Nvidia and Bitcoin mining firm turned AI infrastructure provider IREN Limited have announced a major strategic partnership. The deal involves deploying up to 5 gigawatts of AI infrastructure using Nvidia’s DSX architecture and includes a $3.4 billion cloud services agreement. As part of the arrangement, Nvidia received a five-year option to purchase up to 30 million IREN shares at $70 each. IREN’s stock surged on the news before cooling following the release of its quarterly earnings, which showed a substantial net loss.
Nvidia and IREN Limited announced a strategic partnership to accelerate the deployment of up to 5 gigawatts of next-generation AI infrastructure. The deal centers on deploying Nvidia’s DSX architecture across IREN’s global data center pipeline, beginning at its Texas campus.
As part of the agreement, Nvidia received a five-year option to purchase up to 30 million IREN shares at $70 per share. IREN will also provide Nvidia with $3.4 billion in managed GPU cloud services over five years for the chipmaker’s internal workloads.
Nvidia founder and CEO Jensen Huang stated, “AI factories are becoming foundational infrastructure for the global economy.” IREN co-founder Daniel Roberts said the partnership combines Nvidia’s leadership with IREN’s expertise in power, data centers, and operations.
Simultaneously, IREN agreed to acquire Spain-based data center developer Ingenostrum, adding 490 megawatts of grid-connected power. This acquisition brings IREN’s total power portfolio to 5 gigawatts, matching the scale of the planned Nvidia deployment.
IREN shares surged in after-hours trading Thursday, spiking above $72. The initial gains faded after IREN released its quarterly earnings report, showing a $247.8 million net loss for Q1. IREN’s stock is currently up about 3% on the day at a recent price of $58.60.
Analysts at investment bank Bernstein put a $100 price target on IREN shares following the announcements. Nvidia stock continues to trade near an all-time high, recently above $215 per share, having jumped 83% over the last year according to data.
This deal follows IREN’s November 2025 agreement with Microsoft for $9.7 billion in GPU cloud infrastructure. With commitments now exceeding $15 billion across its partnerships, IREN has emerged as a major player in AI infrastructure deployment.
