IREN (NASDAQ: IREN) has signed new long-term infrastructure contracts with both Microsoft and Nvidia, repositioning itself as a large-scale artificial intelligence data center builder and operator. The most significant deal is a US$3.4 billion five-year AI cloud agreement tied to Nvidia’s Blackwell GPUs, with IREN targeting US$4.4 billion in annual recurring revenue. IREN’s stock closed at $47.21, reflecting a year-to-date gain of 10.6% and a three-year increase of approximately nine times its earlier value, though it fell 21.3% over the past week and 25.7% over the past month. The company is expanding its international data center footprint, adding power and hosting capacity for AI-focused enterprise clients. Vertical integration and preferred partner status with Nvidia form the backbone of its strategy. Long-term contracts with Microsoft and Nvidia introduce counterparty and renewal risk, while IREN maintains exposure to Bitcoin mining, making earnings sensitive to crypto price swings. Its heavy capital expenditure program, funded through debt, leases, and an at-the-market equity issuance program, raises questions about leverage and interest costs. Expansion places IREN alongside peers such as Equinix, Digital Realty, and CoreWeave.