Mirror Review
May 08, 2026
IREN and NVIDIA announced a partnership to deploy up to 5 gigawatts of AI infrastructure globally. This includes a $2.1 billion investment right for NVIDIA to purchase 30 million IREN shares.
The NVIDIA IREN deal focuses on building large-scale AI factories using NVIDIA DSX architecture to meet the growing demand for AI-native and enterprise compute services.
Details of the NVIDIA IREN Partnership
The core of the NVIDIA IREN deal involves deploying NVIDIA DSX-aligned infrastructure across IREN’s data center pipeline. The companies plan to start this rollout at IREN’s 2-gigawatt Sweetwater campus in Texas. This site will serve as the flagship facility for the DSX architecture.
Under the terms of the agreement, IREN issued NVIDIA a five-year right to purchase up to 30 million shares of ordinary stock. The exercise price is set at $70 per share. If fully exercised, this would result in a $2.1 billion investment in IREN.
This financial tie-up ensures that both companies are aligned for the long term.
Transforming Data Centers into AI Factories
Jensen Huang, founder and CEO of NVIDIA, believes that AI factories are becoming the foundational infrastructure for the global economy. He noted that deploying these systems at scale requires integration across compute, networking, software, and power.
By combining NVIDIA’s leadership in AI systems with IREN’s expertise in land, power, and infrastructure operations, the partnership seeks to accelerate the buildout of next-generation facilities.
Daniel Roberts, co-founder and co-CEO of IREN, stated, “Together, we believe we can accelerate deployment of AI infrastructure and expand access to compute for AI-native and enterprise customers globally.”
Financial Impact and Stock Performance
The market reacted strongly to the news of this NVIDIA and IREN AI infrastructure deal. IREN stock surged by as much as 27% in extended trading immediately following the announcement. While it later gave back some of those gains, the stock has rallied more than 50% so far this year.
Investors are closely watching IREN’s transition from a bitcoin mining focus to a diversified AI cloud provider.
Despite a net loss of $247.8 million reported in its latest earnings, the massive scale of the NVIDIA partnership has bolstered investor confidence in its growth strategy.
- Key Financial Figures of the NVIDIA IREN Deal at a Glance
| Metric | Detail |
| Total Target Power | 5 Gigawatts (GW) |
| NVIDIA Investment Right | $2.1 Billion |
| Share Purchase Price | $70 per share |
| Managed GPU Services Deal | $3.4 Billion |
| Secured Funding (Last 8 mo) | $9.3 Billion |
Expanding IREN’s Global Footprint and Capacity
IREN is not just growing through partnerships but also through direct acquisitions. The company recently entered into an agreement to acquire the Spain-based Nostrum Group. This move marks its entry into the European market and adds 490 megawatts of secured, grid-connected power to its portfolio.
Spain is considered an attractive market due to its favorable AI policy settings and abundant low-cost renewable energy. This acquisition, combined with the NVIDIA IREN deal, brings IREN’s total power portfolio to 5 gigawatts.
- Rapid GPU Scaling
IREN has been aggressively increasing its hardware capacity to meet inference and training demands.
- The company has purchase agreements for over 50,000 NVIDIA B300 GPUs.
- Its total fleet is expected to reach 150,000 GPUs.
- This fleet could support an annualized revenue run-rate of over $3.7 billion by the end of 2026.
- Deployments are focused on air-cooled data centers in British Columbia and Texas.
Historical Context of IREN’s AI Infrastructure Deals
The shift from specialized mining to AI cloud services is a new trend in the tech industry.
IREN previously specialized in data centers tailored for bitcoin mining. However, the rise of generative AI has created a massive need for high-performance computing.
IREN has also established a history of large-scale deals to support this change.
- In November 2025, the company signed a $9.7 billion deal with Microsoft to deliver GPU cloud infrastructure powered by NVIDIA GB300 GPUs.
- It also partnered with Dell Technologies for $5.8 billion in computing gear.
These previous moves set the stage for the current Iren and Nvidia partnership to reach the 5-gigawatt milestone.
Looking Ahead: The Age of AI Factories
The NVIDIA IREN deal is built for the “age of AI”.
As AI models grow larger and training runs become longer, the certainty of deployment and “time-to-compute” have become critical competitive advantages.
NVIDIA has engaged in similar multibillion-dollar agreements with other infrastructure players like Corning and Coherent to strengthen its supply chain and deployment capabilities.
Thus, by securing 5 gigawatts of power and massive GPU fleets, IREN is positioning itself as one of the largest AI cloud infrastructure providers in the world.
Maria Isabel Rodrigues
