Nvidia to invest up to $2.1 billion in IREN in partnership that deploys as much as 5 gigawatts of its AI infrastructure
Sherwood News • • business
Key Points:
- IREN shares surged 20% in after-hours trading following a deal with Nvidia to deploy up to 5 gigawatts of AI infrastructure across data centers.
- The agreement involves IREN building data centers optimized for Nvidia hardware, with Nvidia also securing a $3.4 billion AI cloud contract with IREN.
- As part of the deal, IREN issued Nvidia warrants allowing the chipmaker to purchase up to 30 million shares at $70 each within five years, potentially representing a $2.1 billion investment.
- The positive impact of the deal helped offset IREN’s weaker-than-expected Q3 financial results, which showed sales and adjusted EBITDA below analyst estimates.
