NVIDIA will invest up to $2.1 billion in Australian data centre operator IREN as part of a new AI infrastructure partnership designed to expand access to large-scale compute capacity.
The agreement gives NVIDIA a five-year right to buy up to 30 million IREN ordinary shares at $70 per share, subject to certain conditions, including regulatory requirements. The companies said the partnership is intended to support the deployment of up to 5 gigawatts of NVIDIA DSX-aligned AI infrastructure across IREN’s global data centre pipeline over time.
The deal comes as demand for AI infrastructure continues to put pressure on available data centre capacity, power access, graphics processing units (GPUs), and the wider systems needed to train and run advanced AI models.
NVIDIA and IREN Target 5GW of AI Infrastructure
Under the partnership, NVIDIA and IREN plan to collaborate on the deployment of NVIDIA accelerated compute in DSX AI factories. These facilities are designed to bring together compute, networking, software, power, and operations into purpose-built infrastructure for AI workloads.
The companies said future deployments are expected to focus on IREN’s 2-gigawatt Sweetwater campus in Texas. The site is expected to serve as a flagship deployment for NVIDIA’s DSX architecture.
Jensen Huang, founder and CEO of NVIDIA, said AI factories are becoming “foundational infrastructure for the global economy.” He added that deploying these systems at scale requires integration across the full stack, including compute, networking, software, power, and operations.
Daniel Roberts, co-founder and co-CEO of IREN, said the partnership combines NVIDIA’s AI systems and architecture leadership with IREN’s expertise across power, land, data centres, GPU deployment, and infrastructure operations.
IREN Secures Separate $3.4 Billion NVIDIA AI Cloud Contract
Alongside the strategic partnership, IREN also announced a five-year, $3.4 billion AI cloud contract with NVIDIA. The agreement covers air-cooled Blackwell GPUs, which IREN said will be deployed within 60MW of existing data centres at its Childress site. The company is targeting a ramp from early 2027.
IREN said the contract forms part of its wider expansion plans as it continues shifting from bitcoin mining toward AI cloud infrastructure. In its business update, the company said its latest quarterly results reflected “continued progress” in that transition, with lower bitcoin mining activity partly offset by growth in AI cloud revenue.
The company reported total revenue of $144.8 million for the quarter ended 31 March 2026, down from $184.7 million in the previous quarter. It also reported a net loss of $247.8 million, compared with a net loss of $155.4 million in the prior quarter.
IREN said the revenue decline was driven by a lower average bitcoin price and the decommissioning of mining hardware ahead of GPU installation and billing. The company said this was partially offset by an increase in AI cloud revenue.
Deal Highlights IREN’s Shift From Bitcoin Mining to AI Cloud
IREN describes itself as a vertically integrated AI cloud provider, delivering large-scale data centres and GPU clusters for AI training and inference. AI training is the process of teaching AI models using large datasets, while inference is when those models are used to generate answers, predictions, or outputs in real time.
The company’s platform is supported by grid-connected land and power across North America, Europe, and Asia-Pacific. According to its business update, IREN is expanding across a 5GW secured power portfolio and is working on additional data centre capacity at Sweetwater and Kiowa, expected to ramp from 2028.
IREN also said its acquisition of Nostrum adds 490MW in Spain and a larger development pipeline, while its acquisition of Mirantis is expected to strengthen how its compute is deployed, managed, and operated for customers.
Reuters described IREN as a “neocloud”, referring to companies that sell cloud computing services built on NVIDIA processors. This model allows large technology firms to access compute capacity without having to build new data centres themselves.
IREN previously signed a $9.7 billion cloud deal with Microsoft, according to Reuters. The NVIDIA partnership adds another major customer relationship to its AI infrastructure strategy.
IREN Shares Rise After NVIDIA Announcement
IREN shares rose around 9 per cent in extended trading after the announcement, according to Reuters. The stock had closed at $56.85 during regular trading.
The market reaction came despite weaker quarterly results, as investors responded to the scale of the NVIDIA partnership and the separate AI cloud contract. The deal positions IREN more firmly in the AI infrastructure market at a time when compute capacity, data centre power, and GPU access remain central constraints for AI developers and enterprise customers.
For NVIDIA, the agreement adds another infrastructure partnership as it looks to support wider deployment of AI factories. For IREN, it marks a deeper move into AI cloud services as the company continues to reposition its data centre assets around high-performance compute.
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