IREN Lands $3.4 Billion Deal with NVIDIA for AI Cloud Services

IREN Limited, a company previously involved in Bitcoin mining, has taken a significant step into the world of artificial intelligence (AI) with its recent $3.4 billion contract with NVIDIA.

The five-year deal will see IREN provide managed GPU cloud services for AI infrastructure at its data centers in Texas. This marks a significant shift in focus for the company, which had previously been associated with cryptocurrency mining.

Under the terms of the agreement, NVIDIA has the right to purchase up to 30 million IREN shares at $70 each over the next five years. This could potentially tie the company's financial performance closely to that of NVIDIA, a major player in the AI industry.