Iren recently accelerated its shift from Bitcoin mining to AI cloud infrastructure, securing a five‑year US$9.70 billion Microsoft AI data center capacity deal and arranging US$9.30 billion of funding to deploy more than 150,000 Nvidia GPUs across a 4.50 GW power portfolio. This combination of a large, long-term hyperscale contract and substantial capital raising highlights both Iren’s potential to scale AI revenues and the execution and dilution risks that come with such rapid...