IREN Limited (NASDAQ: IREN), a Nasdaq-listed Bitcoin mining company formerly known as Iris Energy, announced it has signed additional multi-year cloud services contracts with leading AI firms. These deals focus on deploying NVIDIA’s next-generation Blackwell GPUs, marking a significant pivot toward high-performance computing (HPC) and AI infrastructure while maintaining its core Bitcoin mining operations.
IREN is on track to have approximately 23,000 GPUs operational by the end of Q1 2026, targeting over $500 million in annualized run-rate revenue (ARR) from AI cloud services. Contracts are already secured for 11,000 of these GPUs, representing about $225 million in ARR expected to come online by the end of 2025.
The new agreements average around two-year durations, with pricing structured for an approximate two-year revenue payback period. This includes pre-delivery commitments for Blackwell GPUs, highlighting strong demand ahead of NVIDIA’s supply rollout.
IREN’s facilities in British Columbia, Canada, and the Horizon 1 & 2 data centers under construction in Childress, Texas, provide capacity for over 100,000 GPUs. The company has secured 2,910 MW of grid-connected power across more than 2,000 acres in the U.S., enabling rapid scaling. It leverages 100% renewable energy sources, including renewable energy certificates (RECs).
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Alongside AI growth, IREN operates ~50 EH/s of self-mining capacity, positioning it as one of the world’s largest and lowest-cost Bitcoin producers. IREN was designated a “preferred partner” by NVIDIA in August 2025, granting priority access to GPUs amid global shortages.
Co-CEO Daniel Roberts emphasized the company’s flexibility: “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.”
This move diversifies IREN beyond volatile Bitcoin mining into the booming AI sector, where demand for GPU cloud compute is surging. The company recently doubled its AI fleet to ~23,000 units by procuring additional NVIDIA and AMD accelerators.
IREN’s stock surged ~9% to around $63 on October 7, extending a remarkable 591% gain over the past year and trading near its 52-week high of $58.28. However, shares dipped ~6% later that day following news of an $875 million convertible debt offering potentially upsizing to $1 billion, aimed at funding further AI expansions.
Analysts project continued revenue growth, with IREN’s trailing 12-month sales up 167.65%.Broader ImplicationsThis development underscores a trend among Bitcoin miners peers like BITF and HIVE shifting toward AI/HPC to hedge against crypto market cycles.
IREN’s renewable-powered, fiber-connected sites give it an edge in attracting hyperscale AI clients. Ongoing discussions for additional expansions could push ARR well beyond current targets, though execution risks like GPU delivery timelines and utilization rates remain.
By securing ~$225M in annualized run-rate revenue (ARR) from AI cloud services by Q1 2026, with a target of over $500M, IREN reduces reliance on volatile Bitcoin mining revenue. This pivot into high-performance computing (HPC) and AI infrastructure taps into the growing demand for GPU cloud compute, providing more stable and predictable cash flows.
The AI cloud contracts, structured for a ~2-year revenue payback, offer higher margins than Bitcoin mining, which faces price volatility and rising network difficulty. IREN’s low-cost, renewable energy-powered facilities 100% renewable via RECs enable competitive pricing and attractive returns on GPU deployments.
With 2,910 MW of grid-connected power and over 2,000 acres in the U.S., IREN can scale its AI operations rapidly. The Horizon 1 & 2 data centers in Texas and existing British Columbia facilities support deploying over 100,000 GPUs, positioning IREN to capture additional market share as AI demand grows.
YZi Labs Announces $1 Billion Builder Fund for BNB Ecosystem
YZi Labs—formerly known as Binance Labs and rebranded in January 2025 under the leadership of Binance co-founder Changpeng “CZ” Zhao—unveiled a $1 billion Builder Fund dedicated to accelerating innovation within the BNB ecosystem, with a primary focus on projects building on the BNB Chain.
This initiative comes at a pivotal moment, as BNB has surged to new all-time highs above $1,300, becoming the third-largest cryptocurrency by market cap and adding over $40 billion in value during October alone.
The Builder Fund is designed to empower early-stage founders by combining financial support with hands-on resources, aiming to position BNB Chain as a global hub for blockchain innovation.
Ella Zhang, Head of YZi Labs, emphasized the fund’s vision: “BNB is a living network with global reach and onchain depth… We’re backing founders building tools that connect blockchain technology to real-world use, across sectors like DeFi, AI, RWA, DeSci, and more—those building the next generation of open systems that connect technology back to human progress.”
YZi Labs has a track record of fueling BNB Chain growth, with prior investments in projects like PancakeSwap, ListaDAO, Aster a multichain DEX, and Aspecta.
BNB Chain boasts 58M+ monthly active addresses, #1 daily DEX volume, sub-second block times via the Maxwell Hardfork, and ultra-low fees. Dual burn mechanisms quarterly Auto-Burn + real-time BEP-95 have reduced BNB’s total supply by over 30%, enhancing scarcity.
Backing for initiatives like the BNB Digital Asset Treasury and RWA funds, alongside high staking yields and utility in trading, DeFi, and Launchpool/Megadrop.
This announcement aligns with broader BNB momentum, including institutional adoption and a full-stack Web3 economy. For builders interested in applying, YZi Labs encourages submissions via their channels, with the fund signaling a “renewed commitment to founders with vision.”
PancakeSwap, a leading decentralized exchange (DEX) on the BNB Chain, has been a flagship investment for YZi Labs (formerly Binance Labs). PancakeSwap is a decentralized exchange built on BNB Chain, known for its automated market maker (AMM) model, low transaction fees, and high-speed transactions.
Offers token swapping, yield farming, staking, liquidity pools, NFT marketplaces, and prediction markets. As of October 2025, PancakeSwap remains the top DEX by daily trading volume on BNB Chain, with significant user adoption contributing to BNB Chain’s 58M+ monthly active addresses.
YZi Labs invested in PancakeSwap during its early stages, likely around 2020–2021, when PancakeSwap emerged as a key DeFi protocol on BNB Chain. The exact date and amount remain undisclosed, but it was part of Binance Labs’ broader strategy to back high-potential DeFi projects.
PancakeSwap raised funds through a combination of YZi Labs’ investment, community token sales, and liquidity incentives. YZi Labs typically provides seed or Series A funding, ranging from $1M to $15M for early-stage projects, though specific figures for PancakeSwap are not public.
The investment was part of YZi Labs’ portfolio expansion, which includes other BNB Chain projects like ListaDAO and Aspecta. PancakeSwap leveraged BNB Chain’s low-cost, high-speed infrastructure sub-second block times via Maxwell Hardfork.
Access to 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 programs like the Most Valuable Builder (MVB) track.
PancakeSwap grew to handle billions in trading volume, becoming a cornerstone of BNB Chain’s DeFi ecosystem. Enabled features like 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 58M+ monthly active addresses, low fees, amplifying the value of YZi Labs’ early investment. YZi Labs’ investment in PancakeSwap underscores its strategy of backing scalable, user-focused DeFi protocols that drive BNB Chain adoption.
PancakeSwap’s success has validated this approach, contributing to BNB’s rise as the third-largest cryptocurrency by market cap in 2025.Sources and VerificationInformation is drawn from posts on X mentioning YZi Labs’ portfolio.