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Home/News Feed/IREN Limited shifts from mining to AI, with AI revenue up 839% and a $3.4B NVIDIA cloud deal.
IREN
$40.07
+$3.27 +8.89%

IREN Limited shifts from mining to AI, with AI revenue up 839% and a $3.4B NVIDIA cloud deal.

Analyst Insights
20 Jun 2026
Seeking Alpha
View Source
Bullish
pluang ai news

IREN Limited is transforming from a mining company into an AI infrastructure provider, driving rapid growth through expanding capacity, customer base, and capital investments. Its AI revenue soared 839% year-over-year to $33.6 million in Q3 2026, now making up 23% of total revenue. The company secured a significant five-year, $3.4 billion cloud services contract with NVIDIA, increased secured power capacity to 5GW, and raised its contracted annual recurring revenue to $3.1 billion. With upgraded GPU targets for 2026, IREN shows strong execution and growth potential, leading to a maintained BUY rating despite risks from dilution and liquidity.

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