IREN to Acquire Mirantis in Mixed-Consideration Deal
The acquisition adds a software orchestration layer to IREN's vertically integrated AI Cloud platform to better serve hyperscalers and enterprises.
IREN Limited (IREN) agreed to acquire Mirantis, Inc. in a mixed-consideration transaction.
Under the terms of the agreement, IREN will issue approximately 12.6 million ordinary shares, fixed at signing. The deal also includes cash, restricted stock units, and other consideration valued at approximately $40 million as of closing. The acquisition has been completed.
The acquisition is intended to deepen IREN's capabilities in AI workload orchestration, monitoring, and customer support. The move strengthens the company's vertically integrated AI Cloud platform, which encompasses its owned and operated data centers, compute resources, and software.
“From the beginning our view has been simple: own the land and power, build the data centers, deliver the compute,” said Daniel Roberts, Co-Founder and Co-CEO of IREN. “Mirantis adds the software layer on top, turning infrastructure into a platform. That’s what lets us serve everyone from hyperscalers running bare metal to enterprises who want fully managed AI cloud”.
The acquisition follows a period of rapid scaling for IREN's infrastructure. The company recently raised its 2026 annualized run-rate revenue target for its AI Cloud business to over $4 billion, supported by $2.8 billion in new multi-year contracts with AI developers. Its customer base has expanded to include Microsoft, NVIDIA, and Perplexity.
IREN has also aggressively expanded its hardware footprint, entering agreements for over 50,000 NVIDIA B300 GPUs to bring its total fleet to 150,000 units. This expansion is part of a broader strategy to leverage its 3 gigawatts of secured grid-connected power across North America.