Cryptominer turned AI cloud firm IREN has secured customers for around half its GPU fleet.

The Nasdaq-listed company this week announced it has signed additional multi-year cloud services contracts with unnamed “leading AI companies” for Nvidia Blackwell GPU deployments.

IREN has around 23,000 GPUs in its fleet, and today said customer contracts had been secured for around 11,000 of them, totaling $225 million in annual revenue, starting by the end of the year.

The company said it continues to actively engage with existing and prospective customers for further business.

Its existing British Columbia campuses, along with the Horizon 1 & 2 data centers under construction in Childress, could provide capacity for more than 100,000 GPUs. The firm said it has 2.9GW of secured power and land offering “significant” expansion potential.

“Our ability to rapidly transition from ASICs to GPUs across our British Columbia campuses, and the speed at which we’re building Horizon 1 & 2, demonstrates how IREN is uniquely positioned to meet accelerating demand for AI compute,” said Daniel Roberts, co-founder and co-CEO of IREN.

“With nearly 3GW of grid-connected power across North America and a cloud services business scaling in size and reputation, we believe IREN is well-positioned to scale with the rapid growth in AI compute needs.”

Formerly known as Iris Energy, the company is in the midst of a pivot away from cryptomining towards its AI cloud business. While it is still mining Bitcoin, the firm is winding down its mining operations and diverting cash flow to its AI business.