NVIDIA takes $2.1bn warrant in IREN as part of 5GW AI data-centre deal
By Ana-Maria Stanciuc
Published on May 8, 2026.
NVIDIA will invest up to $2.1bn in IREN as part of a deal that pairs the chipmaker's reference architecture with the data-centre operator's 5-gigawatt infrastructure pipeline. The partnership was announced via a five-year warrant for up to 30 million shares issued by IREN at an exercise price of $70. If Nvidia exercises in full, this would make the total investment of $2,1bn. The deal aligns with IREN's 5GW infrastructure pipeline and aligns the company with the larger Texas grid build-out. The IREN deal adds to a familiar Nvidia portfolio shape that has seen the company take positions in companies such as CoreWeave, Nebius, and several other so-called “neoclouds” that buy Nvidia’s GPUs at scale and rent them back to hyperscalers and frontier-model builders. The four largest US tech companies have collectively guided to more than $700bn in 2026 capex for AI infrastructure, much of which is earmarked for the AI infrastructure.
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