AI cloud (converted datacenter)
IREN
A datacenter firm that pivoted from mining to AI cloud. In November 2025 it signed a 5-year $9.7B AI-cloud contract with Microsoft (NVIDIA GB300) and bought GPUs and equipment from Dell for $5.8B. It phases up liquid-cooled datacenters at its 750MW Childress, Texas campus, with ~$1.94B annualized run-rate revenue when fully commissioned. A GPU-rental demand node like CoreWeave and Nebius.
IREN Updated Jul 11, 2026 4 AI consumers· 1 recurring
Per the valuechain.wiki graph, IREN is directly linked to 3 companies (2 supply, 1 revenue relationships) and reaches 12 companies within two hops; the links are backed by 4 dated sources, 2 of them primary filings (as of 2026-07-11).
Financials & Segments
- Total revenue · Microsoft deal $9.7B, ~$1.94B run-rate
- Customer concentration · Microsoft GB300 5yr; 750MW Childress.
- Segments · AI cloud (GPU rental) · Bitcoin mining
Revenue from
- Microsoft High confidence· contract $9.7B · 5년 · GB300 GPU cloud; 20% prepayment; ~$1.9B annualized
5-year $9.7B AI-cloud contract with Microsoft (GB300).Confirms EN GlobeNewswire Published Nov 3, 2025: IREN secures $9.7B AI cloud contract with MicrosoftConfirms EN GlobeNewswire (IREN PR) Published Nov 3, 2025: IREN secures $9.7bn AI cloud contract with Microsoft - Enterprises · cloud (GPU leasing) Medium confidence
GPU compute rental to enterprises and cloud (~$1.94B run-rate).
Pays to
- Dell Technologies High confidence· contract $5.8B · GPU·장비 구매 · GB300 procurement for the Microsoft contract
Buys GPUs and equipment from Dell for $5.8B.Confirms EN GlobeNewswire Published Nov 3, 2025: IREN secures $9.7B AI cloud contract with MicrosoftConfirms EN GlobeNewswire (IREN PR) Published Nov 3, 2025: IREN secures $9.7bn AI cloud contract with Microsoft - NVIDIA High confidence
Builds AI cloud on NVIDIA GB300 GPUs.Confirms EN GlobeNewswire Published Nov 3, 2025: IREN secures $9.7B AI cloud contract with Microsoft - Power · liquid-cooled data centers (undisclosed) Low confidence
Childress 750MW and liquid-cooled datacenter power.Confirms EN GlobeNewswire Published Nov 3, 2025: IREN secures $9.7B AI cloud contract with Microsoft
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Starbucks Corp | lead2 | +11.1 | -13.2 | -1.2 | -2.5 | -5.3 | +27.4 |
| Johnson Controls | lead2 | +77.4 | -19.3 | -7.6 | +39.8 | +53 | +20 |
| Snowflake | lead2 | +20.4 | -57.6 | +38.6 | -22.4 | +42.1 | +19.2 |
| Costco Wholesale | lead2 | +51.8 | -19 | +49 | +39.6 | -5.4 | +6.6 |
| Walmart Inc | lead2 | +2 | -0.5 | +12.9 | +74 | +24.5 | +2.6 |
| ServiceNow | lead2 | +17.9 | -40.2 | +82 | +50.1 | -27.7 | -29.7 |
| Microsoft | lead1 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | -20 |
| IREN | node | · | -92.3 | +472 | +37.3 | +284.6 | +8.9 |
| Dell Technologies | benef1 | +51.2 | -26.6 | +95.9 | +53 | +11.2 | +248.1 |
| Intel | benef2 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +197.7 |
| Amphenol | benef2 | +34.9 | -12 | +31.5 | +41.3 | +96.1 | +18.1 |
| NVIDIA | benef2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
YTD as of 2026-07-10 · source: Yahoo Finance
IREN operates across AI cloud (converted datacenter). After a spike of +472% in 2023, gains cooled to +284.6% in 2025 and +8.9% in 2026. The supply side (avg +130.7%) has moved harder than the stock (+8.9%). That is the classic bottleneck pattern: supplier volume leverage is being priced before this layer's own margin. Among connected nodes the furthest ahead is Dell Technologies (+248.1%) and the furthest behind is Microsoft (-20%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. A GPU-rental demand node like CoreWeave and Nebius.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 2 · Hold 1 · Sell 0 · Avg. target $76 · Price $40.829 (07-11) · Upside +86%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Bernstein · Gautam Chhugani | Outperform | $100 | Jul 6, 2026 | Report ↗ |
| Jefferies · Jonathan Petersen | Buy | $79 | Jun 18, 2026 | Report ↗ |
| Citi · Nilesh Bhaiya | Neutral | $50 | May 28, 2026 | Report ↗ |
After the NVIDIA and Microsoft AI cloud deals, Bernstein leads bulls with a Street-high $100 target, though Citi and a few others stay neutral on valuation.
Analyses covering this node
- Turn your assets into AI infrastructure and your clock changes: miners and telcos Jul 9, 2026
- Clocks that haven't run and clocks that ran hardest Jul 5, 2026