$500m AI Cloud ARR from 23k GPUs on Track for Q1 2026
IREN Limited announced it has signed additional multi-year cloud services contracts with leading AI companies for NVIDIA Blackwell GPU deployments.
IREN recently expanded its AI Cloud capacity and remains on track to achieve >$500m in annualized run-rate revenue (ARR) from the 23k GPUs currently operating and on order by the end of Q1 2026.1
To date, customer contracts have been secured for 11k of the 23k GPUs, representing approximately $225m in AI Cloud ARR, expected to be in operation by the end of 2025.2
New NVIDIA Blackwell GPUs continue to be contracted ahead of delivery on an average term of 2 years, at pricing that supports a ~2-year revenue payback.
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Beyond the initial 23k GPUs, IREN is actively engaging with existing and prospective customers through site tours, technical diligence and commercial negotiations. The British Columbia campuses, together with the Horizon 1 & 2 data centers under construction in Childress, provide capacity for more than 100k GPUs.3 In addition, IREN’s 2,910 MW secured power and land portfolio offers significant expansion potential, which is also the subject of ongoing customer discussions.
“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.
“With nearly 3GW of grid-connected power across North America and a cloud services business scaling in size and reputation, we believe IREN is well positioned to scale with the rapid growth in AI compute needs.”
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