IREN Limited (NASDAQ: IREN), a Bitcoin mining operation publicly traded on the Nasdaq (formerly known as Iris Energy), has revealed the signing of new, extended contracts for cloud-based services. These agreements are with prominent firms specializing in artificial intelligence. The focus of these contracts involves the deployment of NVIDIA’s advanced Blackwell GPUs. This signifies a strategic shift towards high-performance computing (HPC) and AI infrastructure while the company continues its established Bitcoin mining activities.
IREN anticipates having roughly 23,000 GPUs in operation by the conclusion of the first quarter of 2026. This is projected to generate over $500 million in annualized recurring revenue (ARR) from its AI cloud service offerings. Contracts are already in place for 11,000 of these GPUs, translating to approximately $225 million in ARR, expected to be realized by the end of 2025.
The newly established contracts are structured with an average duration of two years. Pricing models are designed to achieve a revenue payback period of approximately two years. Notably, these agreements include advance commitments for Blackwell GPUs, underscoring the significant demand preceding the planned rollout of NVIDIA’s supply.
IREN’s facilities, located in British Columbia, Canada, along with the Horizon 1 & 2 data centers currently under construction in Childress, Texas, offer the capacity to house over 100,000 GPUs. The company has secured access to 2,910 MW of power connected to the grid across more than 2,000 acres within the United States, facilitating rapid expansion. This power usage is backed by 100% renewable sources, utilizing renewable energy certificates (RECs).
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In addition to its AI endeavors, IREN maintains a self-mining capacity of approximately 50 EH/s, establishing its position among the largest and most cost-effective Bitcoin producers globally. IREN received the designation of “preferred partner” from NVIDIA in August 2025, granting them priority access to GPUs amidst ongoing global supply constraints.
Co-CEO Daniel Roberts highlighted the company’s adaptive capabilities: “Our ability to swiftly transition from ASICs to GPUs across our British Columbia sites, coupled with the rapid construction of Horizon 1 & 2, demonstrates IREN’s unique ability to satisfy the accelerating demand for AI computing power.”
This strategic maneuver diversifies IREN’s business beyond the fluctuating Bitcoin mining market and into the thriving AI sector, which sees high demand for cloud-based GPU computing. The company recently doubled its AI computing power to approximately 23,000 units through the acquisition of additional NVIDIA and AMD accelerators.
IREN’s stock value experienced a surge of roughly 9% to approximately $63 on October 7, building upon an impressive 591% gain over the preceding year and approaching its 52-week peak of $58.28. However, the stock subsequently declined by approximately 6% later that day following the announcement of an $875 million convertible debt offering, with a potential increase to $1 billion. This funding is intended to support further expansions within the AI sector.
Financial analysts predict continued growth in revenue, with IREN’s sales over the last 12 months increasing by 167.65%. This development reflects a broader trend among Bitcoin mining companies, including BITF and HIVE, which are diversifying into AI/HPC to mitigate risks associated with cryptocurrency market fluctuations.
IREN’s facilities, powered by renewable energy and equipped with high-speed fiber connectivity, provide a competitive advantage in attracting major AI clients. Ongoing discussions for additional expansions could potentially elevate ARR significantly beyond current targets. However, execution risks, such as GPU delivery schedules and utilization rates, remain factors.
By securing approximately $225 million in annualized run-rate revenue (ARR) from AI cloud services by Q1 2026, with an overarching goal exceeding $500 million, IREN is lessening its reliance on the volatile revenue streams from Bitcoin mining. This transition to high-performance computing (HPC) and AI infrastructure is intended to tap into the escalating demand for GPU cloud computing, creating more dependable and predictable cash flow.
The AI cloud contracts are structured with a payback timeline of about 2 years and offer better profit margins compared to Bitcoin mining, an industry susceptible to price volatility and expanding network difficulty. IREN is using 100% renewable energy via RECs enables competitive pricing and attractive returns on GPU deployments.
With 2,910 MW of power connected to the power grid and over 2,000 acres of land in the U.S., IREN possesses the means to rapidly scale its AI operations. The data centers Horizon 1 & 2 in Texas, and existing British Columbia facilities can support deploying over 100,000 GPUs, allowing IREN to gain additional market share as demand for AI continues to grow.
YZi Labs Announces $1 Billion Builder Fund for BNB Ecosystem
YZi Labs—formerly known as Binance Labs, rebranded in January 2025 under the guidance of Binance co-founder Changpeng “CZ” Zhao—has announced a $1 billion Builder Fund. This fund will focus on accelerating innovation within the BNB ecosystem, with an emphasis on projects building on the BNB Chain.
This funding initiative emerges at a crucial time, with BNB reaching new record highs exceeding $1,300. This makes it the third-largest cryptocurrency by market capitalization, adding over $40 billion in value during October alone.
The Builder Fund is engineered to empower early-stage founders by providing a mix of financial assistance and practical resources. This seeks to position BNB Chain as a central global hub for blockchain innovation.
Ella Zhang, Head of YZi Labs, articulated the fund’s vision: “BNB represents a vibrant network with both worldwide reach and deep on-chain functionalities… We are supporting the developers creating tools that connect blockchain technology to real-world applications across various sectors such as DeFi, AI, RWA, DeSci, and others, building the upcoming era of open systems that reconnect technology to human development.”
YZi Labs has a demonstrated history of boosting the growth of BNB Chain through previous investments in projects such as PancakeSwap, ListaDAO, Aster (a multichain DEX), and Aspecta.
The BNB Chain supports over 58 million active addresses monthly, holds the leading position in daily DEX volume, features sub-second block times enabled by the Maxwell Hardfork, and ultra-low fees. Dual burn mechanisms – quarterly Auto-Burn combined with real-time BEP-95 – have resulted in a reduction of over 30% in BNB’s total supply, boosting scarcity.
Further support is provided to initiatives like the BNB Digital Asset Treasury and RWA funds, along with attractive staking yields and versatile utility in trading, DeFi applications, and Launchpool/Megadrop events.
This announcement aligns with the overall momentum of BNB, which includes institutional adoption and a comprehensive Web3 economy. YZi Labs is encouraging developers interested in applying to submit their applications through their designated channels, with the fund representing a “renewed commitment to visionaries.”
PancakeSwap, a leading decentralized exchange (DEX) on the BNB Chain, has been a flagship investment for YZi Labs. PancakeSwap is characterized by its automated market maker (AMM) model, low transaction fees, and high-speed processing.
The platform facilitates token swapping, yield farming, staking, liquidity pools, NFT marketplaces, and prediction markets. As of October 2025, PancakeSwap remains the highest volume DEX on the BNB Chain, with high user adoption contributing to BNB Chain’s user base of 58M+ monthly active addresses.
YZi Labs invested in PancakeSwap in its early stages, probably around 2020–2021, as PancakeSwap appeared as a key DeFi protocol on the BNB Chain. The precise date and investment amount are not public, but it was part of Binance Labs’ strategy to support DeFi projects with high potential.
PancakeSwap secured funding through YZi Labs’ investment, community token sales, and liquidity incentives. YZi Labs provides seed or Series A funding, from $1M to $15M for early-stage projects, but the PancakeSwap figures are not public.
The investment was part of YZi Labs’ expanding portfolio, which includes other BNB Chain projects like ListaDAO and Aspecta. PancakeSwap leveraged the BNB Chain’s low-cost, high-speed infrastructure with sub-second block times via Maxwell Hardfork.
Access to the YZi Labs network of 460 million users, CoinMarketCap integrations, and Binance’s Launchpool for CAKE token distribution. Guidance on scaling, user acquisition, and global expansion through the Most Valuable Builder (MVB) track.
PancakeSwap grew to handle billions in trading volume, becoming a cornerstone of the BNB Chain’s DeFi ecosystem. Enabled features such as Syrup Pools, IFOs (Initial Farm Offerings), and cross-chain bridging.
With BNB’s price surpassing $1,300 and a $1B Builder Fund announced by YZi Labs on October 8, 2025, PancakeSwap continues to benefit from ecosystem growth. The new Builder Fund offering up to $500K per startup suggests YZi Labs may further support PancakeSwap’s expansion into areas like AI-driven DeFi, real-world assets (RWA), or next-gen wallets.
PancakeSwap’s high daily DEX volume and user base align with BNB Chain’s metrics, amplifying the value of YZi Labs’ early investment. YZi Labs’ investment in PancakeSwap emphasizes the strategy of backing user-focused DeFi protocols to drive BNB Chain adoption.
PancakeSwap’s success has validated this approach, contributing to BNB’s rise as the third-largest cryptocurrency by market capitalization in 2025. Information is drawn from posts on X mentioning YZi Labs’ portfolio.