IREN reportedly signs multiyear AI cloud deal with Anthropic

Reports indicate that Anthropic has entered into an unannounced multiyear cloud services agreement with IREN, a Nasdaq-listed company transitioning from Bitcoin mining to AI data center operations. While neither company has officially confirmed the deal, the arrangement is expected to provide Anthropic with flexible access to large GPU clusters at a lower cost, helping to mitigate computing shortages ahead of a potential initial public offering.

Anthropic is reportedly scaling its computing capacity significantly, with projections suggesting an increase from 1.4 GW in 2025 to over 15 GW by 2028. To meet this demand, the AI lab is increasingly looking toward former Bitcoin miners like IREN, Hut 8, and TeraWulf for infrastructure.

For IREN, the shift toward AI cloud services is supported by a strong demand side and a financing model where customer prepayments can cover approximately 45% to 55% of GPU capital expenditures. Analysts note that while the company faces risks regarding GPU obsolescence, its reusable infrastructure and contracted annual recurring revenue are key drivers for future profitability.