IREN Discloses $3.4 Billion AI Cloud Contract with NVIDIA and Accelerates Bitcoin Mining Transformation

According to GlobeNewswire, IREN, a Nasdaq-listed company, released its latest financial results and disclosed that it has signed a $3.4 billion AI cloud contract with NVIDIA. Under the agreement, IREN will deploy air-cooled Blackwell GPU infrastructure for NVIDIA over a five-year term. The financial report also indicates that IREN is accelerating its transition from Bitcoin mining to AI cloud services. Construction of the data center related to its $9.7 billion contract with Microsoft is underway. As of April 30, IREN held $2.6 billion in cash. Revenue for the third quarter of fiscal year 2026 totaled $144.8 million, down from $184.7 million in the prior quarter. The company reported a net loss of $247.8 million, primarily driven by non-cash impairments related to the retirement of mining equipment.