Nvidia granted warrants for 30M IREN shares

IREN granted Nvidia warrants to buy up to 30 million common shares as the companies announced plans to deploy up to 5 gigawatts of NVIDIA DSX-aligned AI infrastructure across IREN’s global data center pipeline. The initial focus is IREN’s 2 GW Sweetwater campus in Texas.

The warrants carry a $70 strike price and can be exercised over five years. If Nvidia exercises all 30 million warrants, the company would purchase about $2.1 billion of IREN stock. The announcement did not disclose any immediate cash payment tied to the warrants.

The companies announced they will collaborate on installing NVIDIA accelerated compute in DSX AI factories to broaden access to high-density GPU compute for AI-native firms, startups and enterprise customers. IREN expects Sweetwater to serve as a flagship site for NVIDIA’s DSX architecture. DSX combines hardware, systems and software to optimize large-scale AI training and inference.

Jensen Huang described the partnership as a full-stack effort: “AI factories are becoming foundational infrastructure for the global economy. Deploying these systems at scale requires deep integration across the full stack — compute, networking, software, power and operations. IREN brings the scale and infrastructure expertise to help accelerate the buildout of next-generation AI infrastructure globally. Together, we are building for the age of AI.”

Daniel Roberts, IREN cofounder and co-CEO, characterized the companies' strengths as complementary: “This partnership combines NVIDIA’s AI systems and architecture leadership with IREN’s expertise across power, land, data centers, GPU deployment and infrastructure operations. Together, we believe we can accelerate deployment of AI infrastructure and expand access to compute for AI-native and enterprise customers globally.”

Earlier this week IREN completed an all-stock acquisition of Mirantis valued at $625 million. IREN described the deal as intended to expand its AI cloud platform capabilities and software stack to support large-scale GPU clusters and AI workloads.

IREN began as a bitcoin miner and has shifted toward building large-scale data centers for AI customers. The company develops campus-scale sites designed to host thousands of GPUs and large electrical loads for model training, inference and enterprise AI workloads.

After the announcement, IREN shares rose more than 25% in after-hours trading to above $71 before settling near $68. IREN was scheduled to report quarterly results on Thursday; those results were not released at the time of the announcement.

The agreement does not include a timetable for the full 5 GW deployment and does not specify how much of that capacity will be completed at Sweetwater versus other sites. The release does not contain binding purchase commitments for Nvidia hardware beyond the collaborative deployment plans described.