IREN secures $3.4bn AI cloud deal with NVIDIA, expands global data center capacity to 5GW by 2028.

IREN announced a $3.4 billion AI cloud contract and a 5GW strategic partnership with NVIDIA, aiming to expand its AI cloud capacity to 1.2GW by 2027 and 5GW globally by 2028 across North America, Europe, and APAC. The company is transitioning from Bitcoin mining to AI cloud services, with $3.1 billion annual recurring revenue under contract and targeting $3.7 billion by the end of 2026. Recent acquisitions of Nostrum and Mirantis enhance IREN's European presence and AI cloud delivery capabilities. Despite a Q3 FY26 net loss of $247.8 million due to asset impairments and hardware transitions, IREN is on track with its expansion and financing plans to meet growing AI infrastructure demand.