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IREN accelerates AI Cloud shift with $3.4B Nvidia GPU deal, strong Q3 growth, and $3.7B ARR forecast

Company Fundamentals
12 May 2026
Seeking Alpha
View Source
Bullish
pluang ai news

IREN Limited is rapidly advancing its transition to AI Cloud Services, marked by a significant $3.4 billion, five-year GPU contract with Nvidia. The company's Q3 2026 results demonstrated strong momentum in its AI segment, with annual recurring revenue (ARR) expected to reach $3.7 billion by the end of the year. This shift from volatile crypto mining to high-margin, recurring AI Cloud revenue positions IREN for substantial growth, supported by an aggressive plan to expand capacity tenfold by 2028. However, investors should be mindful of revenue concentration risks despite the promising outlook.

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