IREN Secures $3.4bn AI Cloud Contract with NVIDIA
- On Thursday, data center operator IREN Limited announced a five-year AI infrastructure contract with semiconductor giant Nvidia worth approximately $3.4 billion.
- Soaring demand for artificial intelligence has prompted companies to funnel billions into securing computing capacity, with Nvidia CEO Jensen Huang noting that "AI factories are becoming foundational infrastructure for the global economy."
- Under the agreement, IREN will provide managed GPU cloud services using air-cooled Blackwell platform systems at its Childress, Texas campus, while granting Nvidia a five-year right to purchase up to 30 million shares at $70 each for $2.1 billion.
- Following the announcement, shares of the data center operator rose 6.63% in extended trading on Thursday, reflecting investor confidence in the "neocloud" model that allows Big Tech firms to access computing power without building new data centers.
- Future infrastructure deployments are expected to focus on IREN's 2-gigawatt Sweetwater campus in Texas, as major U.S. tech giants reported last week that AI spending will not slow this year.
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