PANews reported on May 5 that, according to The Block, IREN Limited announced the acquisition of cloud infrastructure software company Mirantis in an all-stock transaction valued at approximately $625 million. The acquisition aims to strengthen its AI cloud computing capabilities and further reduce its reliance on Bitcoin mining.

Mirantis primarily provides Kubernetes-based cloud infrastructure and containerized application management tools to help enterprises automate application deployment, scaling, and operation and maintenance.

Analysts estimate that the deal values ​​Mirantis at approximately four to five times its revenue, and is seen as a significant step for IREN in catching up with "full-stack AI cloud" competitors such as Nebius Group and CoreWeave. This acquisition comes after IREN completed a funding round of approximately $3.6 billion, primarily intended to expand its GPU and data center computing power footprint, with total capital expenditures for the expansion projected to exceed $9 billion.