IREN secures $3.4 billion, five-year cloud contract with NVIDIA, plus up to $2.1 billion equity investment

IREN secured a five-year, $3.4 billion cloud contract with NVIDIA alongside a potential equity investment of up to $2.1 billion. This agreement highlights a customer-funded financing strategy that contrasts with the debt-heavy models employed by competitors like CoreWeave. The deal underscores a growing industry trend where neocloud providers leverage upfront customer payments to support capital expenditures.