NVIDIA, IREN Sign $3.4B AI Infrastructure Mega-Deal

NVIDIA and IREN Limited announced a landmark strategic partnership to deploy up to 5 gigawatts of AI infrastructure, anchored by a $3.4 billion five-year managed GPU cloud contract. NVIDIA also received warrants to purchase 30 million IREN shares at $70 each, representing a potential $2.1 billion equity stake. IREN shares surged over 20% after-hours following the announcement. The deal validates IREN's pivot from Bitcoin mining to AI data centers, while giving NVIDIA deeper infrastructure control. Analysts note NVIDIA offers stability, while IREN presents higher-risk asymmetric upside if it delivers on its ambitious 5GW buildout roadmap.