Bitcoin miners charged higher Tuesday as Iren announced new multiyear artificial intelligence cloud contracts.
Cryptocurrency prices dipped late Tuesday as bitcoin eased from record highs.
Iren on Tuesday announced it signed new multiyear cloud services contracts with "leading AI companies" for Nvidia Blackwell graphics processing unit (GPU) deployments. The company in September said it doubled its AI could capacity to 23,000 GPUs, and is on track to reach more than $500 million in annualized run-rate revenue by the end of Q1 2026.
So far, Australia-based Iren secured customer contracts for 11,000 of its 23,000 GPUs, which represents $225 million in AI cloud ARR, which is expected to be in operation by the end of 2025. The company's Nvidia Blackwell GPUs continue to be contracted two years ahead of delivery on average, at pricing that supports about a two-year revenue payback, Iren said.
Beyond the initial 23,000 GPUs, Iren is also engaging with existing and prospective customers. The company's campuses in British Columbia, combined with its Horizon sites 1 & 2 under construction in Texas, have the capacity for more than 100,000 GPUs. Iren also secured 2,910 megawatts (MW) of power and its land portfolio offers "significant expansion potential," the company said.
"Iren is uniquely positioned to meet accelerating demand for AI compute," Co-CEO Daniel Roberts said in the news release, "With nearly 3 GW (gigawatts) of grid-connected power across North America and a cloud services business scaling in size and reputation, we believe IREN is well positioned to scale with the rapid growth in AI compute needs."
The company during its August earnings announced that it had been named an "Nvidia preferred partner."
IREN Stock, Bitcoin Miners Jump
Shares of Iren surged 6.8% Tuesday, extending its record highs. IREN stock has rallied more than 528% so far this year.
Other bitcoin miners involved in AI services also rallied Tuesday.
Bitfarms pared its gain to less than 1% after jumping 6% in early trade. Shares on Monday popped 15%. BITF stock is up 133% year-to-date.
HIVE Digital Technologies advanced 11.3% Tuesday. HIVE stock vaulted 25% on Monday, with a 118% gain in 2025.
Bitcoin Holds Near Record
Meanwhile, bitcoin on Monday set a fresh record high of $126,198, according to CoinMarketCap data, after on Sunday clearing $125,000 to surpass its mid-August peak near $124,500. BTC traded around $122,100 on Tuesday afternoon. The world's top crypto has surged 7% over the past week and pushed its 2025 gain to 31%.
Ethereum traded near $4,500 on Tuesday, marking an 8% advance over the past week. The No. 2 crypto is up almost 35% so far this year.
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