IREN Ltd. (IREN) shares jumped after the company announced a major partnership with Nvidia Corp. (NVDA) and reported its third-quarter results after Thursday's closing bell. Here's what you need to know.

Nvidia Partnership Details

The two companies plan to support the deployment of as much as 5 gigawatts of Nvidia DSX-aligned AI infrastructure across IREN's global data center pipeline over time. The goal is to expand compute access for AI-native companies, startups, and enterprise customers.

As part of the deal, IREN granted Nvidia a five-year right to buy up to 30 million ordinary shares at $70 per share, giving Nvidia the ability to invest up to $2.1 billion, subject to regulatory and other conditions.

“AI factories are becoming foundational infrastructure for the global economy,” said Jensen Huang, CEO of Nvidia. “Deploying these systems at scale requires deep integration across the full stack — compute, networking, software, power and operations. IREN brings the scale and infrastructure expertise to help accelerate the buildout of next-generation AI infrastructure globally. Together, we are building for the age of AI.”

IREN Q3 Details

IREN reported quarterly revenue of $144.8 million, which missed the analyst consensus estimate of $223.393 million by 35.18%. That's a 21.6% decrease from revenue of $184.7 million in the same period last year.

The company said lower revenues were driven by the lower average Bitcoin (BTC) price combined with the decommissioning of mining hardware ahead of GPU installation and billing, partially offset by an increase in AI Cloud revenue. Cost of revenues decreased by $25.9 million, primarily due to lower electricity costs from reduced Bitcoin mining capacity.

“The world is structurally short compute, and the bottleneck is delivered data center and GPU capacity,” said Daniel Roberts, Co-CEO of IREN. “That plays directly into IREN's core strengths — securing power, developing land, building data centers and bringing compute online at scale.”

IREN Stock Price: According to market data, IREN stock was up 6.63% to $60.62 in Thursday's extended trading.