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

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.