NVIDIA Anchors IREN With $3.4B Contract And $2.1B Equity Warrant
Five-year cloud services contract, $70 warrant strike on 30 million shares, DSX-aligned 5GW pipeline, Sweetwater Texas flagship deployment
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IREN announced a strategic partnership with NVIDIA on May 6 and 7, 2026, covering the deployment of up to five gigawatts of NVIDIA DSX-aligned AI infrastructure across IREN’s global pipeline.
The partnership is structured across three components: a five-year managed GPU cloud services contract valued at approximately $3.4 billion, a five-year warrant granting NVIDIA the right to acquire up to 30 million IREN ordinary shares at $70 per share.
It also includes the rollout of NVIDIA DSX-aligned facilities anchored by IREN’s two-gigawatt Sweetwater campus in West Texas.
IREN shares closed at approximately $56.85 ahead of the announcement and rose between 13 percent and 27 percent in after-hours trading.
The Three-Component Structure
The infrastructure component covers up to five gigawatts of NVIDIA DSX-aligned capacity deployed across IREN’s pipeline over time.
The managed services component covers approximately 60 megawatts of air-cooled Blackwell capacity at IREN’s Childress, Texas campus, with deployment ramping in early 2027.
The equity component is structured as a warrant rather than a direct purchase, with NVIDIA’s exercise discretion extending over the five-year term.
If fully exercised, the warrant would convert to an equity investment of up to $2.1 billion at the $70 per share strike price.
Sweetwater And The Global Pipeline
The flagship deployment is IREN’s two-gigawatt Sweetwater campus in Fisher County, Texas. The site spans 2,200 acres across two phases.
Sweetwater 1, with 1.4 gigawatts of capacity, was energized on the ERCOT grid on May 1, 2026.
Sweetwater 2, with 600 megawatts of additional capacity, is scheduled to energize in late 2027.
The site is engineered to support more than 700,000 liquid-cooled GPUs at full build.
The five-gigawatt pipeline extends beyond Texas to Spain, where IREN acquired the Nostrum Group in May 2026 and added 490 megawatts of secured grid-connected capacity, and to Australia.
The Managed Cloud Services Contract
The five-year $3.4 billion contract covers managed GPU cloud services delivered to NVIDIA for its internal AI and research workloads.
Deployment uses air-cooled Blackwell systems across approximately 60 megawatts at the Childress, Texas campus.
The contract also includes orchestration and cluster management software delivered in collaboration with Mirantis, which IREN announced it would acquire on May 5, 2026 for approximately $625 million in IREN shares.
The Five-Year Equity Warrant
The warrant grants NVIDIA the right to acquire up to 30 million IREN ordinary shares at $70 per share over a five-year exercise window, subject to regulatory conditions.
The strike price was set above the $56.85 closing price at the time of the announcement.
NVIDIA’s combined contracted backlog with IREN, layered onto IREN’s previously disclosed $9.7 billion multi-year contract with Microsoft signed in November 2025, exceeds $13 billion.
The next reportable milestones are the close of the Mirantis acquisition and the early-2027 ramp of the Childress Blackwell deployment.