MW Iren's stock soars as a major Nvidia investment overshadows revenue shortfall

By Christine Ji

Nvidia is taking a major stake in Iren to build out a 5-gigawatt global footprint for its 'AI factories'

Iren said it has secured an investment by Nvidia valued up to $2.1 billion.

Shares of the neocloud company Iren soared after the bell Thursday following a slew of fresh developments: an earnings report, an acquisition and a critical new artificial-intelligence infrastructure partnership with Nvidia.

Iren $(IREN)$ and Nvidia (NVDA) will collaborate to deploy 5 gigawatts of infrastructure that will power Nvidia's large-scale "AI factories" across Iren's global data-center footprint. Perhaps more significant for Iren investors, Nvidia has secured a five-year right to purchase 30 million Iren shares at $70 per share, an investment valued up to $2.1 billion.

Shares of Iren initially popped 20% on the news before paring gains as investors digested an earnings miss. The stock was recently up 10% in the extended session Thursday.

Iren reported $144.8 million of revenue, falling short of Wall Street's estimates of $220.2 million. It was a sequential decrease from last quarter's $184.7 million, which the company said was the result of the company's continued transition from bitcoin mining to AI cloud work.

The company's net loss of $247.8 million also deepened from the previous quarter's $155.4 million. Wall Street analysts were expecting $52.9 million in losses.

Iren also announced the acquisition of Spain-based Ingenostrum on Thursday, adding 490 megawatts of power in Spain. This brings Iren's total power portfolio to 5 gigawatts - the same number cited in the Nvidia deal.

As part of the Nvidia arrangement, Iren's 2-gigawatt campus in Sweetwater, Texas, will serve as the flagship site for Nvidia's DSX-aligned AI infrastructure. Unlike traditional data centers for training models, AI factories are optimized for the inference workloads that power queries and agentic workflows.

Nvidia has a reputation for investing in its customers and members of its supply chain. Earlier this week, Nvidia inked a deal with Corning $(GLW)$ for the rights to invest up to $3.2 billion in Corning through stock warrants.

More: IREN's stock is soaring. Why its new Microsoft deal could be 'game-changing.'

-Christine Ji

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May 07, 2026 18:07 ET (22:07 GMT)

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