IREN (IREN) shares continued to rally after announcing new multi-year AI cloud service contracts with leading AI companies for NVIDIA Blackwell GPU deployments.
The company remains on track to surpass $500 million in annualized run-rate revenue (ARR) by the end of Q1 2026 from 23,000 GPUs in operation or on order.
Contracts covering 11,000 GPUs have already been signed, representing around $225 million in ARR expected to come online by the end of 2025.
With average two-year contract terms and revenue payback periods, IREN is scaling across its British Columbia campuses and Horizon 1 and 2 data centers in Texas, which together can host over 100,000 GPUs supported by 2,910 MW of secured power capacity.
IREN, Co-Founder Daniel Roberts said, “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.”
The AI and high-performance computing (HPC) rally continued in early U.S. trading, with Bitfarms (BITF) up 12% after gaining 15% on Monday, while Hive Digital (HIVE) climbs another 10% following a 25% surge in the previous session.
Read MoreCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data[#item_full_content]
TL;DR Grayscale’s Head of Research Zach Pandl discussed Strategy’s Bitcoin-heavy capital structure in the context…
The crypto bull shrugged off market skepticism by sharing a chart of the company's $50…
The bitcoin advocate said his crypto bottom claim is based on the fact that the…
TL;DR A newly created Bitcoin wallet address beginning with bc1q4m was reported as withdrawing 1,350…
TL;DR U.S. spot Bitcoin ETFs recorded roughly $1.79 billion in weekly net outflows during the…
TL;DR Bitcoin slipped below the $60,000 area and continued defending the broader $59,000 to $60,000…