IREN announced today in a press release that it signed new multi-year cloud services contracts with leading AI firms for deployments of NVIDIA’s latest Blackwell GPUs, pushing its annualized run-rate revenue (ARR) potential above $500 million. Shares were up over 10% during pre-market, changing hands at over $63 per share.
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To date, IREN has locked in agreements for 11,000 of its planned 23,000-GPU fleet, equating to roughly $225 million in AI Cloud ARR set to commence by the end of 2025. The contracts average two-year terms and feature pricing designed to deliver a near-two-year payback on deployed hardware.
The company is on track to have all 23,000 GPUs operating or on order by the close of Q1 2026. IREN’s ongoing site tours and technical diligence efforts aim to secure the remaining GPU capacity, with room to scale beyond 100,000 units across its Horizon 1 and 2 data centers now under construction in Childress, Texas.
Alongside GPU deployments, IREN pointed to its 2.91 GW of secured grid-connected power and more than 2,000 acres of land across the U.S. and Canada as key advantages for future expansions.
The company also plans to align its reporting processes with industry peers and has opted to discontinue its monthly updates.
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At time of publication, IREN is up 11% during pre-market hours.
