IREN, a data center and cloud computing company, disclosed that it has signed GPU cloud contracts worth more than $15 million per megawatt of capacity. The company said demand from hyperscale cloud providers currently outstrips available supply, a sign of the intense competition for AI computing power.
What the contracts reveal
The contracts cover GPU cloud services — the high-performance chips used to train and run large AI models. IREN reported the figures without naming the hyperscalers involved. The $15 million per megawatt figure is a measure of the revenue density the company is achieving from its data center infrastructure.
Why hyperscalers are scrambling
Hyperscalers — the largest cloud operators — are racing to secure GPU capacity as AI workloads expand. IREN stated that demand for its GPU cloud services exceeds what it can deliver, a bottleneck that has become common across the industry. The company is one of a growing number of firms that convert bitcoin mining sites into AI data centers, taking advantage of existing power and cooling infrastructure.
The revenue outlook
IREN projects that its AI-related revenue will surpass $3.7 billion. That forecast includes both the GPU cloud contracts already signed and anticipated future deals. The company has not provided a timeline for reaching that revenue target, but the figure underscores the scale of the shift from cryptocurrency mining to AI compute.
Investors are watching how quickly IREN can bring new capacity online. The company’s ability to lock in long-term contracts at high per-megawatt rates will depend on whether it can expand its infrastructure faster than rivals. For now, the backlog of hyperscaler demand suggests that the market for GPU cloud services remains tight.
