IREN signs $3.4B NVIDIA cloud deal as AI revenue jumps 839%

Nvidia's grip on AI compute keeps minting infrastructure winners. IREN Limited, a former crypto-mining firm pivoting to AI infrastructure, reported AI revenue up 839% year-over-year to $33.6 million in Q3 2026 — now 23% of total revenue — anchored by a five-year, $3.4 billion cloud-services contract with NVIDIA, per Seeking Alpha via Pluang. IREN also lifted secured power capacity to 5GW and contracted annual recurring revenue to $3.1 billion.

The story underscores two dynamics: Nvidia's ~90% accelerator share, reinforced by its Grace Blackwell superchips combining Grace CPUs and Blackwell GPUs into a shared memory pool that CFO Colette Kress calls the fastest training and inference system; and the broader miner-to-AI pivot, where firms with power and data-center assets convert crypto infrastructure into GPU clouds.

For Nvidia, deals like IREN's diversify its customer base beyond hyperscalers into a long tail of specialized GPU-cloud providers, locking in multi-year demand. Separately, Nvidia DLSS support landed in the open-source NVK Vulkan driver for Linux, a smaller but notable ecosystem win. The caveats for IREN-style plays are real — dilution, liquidity, and dependence on continued Nvidia allocation — but the revenue trajectory shows how thoroughly AI demand has reshaped the infrastructure economy.