IREN Drops First AI Cloud Setup for Microsoft in $9.7B Deal

Bitcoin miner IREN just delivered the first of four planned artificial intelligence cloud deployments to Microsoft. This move is part of a massive partnership valued at 9.7 billion dollars. The company is stepping up its hardware game as it branches out beyond traditional cryptocurrency mining.

Looking ahead, IREN has big plans for expansion. The firm wants to hit 480 megawatts of artificial intelligence cloud capacity by 2026. After that, management plans to scale up even further to 1.2 gigawatts by the year 2027.

This shift shows how major mining operations are finding new revenue streams in the booming artificial intelligence sector. Traders and investors should watch how fast IREN can build out these data centers and whether the Microsoft partnership leads to more tech deals.