IREN is turning its Bitcoin mining footprint into an AI cloud business, but the shift is forcing the company to raise billions of dollars to keep pace with its contracts.
The company, formerly known as Iris Energy, has signed a $9.7 billion multi year agreement with Microsoft to provide AI cloud infrastructure powered by NVIDIA GB300 GPUs. The capacity will be deployed at IREN’s Childress, Texas campus, with phased delivery through 2026.
IREN is also scaling around a separate five year AI cloud services contract tied to NVIDIA workloads. The company agreed to buy about $1.6 billion of NVIDIA Blackwell systems from Dell to support that deployment.
The deals give IREN one of the clearest AI pivots among former Bitcoin mining companies. Its secured power portfolio now spans more than 4.5 GW across North America, with the company adding more capacity as demand for AI compute accelerates.
The capital need is the hard part. IREN closed a $3.0 billion convertible notes offering in May after pricing an upsized $2.6 billion deal, with proceeds aimed at general corporate purposes, working capital, and capped call transactions.
