NVIDIA-IREN strike $3.4B five-year cloud deal with $2.1B equity option for 5 GW of AI infrastructure

NVIDIA and IREN announced a strategic partnership to deploy up to 5 GW of AI infrastructure, anchored by a five-year cloud services contract worth $3.4B and an option for NVIDIA to buy up to $2.1B of IREN stock at $70/share. NVIDIA shares hit a record on the news. Blackwell Ultra is ramping, Rubin launches in 2026, and Feynman is planned for 2028.