On Tuesday, October 7, 2025, Iren Limited announced that it had secured a new multi-year AI cloud services contract with leading AI companies for NVIDIA GPU (Graphics Processing Units) deployments. IRen itself is a leading developer of next-gen data for the future of AI and Bitcoin.
Although the company is popularly known for its Bitcoin mining operations, it is moving to a new direction where crypto mining firms are a vital part of the AI supply chain. With the new multi-year AI cloud contracts, Iren is pivoting from being a pure miner to becoming a hybrid AI infrastructure player.
This strategic move will not go unnoticed in the crypto community. It will grab the attention of crypto investors, who are already watching how the pairing of AI and blockchain could shape the next 1000x cryptos, many of them altcoin and memecoin projects that could deliver the biggest profits in the near future.
The AI industry has been on the rise since the launch of tools like ChatGPT, Grok, and Claude. Iren is slowly turning its focus away from the Bitcoin mining industry to its AI business, and the company’s co-CEO, Daniel Roberts, believes that they are correctly positioned to grow and cope with AI compute demands.
As the company moves into the AI industry, it is also laying the groundwork to make substantial revenue and ensure that this pivot is a successful one. As of 2024, the industry was worth $638 billion, and is expected to reach $3.68 trillion by 2034. Economically, the move makes even more sense.
Currently, Iren has 23,000 GPUs in operation, and 11,000 of them are already contracted. The new NVIDIA GPUs are expected to be contracted ahead of delivery with an average term and revenue payback period of about 2 years.
The 11,000 GPUs currently in operation are expected to be in operation till the end of the year, accounting for about $225 million in annualized run-rate revenue (ARR). This also sets the company on track to achieve its ARR goal of $500 million by the end of Q1 2026.
In scaling its AI business, Iren isn’t just focused on signing contracts. It is also building an infrastructure that can match its long-term goals. The company has secured 2,910 megawatt (MW) of grid-connected power across Canada and the United States while holding an extensive land portfolio that covers more than 2,000 acres, which are necessary for running high-density GPU farms.
Still focused on scaling, Iren has a plan to hold over 100,000 GPUs in the future, thanks to its data centers in British Columbia’s campuses and the Horizon 1 and 2 data centers under construction. Apart from securing cloud contracts and building GPUs, the company is also involved in negotiations, site tours, and technical diligence with prospective and existing customers.
Daniel Roberts, Iren’s co-founder and co-CEO, believes that with the company’s ability to quickly transition from ASICS to GPUs on its British Columbia campuses and the speed at which it is building more data centers, Iren can quickly become a big player in the AI industry.
As the company ventures into AI, experts and competitors will be watching to see how it can deal with power costs and reliability issues in its data centers while ensuring that the business is sustainable. Analysts already predict that the power use of such centers could range between 1,000 TWh and 1,300 TWh by 2030, depending on how efficient they are.
If successful, Iren would not only surpass its ARR target but also become a model for other crypto infrastructure companies.
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