IREN (IREN) shares continued to rally after announcing new multi-year AI cloud service contracts with leading AI companies for NVIDIA Blackwell GPU deployments.

The company remains on track to surpass $500 million in annualized run-rate revenue (ARR) by the end of Q1 2026 from 23,000 GPUs in operation or on order. Contracts covering 11,000 GPUs have already been signed, representing around $225 million in ARR expected to come online by the end of 2025.

With average two-year contract terms and revenue payback periods, IREN is scaling across its British Columbia campuses and Horizon 1 and 2 data centers in Texas, which together can host over 100,000 GPUs supported by 2,910 MW of secured power capacity.

IREN, Co-Founder Daniel Roberts said, “Our ability to rapidly transition from ASICs to

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