Bitcoin miners pivot deeper into AI compute as Hut 8 secures $9.8B Texas lease
first published 2026-07-20T15:20:25Z
Bitcoin miner IREN said it lifted its year-end AI cloud annualized run-rate revenue target to more than $4 billion after signing $2.8 billion in new multi-year contracts with AI developers. The company said 85% of the revised target is now under contract, cited customers including Microsoft, Nvidia, Perplexity and Figure AI, and detailed plans to expand AI cloud capacity sharply through 2027.
AI Analysis
The company reported a much higher revenue target, large new contracts, and significant capacity expansion with major named customers; these are concrete business developments that can move the stock and signal miner pivot toward AI infrastructure.
Expected Investor Sentiment: Bullish
Potential Market Impact: Significant
Source Articles
- IREN jumps 16% after raising AI cloud revenue target above $4B - Cointelegraph
- Hut 8, IREN deals lift AI-focused Bitcoin mining stocks - Cointelegraph
- Bitcoin Miner Hut 8 Shares Jump on $9.8 Billion AI Data Center Deal - Bitcoin Magazine
- IREN Lands $2.8B in AI Contracts as Demand Pushes Target Above $4B - Bitcoin.com
- Hut 8 Secures $9.8 Billion Texas AI Lease as Bitcoin Miners Pivot to Compute - Bitcoin.com
