AI cloud (converted datacenter)

IREN

A datacenter firm that pivoted from mining to AI cloud. In November 2025 it signed a 5-year $9.7B AI-cloud contract with Microsoft (NVIDIA GB300) and bought GPUs and equipment from Dell for $5.8B. It phases up liquid-cooled datacenters at its 750MW Childress, Texas campus, with ~$1.94B annualized run-rate revenue when fully commissioned. A GPU-rental demand node like CoreWeave and Nebius.

Business categories GPU Cloud & HPC Hosting · AI Compute Infrastructure · primary Data Center Facilities · AI Compute Infrastructure

IREN Updated Jul 11, 2026 7 AI consumers· 6 recurring

Per the valuechain.wiki graph, IREN is directly linked to 3 companies (2 supply, 1 revenue relationships) and reaches 30 companies within two hops; the links are backed by 4 dated sources, 2 of them primary filings (as of 2026-07-11).

Annual return · 2026-09-04'22-92.3%'23+472%'24+37.3%'25+284.6%YTD+18.3%
Money in ▸Microsoft●contract $9.7BEnterprises · cloud (GPU leasing)◐
IRENMicrosoft deal $9.7B, ~$1.94B run-rate
▸ Money outDell Technologies●contract $5.8BNVIDIA●Power · liquid-cooled data centers (undisclosed)○

Financials & Segments

  • Total revenue · Microsoft deal $9.7B, ~$1.94B run-rate
  • Customer concentration · Microsoft GB300 5yr; 750MW Childress.
  • Segments · AI cloud (GPU rental) · Bitcoin mining

Revenue from

  • Microsoft High confidence· contract $9.7B · 5년 · GB300 GPU cloud; 20% prepayment; ~$1.9B annualized
    5-year $9.7B AI-cloud contract with Microsoft (GB300).
    Confirms EN CNBC Published May 7, 2026: IREN inks AI infrastructure deal with NVIDIA
    Confirms EN GlobeNewswire Published Nov 3, 2025: IREN secures $9.7B AI cloud contract with Microsoft
    Confirms EN GlobeNewswire (IREN PR) Published Nov 3, 2025: IREN secures $9.7bn AI cloud contract with Microsoft
  • Enterprises · cloud (GPU leasing) Medium confidence
    GPU compute rental to enterprises and cloud (~$1.94B run-rate).
    Confirms EN SEC EDGAR Published Sep 1, 2025: IREN FY2025 results (8-K)

Pays to

  • Dell Technologies High confidence· contract $5.8B · GPU·장비 구매 · GB300 procurement for the Microsoft contract
    Buys GPUs and equipment from Dell for $5.8B.
    Confirms EN GlobeNewswire Published Nov 3, 2025: IREN secures $9.7B AI cloud contract with Microsoft
    Confirms EN GlobeNewswire (IREN PR) Published Nov 3, 2025: IREN secures $9.7bn AI cloud contract with Microsoft
  • NVIDIA High confidence
    Builds AI cloud on NVIDIA GB300 GPUs.
    Confirms EN CNBC Published May 7, 2026: IREN inks AI infrastructure deal with NVIDIA
    Confirms EN GlobeNewswire Published Nov 3, 2025: IREN secures $9.7B AI cloud contract with Microsoft
  • Power · liquid-cooled data centers (undisclosed) Low confidence
    Childress 750MW and liquid-cooled datacenter power.
    Confirms EN GlobeNewswire Published Nov 3, 2025: IREN secures $9.7B AI cloud contract with Microsoft

Value-chain ripple (2 tiers)

Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.

CompanyChain'21'22'23'24'25YTD
Snowflakelead2+20.4-57.6+38.6-22.4+42.1+68.2
Starbucks Corplead2+11.1-13.2-1.2-2.5-5.3+26.3
Johnson Controlslead2+77.4-19.3-7.6+39.8+53+21.7
Kenvue Inc.lead2···+3.1-15.9+12.4
Rockwell Automation, Inc.lead2+41.2-24.8+22.6-6.2+38.4+12.3
Illinois Tool Works Inc.lead2+23.6-8.5+21.6-1-0.4+11
Costco Wholesalelead2+51.8-19+49+39.6-5.4+10.3
Parker-Hannifin Corporationlead2+18.3-6.9+60.8+39.6+39.5+10.2
3M Companylead2+4.9-29.6-3.3+46.1+26.4+6.8
The Kraft Heinz Companylead2+8+18.2-5-13-16.3+6.1
Walmart Inclead2+2-0.5+12.9+74+24.5+0.6
Ralph Lauren Corporationlead2+16.7-8.4+39.8+62.9+55-0.2
Dover Corporationlead2+45.7-24.3+15.2+23.3+5.2-0.5
Veralto Corporationlead2···+24.3-1.6-3.2
Roper Technologieslead2+14.7-11.6+26.9-4.1-13.8-7.9
ServiceNowlead2+17.9-40.2+82+50.1-27.7-8
Axon Enterprise, Inc.lead2+28.1+5.7+55.7+130.1-4.4-9.2
Take-Two Interactive Software, Inc.lead2-14.5-41.4+54.6+14.4+39.1-16.6
Stryker Corporationlead2+10.2-7.4+23.8+21.3-1.5-20.4
Fiservlead2-8.8-2.6+31.4+54.6-67.3-21.1
Cognizant Technology Solutions Corporationlead2+9.6-34.5+34.4+3.5+9.7-23.6
Adobe Inc.lead2+13.4-40.7+77.3-25.5-21.3-23.9
Autodesk, Inc.lead2-7.9-33.5+30.3+21.4+0.1-26.4
Boston Scientific Corporationlead2+18.2+8.9+24.9+54.5+6.8-55.2
Microsoftlead1+52.5-28+58.2+12.9+15.6+4
IRENnode·-92.3+472+37.3+284.6+18.3
Dell Technologiesbenef1+51.2-26.6+95.9+53+11.2+320.2
Intelbenef2+6.1-46.6+94.6-59.6+84+159.6
Amphenolbenef2+34.9-12+31.5+41.3+96.1+29.8
NVIDIAbenef2+125.5-50.3+239+171.2+38.9+23.2

YTD as of 2026-09-04 · source: Yahoo Finance

IREN operates across AI cloud (converted datacenter). After a spike of +472% in 2023, gains cooled to +284.6% in 2025 and +18.3% in 2026. The supply side (avg +172%) has moved harder than the stock (+18.3%). That is the classic bottleneck pattern: supplier volume leverage is being priced before this layer's own margin. Among connected nodes the furthest ahead is Dell Technologies (+320.2%) and the furthest behind is Microsoft (+4%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. A GPU-rental demand node like CoreWeave and Nebius.

Analysis generated from returns as of 2026-09-04

Analyst ratings

Consensus: Buy 2 · Hold 1 · Sell 0 · Avg. target $76 · Price $44.468 (09-05) · Upside +71%

BrokerRatingTargetPublished
Bernstein · Gautam ChhuganiOutperform$100Jul 6, 2026Report ↗
Jefferies · Jonathan PetersenBuy$79Jun 18, 2026Report ↗
Citi · Nilesh BhaiyaNeutral$50May 28, 2026Report ↗

After the NVIDIA and Microsoft AI cloud deals, Bernstein leads bulls with a Street-high $100 target, though Citi and a few others stay neutral on valuation.

Analyses covering this node

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