Daniel Roberts, Co-Founder and Co-CEO of IREN, an infrastructure operator and NVIDIA partner, argues that the exponential demand for AI computing is creating an insatiable need for physical infrastructure, such as power, land, and data centers, rather than being limited by the supply of chips. Roberts emphasizes that IREN's strategy of owning the full stack of physical assets—including data centers and five gigawatts of global power capacity—positions it uniquely to address this bottleneck. This contrasts with competitors like WhiteFiber, which lease third-party space.
IREN recently secured a five-year, $3.4 billion AI cloud contract with NVIDIA to deploy Blackwell GPUs in its Texas facilities. This agreement is part of a broader strategic partnership where IREN will provide NVIDIA with managed GPU cloud services for its internal AI and research workloads. The deal underscored IREN's role in the AI infrastructure ecosystem and led to a 10% share gain for the company on the announcement day.
Financially, IREN's Q3 FY26 results showed a decrease in total revenue to $144.8 million from $184.7 million in Q2 FY26, with a net loss of $(247.8) million. The revenue decrease was driven by a lower average Bitcoin price and the decommissioning of mining hardware. Despite this, AI Cloud Services revenue significantly increased to $128.8 million in FY26 from $16.4 million a year prior. The company has $3.1 billion ARR under contract, targeting $3.7 billion ARR by the end of CY26, with near-term capital expenditure expected to be met through existing cash ($2.6 billion), operating cash flows, GPU financing, and additional initiatives. Wall Street analysts maintain a "Moderate Buy" consensus with an average price target of $69.90, implying a 24.7% upside.
