IREN Locks In $2.8 Billion In New Contracts For AI Compute

IREN has just secured multiple new contracts for high performance computing. And some of the most prominent private companies in artificial intelligence are behind it.

What’s happening:

• IREN (NASDAQ: IREN) has entered into $2.8B USD in new multi-year contracts for high performance computing and artificial intelligence workloads
  

Why it matters:

• IREN has publicly stated that Perplexity, Figure AI, Hume AI and multiple other prominent venture backed private companies are amongst some of the new customers who are included in their $2.8B USD multi-year cloud services deal
  

Going deeper:

• The new contracts for high performance computing are structured with roughly a 45% pre-payment upfront to IREN which meaningfully reduces IREN’s financing need for funding the buildout of more capacity
  
• IREN has been aggressively making moves to expand their global data centre capacity lately, including acquiring a data centre developer in Spain and entering into a transmission connection agreement for a 800 megawatt data centre campus in Bundey, South Australia
  

The intrigue:

• Nvidia (NASDAQ: NVDA) and IREN previously made major waves on Wall Street when they formed a partnership to deploy 5 gigawatts of new physical infrastructure for artificial intelligence workloads