Nvidia secures five-year option on up to $2.1bn IREN stake

• Thirty million shares at $70 each, linked to a planned 5GW AI data centre buildout across Texas

• The structure ties capital deployment to execution, limiting Nvidia's upfront balance sheet exposure

The fact

Nvidia and IREN have agreed a five-year call option allowing Nvidia to purchase up to 30 million shares at $70 each, worth up to $2.1bn. The deal is linked to a planned 5GW AI data centre buildout, including development at IREN's 2GW Sweetwater campus in Texas.

The assessment

The structure gives Nvidia a conditional stake in downstream compute expansion while limiting upfront capital exposure. It reinforces the company's influence over AI infrastructure buildout across the neocloud layer without committing full investment upfront.

What to Watch

Whether Nvidia exercises the $70 share option and how quickly the Sweetwater campus reaches operational 2GW capacity.

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