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Bitcoin Miner IREN Jumps 9% After Securing New Multi-Year AI Cloud Contracts
AI and HPC stocks are moving higher again, with IREN, Bitfarms, and Hive Digital extending their rally on rising GPU and cloud momentum.
Oct 7, 2025, 1:22 p.m.
What to know:
- IREN jumped 9% to $63 after signing new multi-year AI cloud contracts tied to NVIDIA Blackwell GPU deployments, securing $225 million in annualized run-rate revenue.
- The company is expanding capacity across its British Columbia and Texas sites, which can host more than 100,000 GPUs, supported by 2,910 MW of secured power.
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.
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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 GPUs across our British Columbia campuses , and the speed at which we’re building Horizon 1 & 2, demonstrates how IREN is uniquely positioned to meet accelerating demand for AI compute."
Miners Continue Surge
The AI and high-performance computing (HPC) rally continued in early U.S. trading, with Bitfarms (BITF) up 12% after gaining 15% on Monday, while Hive Digital (HIVE) climbs another 10% following a 25% surge in the previous session.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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