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IREN shifts from Bitcoin mining to AI cloud with $10B Microsoft deal, targeting $3.7B ARR by 2026

Market News
08 May 2026
Seeking Alpha
View Source
Bullish
pluang ai news

IREN Limited is transitioning from Bitcoin mining to AI cloud infrastructure, leveraging renewable energy assets and key partnerships. The company secured a $10 billion contract with Microsoft and a major partnership with Nvidia, aiming for $3.7 billion in annual recurring revenue by 2026, with $3.1 billion already contracted. Despite a high price-to-sales ratio and current losses, IREN's $2.6 billion cash reserve and aggressive expansion plans support its premium valuation. The stock is rated a Buy for near-term growth, though long-term risks exist if AI demand stabilizes.

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