IREN announces a $3.6 billion GPU deployment initiative to transition its operations from Bitcoin mining to AI cloud services.

IREN Limited (NASDAQ: IREN) is executing a strategic transformation from a Bitcoin mining operation into a vertically integrated AI Cloud Services platform spanning data centers, compute infrastructure, and software. As of June 30, 2026, the company operated approximately 40MW of AI cloud capacity while continuing Bitcoin mining operations during its planned transition.

The company maintains direct control over land, power infrastructure, and substations, securing grid connection agreements and similar arrangements for roughly 5GW of power across North America, Europe, and the Asia Pacific region. Announced development sites span Canada, the United States, Australia, and Spain. Its installed and on-order GPU inventory includes systems from both NVIDIA and AMD.

IREN is actively decommissioning Bitcoin hardware, which stood at 23.2 EH/s of installed capacity as of June 30, 2026. The company aims to substantially complete the reallocation of approximately 380MW of data center capacity to AI workloads by December 31, 2026. Alongside major supplier partnerships—including a strategic alliance with NVIDIA and large-scale GPU financing—the filing highlights significant regulatory and policy risks surrounding data center development, artificial intelligence deployment, and digital asset operations.

As of August 14, 2026, IREN reported 394,058,648 ordinary shares and two Class B shares outstanding. In its audited annual report (Form 10-K), the company disclosed that it granted NVIDIA a conditional right to invest up to $2.1 billion in ordinary shares. This arrangement is contingent upon the delivery of up to 600,000 GPUs and the satisfaction of regulatory conditions. At present, this represents authorized investment capacity rather than a completed equity issuance. Should the right be exercised and settled in shares, the total share count would increase, potentially diluting existing shareholders’ percentage ownership.

Separately, IREN completed its acquisition of Mirantis on August 4, 2026, integrating a cloud-software and services business into the software layer of its AI Cloud Services platform. Investors and analysts should monitor the specific delivery and regulatory conditions attached to the NVIDIA equity right, as these will determine whether the disclosed capacity converts into an actual equity issuance. By contrast, the Mirantis transaction has been fully executed and closed.

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Source: View Original Filing on SEC EDGAR