IREN said the contracts to put 11,000 GPUs to work would generate “approximately” USD225 million in annualised revenue — or USD18.75 million per month — by the end of the year. That’s a substantial jump from the USD2.4 million it earned in August from its AI cloud division.
The Sydney-based, Nasdaq-listed company has been on an extraordinary rally thanks to its expansion from a pure Bitcoin miner to a builder of data centres designed for the AI age. Its stock has risen 660% in the past year, giving it a market capitalisation of USD16.78 billion.
IREN declined to reveal its new AI cloud customers but said the average contract duration was two years.
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