IREN to buy Mirantis for $625M in stock

IREN Limited agreed to acquire Mirantis in an all‑stock transaction valued at about $625 million, the companies announced Tuesday. The purchase adds cloud infrastructure software and Kubernetes tooling to IREN’s AI cloud business as the company shifts away from being a pure‑play bitcoin miner.

Under the terms of the deal, Mirantis will become a standalone subsidiary after closing. The all‑stock structure means Mirantis shareholders will receive IREN equity rather than cash. The companies did not disclose a closing timetable or what regulatory approvals will be required.

Mirantis develops cloud infrastructure software and Kubernetes‑based tools that automate the deployment, scaling and management of containerized applications. IREN said the acquisition will place Mirantis’s container and orchestration capabilities onto IREN’s expanding GPU and data‑center footprint.

IREN raised roughly $3.6 billion earlier this year through equity and convertible debt to fund a planned expansion of GPU capacity and data centers. Analysts have estimated the full buildout could require more than $9 billion in spending. Company executives have sought to broaden revenue beyond bitcoin mining and to build a fuller stack for AI cloud customers; IREN stated the purchase will add software, operations and developer tooling to its offerings.

Matthew Sigel, head of digital asset research at VanEck, estimated the transaction values Mirantis at roughly four to five times revenue and described it as a bid to catch up with rivals that offer integrated cloud and AI infrastructure. Investors reacted by sending IREN shares up more than 3% to trade above $51 on the day.

Mirantis CEO Alex Freedland described AI infrastructure as at an “inflection point,” and said the next phase of AI will run on “open, standards‑based” platforms rather than closed systems. He added the combination will let Mirantis scale its open‑platform tools across a larger set of GPU and data‑center resources.

IREN said Mirantis will continue to operate independently, retaining its product focus and customer relationships while gaining access to IREN’s hardware and data‑center capacity.