IREN (IREN) shares surged 9% following the announcement of multi-year AI cloud service contracts with top artificial intelligence companies for NVIDIA Blackwell GPU deployments. The bitcoin miner remains positioned to exceed $500 million in annualized run-rate revenue by Q1 2026 from 23,000 operational or ordered GPUs.
Contracts covering 11,000 GPUs have been finalized, representing approximately $225 million in ARR expected to become operational by end of 2025. With average two-year contract terms and favorable revenue payback periods, IREN is expanding across its British Columbia facilities and Horizon 1 & 2 Texas data centers, capable of hosting 100,000+ GPUs with 2,910 MW secured power capacity.
Daniel Roberts, IREN Co-Founder, stated: "Our rapid transition from ASICs to GPUs in British Columbia and accelerated construction of Horizon 1 & 2 demonstrates IREN's unique positioning to meet growing AI computing demand."
Cryptocurrency Miners Extend Gains
The AI and high-performance computing rally continued in early trading, with Bitfarms (BITF) up 12% after Monday's 15% gain, while Hive Digital (HIVE) climbed 10% following a 25% surge in the previous session.