IREN Stock Surges 10% on Nvidia Blackwell GPU Contracts for AI Cloud Services

IREN (IREN) shares jumped 10% following the announcement of multi-year AI cloud service contracts with major AI firms for Nvidia's (NVDA) next-generation Blackwell GPUs. The company has secured commitments for 11,000 of its 23,000 GPUs, translating to $225 million in annual recurring revenue. Deployment is expected by end-2025.

The contracts feature an average two-year term with pricing structured for efficient capital recovery within 24 months. IREN anticipates reaching $500 million annualized run-rate revenue from its full GPU fleet by Q1 2026, signaling robust demand for high-performance AI compute infrastructure.

With expansion capacity for over 100,000 GPUs across its British Columbia and Texas data centers, plus 2,910 MW of power infrastructure, IREN positions itself as a growing force in industrial-scale AI compute solutions. The Blackwell deployments demonstrate continued enterprise adoption of accelerated computing for AI workloads.