IREN plans $25-30 billion investment in AI infrastructure by 2027

IREN is undergoing a major strategic transition from Bitcoin mining to AI infrastructure services. The company reported that its AI Cloud Services revenue grew from $16.4 million in fiscal 2025 to $128.8 million in fiscal 2026.

To support this expansion, IREN has announced an investment plan of $25 billion to $30 billion for fiscal year 2027. This massive capital expenditure aims to build out GPU infrastructure and data center capacity. The company also secured a multi-year AI cloud contract with a leading frontier AI laboratory, which is expected to bring the annualized revenue run rate (ARR) for 2026 capacities to $4 billion.

To fund these initiatives, including the purchase of NVIDIA Blackwell Ultra GPUs for its Mackenzie site in British Columbia, Blue Owl Capital Management recently helped arrange a $2.4 billion financing package. Despite the growth in AI services, IREN's stock has faced significant pressure, dropping as much as 12 percent in a single session following the announcement of the heavy investment requirements.