IREN acquires Mirantis with $625 million in all-stock deal to accelerate AI cloud platform transformation

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BlockBeats News, May 5, Bitcoin mining company IREN Limited has agreed to acquire Mirantis, a cloud infrastructure software company, in an all-stock transaction valued at approximately $625 million, to further improve its AI cloud business layout.

This acquisition will bring IREN key software and “orchestration” capabilities, helping it better monetize its continuously expanding GPU and data center resources. Mirantis focuses on Kubernetes-based cloud infrastructure tools that enable the automated deployment, scaling, and management of containerized applications.

Analysts noted that this deal values Mirantis at about 4 to 5 times its revenue, with the intention of helping IREN catch up with AI cloud competitors such as CoreWeave and build complete “full-stack new cloud” capabilities.

This acquisition is also an important step for IREN to transition from a Bitcoin mining company to an AI infrastructure platform. Previously, the company raised about $3.6 billion through equity and convertible bond financing to expand its GPU and data center capacity, with total construction investment possibly exceeding $9 billion. After the deal is completed, Mirantis is expected to operate as an independent subsidiary.

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