Benzingaยท2025-10-07 15:56Core Insights - IREN Limited has announced multi-year agreements with major AI companies deploying NVIDIA's Blackwell GPUs, indicating strong demand for its services [1][2] - The AI Cloud division is projected to exceed $500 million in annual recurring revenue by 2026, supported by a fleet of 23,000 GPUs [2][5] - The company has secured commitments for approximately 11,000 GPUs, translating to about $225 million in annualized cloud revenue expected by the end of 2025 [2] Contract Details - The NVIDIA Blackwell GPUs are leased on two-year contracts, allowing IREN to recover its investment within that period [3] - IREN is actively hosting demonstrations and technical evaluations with potential clients beyond the initial GPU deployment [3] Infrastructure Expansion - IREN's facilities in British Columbia and the under-construction Horizon 1 and Horizon 2 in Texas will support over 100,000 GPUs upon completion [4] - The company has a secured energy portfolio of 2,910 megawatts, providing capacity for large-scale AI infrastructure growth [4][5] Market Position - IREN shares were down 3.36% at $55.81, close to its 52-week high of $58.28, reflecting significant volatility and investor interest [6][7] - With a market cap of $15.18 billion and a P/E ratio over 148, the company is positioned in the high-growth software segment, despite not offering dividends [7]