Bitcoin miner IREN reaches a $3.4 billion AI deal, with Nvidia receiving $2.1 billion in stock options

Bitcoin mining company IREN and NVIDIA announced on May 8 that IREN will provide NVIDIA with GPU cloud colocation services worth $3.4 billion over the next five years. According to Decrypt, as part of the agreement, NVIDIA receives a five-year option to buy up to 30 million shares of IREN stock at $70 per share, with a potential investment of as much as $2.1 billion.

Key terms of the cooperation agreement

According to an official IREN statement, the core of this collaboration is to deploy NVIDIA’s DSX architecture across IREN’s global data center network. Plans call for deploying next-generation AI infrastructure at a scale of up to 5 gigawatts (GW), with the first deployment site being a 2 GW data center campus in Sweetwater, Texas.

NVIDIA founder and CEO Jensen Huang said in the statement: “The AI factory is becoming foundational infrastructure for the global economy. Large-scale deployment of these systems requires deep integration across the entire technology stack—computation, networking, software, power, and operations and maintenance. IREN has scale advantages and expertise in infrastructure, which can help accelerate the establishment of next-generation AI infrastructure worldwide.”

Daniel Roberts, co-founder and co-CEO of IREN, said in the statement that the partnership “combines NVIDIA’s leading position in AI systems and architectures with IREN’s expertise in power, land, data centers, GPU deployments, and infrastructure operations.”

IREN’s European expansion: acquisition of a Spanish data center developer

According to Decrypt, to support the 5 GW deployment scale, IREN also announced the acquisition of data center developer Ingenostrum (a company under the Nostrum Group), headquartered in Spain, adding 490 megawatts (MW) of grid-connected power in Spain. As a result, IREN’s total power generation capacity will reach 5 GW, matching the scale of the NVIDIA agreement.

Stock performance and impact on Q1 earnings

According to Decrypt, IREN shares briefly rose above $72 in after-hours trading on Thursday, after closing at $56.85. After IREN released its Q1 earnings report on Thursday night, the after-hours gains gradually faded. The Q1 report showed a net loss of $247.8 million, far below market expectations. As of the time of Decrypt’s report, IREN shares were up about 3% on the day, trading at $58.60. According to Decrypt, Bernstein analyst at the investment bank set IREN’s target share price at $100 after the deal was announced. According to Yahoo Finance data, NVIDIA’s stock has risen 83% over the past year, and is currently trading above $215 per share.

IREN’s previous major AI infrastructure deals

According to Decrypt, in November 2025 IREN reached an agreement with Microsoft to deploy $9.7 billion worth of GPU cloud infrastructure (using NVIDIA’s GB300 GPUs) at its data center in Childress, Texas, and simultaneously reached a $5.8 billion equipment procurement agreement with Dell Technologies. With this latest NVIDIA agreement added, IREN’s cumulative AI infrastructure investment commitments have already exceeded $15.0 billion. Hut 8 has also recently signed a $9.8 billion AI data center lease agreement, and companies such as Core Scientific and Terawulf have likewise reached similar multi-billion-dollar compute deals with AI institutions.

FAQ

What are the specific terms of the IREN and NVIDIA agreement?

According to IREN’s official statement, over the next five years IREN will provide NVIDIA with GPU cloud colocation services worth $3.4 billion. NVIDIA also receives a five-year option to buy up to 30 million shares of IREN stock at $70 per share, with a potential investment of up to $2.1 billion. The first deployment site is a 2 GW data center campus in Sweetwater, Texas.

How were IREN’s Q1 earnings?

According to Decrypt, IREN’s Q1 earnings report released Thursday night showed a net loss of $247.8 million, far below market expectations, causing the after-hours share price gains driven by the deal announcement to gradually fade.

What other major AI infrastructure agreements has IREN had before?

According to Decrypt, in November 2025 IREN reached a $9.7 billion GPU cloud agreement with Microsoft and a $5.8 billion compute equipment agreement with Dell Technologies. Combined with this NVIDIA transaction, IREN’s cumulative AI infrastructure investment commitments have already exceeded $15.0 billion.