW on track
Horizon 1-4 on track for delivery by year-end
Operational capacity fully contracted
$3.1bn ARR under contract, targeting $3.7bn ARR by end of CY261, 3
2027 expansion to 1,210MW in build
Childress Horizons 5–6
Childress air-cooled capacity
Sweetwater 1 initial phase
2028+ expansion across 5GW secured power underway
Additional Sweetwater and Kiowa data center capacity expected to ramp from 2028
Acquisition of Nostrum adds 490MW in Spain and GW+ development pipeline
Additional development projects in Australia advancing toward connection agreement
Strengthening AI Cloud delivery with acquisition of Mirantis
Strengthens how IREN’s compute is deployed, managed and operated for customers
Builds on IREN’s existing software, engineering and customer support capabilities
Enables IREN to serve a broader range of customer requirements over time
Supporting delivery of NVIDIA AI Cloud contract
Multiple GPU, data center and corporate level financing initiatives underway
Near term capex expected to be met through combination of existing cash ($2.6bn at Apr 30)4, operating cash flows, GPU financing and additional financing initiatives
Q3 FY26 Financial Results
Results reflected continued progress in the transition from Bitcoin mining to AI Cloud
Total revenue decreased to $144.8m (vs. Q2 FY26 $184.7m)
Net income (loss) of $(247.8)m (vs. Q2 FY26 $(155.4)m)
Adj. EBITDA decreased to $59.5m (vs. Q2 FY26 $75.3m)5
Revenues decreased $39.9m, driven by lower average Bitcoin price combined with decommissioning of mining hardware ahead of GPU installation and billing, partially offset by increase in AI Cloud revenue
Cost of revenues decreased $25.9m, primarily driven by lower electricity cost resulting from reduced Bitcoin mining capacity
Net income (loss) impacted by non-cash impairments of $(140.4m) primarily related to decommissioning of mining hardware and unrealized losses related to capped calls associated with convertible notes of $(23.7)m
Management Commentary
“The world is structurally short compute, and the bottleneck is delivered data center and GPU capacity,” said Daniel Roberts, Co-Founder and Co-CEO of IREN. “That plays directly into IREN’s core strengths – securing power, developing land, building data centers and bringing compute online at scale.
This quarter reflected strong execution against that opportunity. We energized the Sweetwater 1 substation on schedule, advanced the Horizon 1-4 liquid-cooled data centers at Childress in support of our $9.7bn contract with Microsoft, and continued transitioning existing data centers from ASICs to GPUs for higher-value AI Cloud workloads. We also signed a 5-year, $3.4bn AI Cloud contract with NVIDIA and entered into a broader strategic partnership that further validates IREN’s key role in the AI infrastructure ecosystem.
The acquisitions of Nostrum and Mirantis will strengthen our platform, adding European sites and teams, together with software, orchestration and support capabilities that will broaden customer access over time as we scale across our global 5GW secured power portfolio.”