Bitcoin miner and AI infrastructure provider IREN has lifted its year-end AI Cloud annualized run-rate revenue target to more than $4 billion after signing new multi-year contracts with major artificial intelligence developers. The company said agreements involving Microsoft and NVIDIA have helped secure roughly 85% of the new target.
AI Cloud Run-Rate Target Raised Above $4B
IREN increased its AI Cloud annualized revenue goal to over $4 billion by year-end, reflecting accelerating demand for high-performance compute used to train and run AI models. The company cited newly signed, multi-year customer contracts as the primary driver of the upgraded outlook.
Microsoft and NVIDIA Among Key Partners
According to the company, partnerships and deals involving Microsoft and NVIDIA contributed to locking in about 85% of the updated run-rate target. The agreements are intended to provide long-term visibility on utilization of IREN’s GPU-powered cloud capacity.
Why It Matters for Crypto Infrastructure
The move underscores a broader trend of bitcoin mining and digital infrastructure firms expanding into AI compute to diversify revenue and maximize data center utilization. Securing multi-year AI workloads can offer steadier cash flows compared with the volatility of mining revenues, while leveraging existing power, cooling, and facility footprints.
Outlook
With most of its new target reportedly contracted, IREN aims to scale AI Cloud services alongside its core infrastructure operations. Continued demand from AI developers for reliable, GPU-rich capacity remains a key variable for the company’s growth trajectory through year-end.