IREN Announces $3.4 Billion AI Cloud Contract with Nvidia

Nasdaq-listed company IREN has announced a significant AI cloud contract with Nvidia valued at $3.4 billion, according to ChainCatcher. The agreement involves IREN deploying air-cooled Blackwell GPU infrastructure for Nvidia over a five-year period. The company's latest financial report indicates a strategic shift from Bitcoin mining to AI cloud services. This transition is highlighted by an ongoing $9.7 billion data center construction project in collaboration with Microsoft. As of April 30, IREN held $2.6 billion in cash. For the third quarter of fiscal year 2026, IREN reported revenue of $144.8 million, a decrease from the previous quarter's $184.7 million. The company also faced a net loss of $247.8 million, attributed to non-cash impairments related to obsolete mining equipment.