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IREN Limited has struck a strategic partnership with Nvidia to co-deploy up to 5 gigawatts of NVIDIA DSX-aligned AI infrastructure across IREN's global data center pipeline, the companies said in a Thursday press release. As part of the agreement, IREN granted Nvidia warrants to purchase up to 30 million shares at $70 each over five years — a potential $2.1 billion equity stake if fully exercised. The stock jumped more than 25% in Thursday's after-hours session, briefly clearing $71 before pulling back to the $68 area, extending a year-to-date gain above 30%.
Why it matters
The warrants are the structural signal: Nvidia is taking equity, not just selling boxes, which is how it signals conviction that a counterparty can actually deliver gigawatts. IREN pivoted from Bitcoin mining into AI infrastructure and is now pairing that power-and-land footprint with Nvidia's DSX reference architecture — the same blueprint Nvidia uses for its own AI factories. The first flagship deployment is expected to be IREN's 2 GW Sweetwater campus in Texas, a site large enough to anchor multi-year offtake from AI-native startups and enterprise tenants.
Market impact
The deal compounds IREN's $625 million all-stock Mirantis acquisition earlier this week, which folded cloud-infrastructure software in-house to operationalize the AI cloud platform. Jensen Huang framed it as "building for the age of AI" and pointed to IREN's full-stack capability — power, land, data centers, GPU deployment — as the differentiator from pure-play cloud resellers. The convergence of warrants, a 5 GW pipeline, and an imminent earnings release means Thursday's move is the start of a repricing event, not the end of one; the market will be reading the Q print for whether the AI cloud business can convert signed pipeline into recognized revenue.
Frequently asked questions
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Why did Nvidia take warrants instead of just selling GPUs to IREN?
Warrants give Nvidia equity upside tied to IREN's execution, signaling conviction that the counterparty can actually deliver gigawatts of AI compute rather than just buying hardware.
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What is NVIDIA DSX and why does the 5 GW figure matter?
DSX is Nvidia's reference architecture for AI factories — power, networking, software and operations integrated end-to-end. 5 GW across IREN's pipeline would rank among the largest disclosed AI infrastructure buildouts tied to the DSX blueprint.
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Where is the first deployment expected?
IREN's 2 GW Sweetwater campus in Texas is expected to serve as the flagship site for NVIDIA DSX-aligned infrastructure under the new partnership.
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How does the Mirantis deal fit into the Nvidia partnership?
IREN closed a $625 million all-stock acquisition of Mirantis earlier in the week, bringing cloud-infrastructure software in-house so it can operationalize the AI cloud platform the Nvidia deal now fronts.
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What is the market watching for next?
IREN's quarterly earnings, originally slated for Thursday, are the next catalyst — the read is whether signed AI pipeline translates into recognized revenue, which would validate the after-hours repricing.
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