Anthropic has reportedly signed a previously unannounced multiyear cloud computing deal with IREN as its data center leasing commitments reach $530 billion.
The Information reported the deal on Sunday, citing people familiar with the relationship. IREN previously disclosed a multiyear contract with a "leading frontier AI lab" during its fiscal year 2026 results in August. It's unclear whether the agreements are the same, and the financial terms and exact duration of such a deal are unknown.
Shares in the bitcoin miner-turned-AI infrastructure firm jumped more than 9% at one point overnight following the news. IREN stock is currently up 3.8% in pre-market trading on Monday at $36.53, partially recovering from a 16% drop last week that sees it trading around 10% down year to date.
IREN is not the only formerly bitcoin mining-focused firm Anthropic is turning to, with TeraWulf, Nscale and Trump family-backed Hut 8 also among those striking similar deals with the frontier AI lab.
Measured AI projects Anthropic's capacity will rise from 5 GW this year to 9.5GW in 2027, and more than 15GW in 2028. For comparison, before the AI boom took off in 2023, Microsoft's entire Azure cloud business operated at a capacity of around 5GW, according to Data Center Dynamics.
Last year, IREN announced a five-year deal to provide Microsoft with access to Nvidia GB300 GPUs, with a total contract value of approximately $9.7 billion, including a 20% prepayment.
AI transition
In August, IREN said it had a $4 billion contracted annualized run-rate revenue for 2026 capacity, with $1 billion already operational and capacity for the year largely sold out. The firm said it was in late-stage discussions with new customers over a significant proportion of its 2027 capacity, with 2028 discussions progressing in parallel.
Within IREN's latest 10-K annual filing with the Securities and Exchange Commission, the firm said it had begun decommissioning its bitcoin mining hardware and reallocating power and data center capacity toward AI cloud services, aiming to "substantially complete the transition" by Dec. 31, 2026.
IREN's AI cloud revenue jumped more than sevenfold to $128.8 million year over year for the period ending June 30, 2026. However, its bitcoin mining operation still accounted for a far greater $578.2 million.