IREN to Acquire Mirantis in $625M Deal to Expand AI Cloud Software Stack

IREN said Tuesday it will acquire cloud infrastructure and Kubernetes software company Mirantis in a stock deal valued at about $625 million, marking a deeper push by the company into software and enterprise AI services as competition intensifies in the AI cloud market.

The deal expands IREN’s ambitions beyond building power-intensive data centers and deploying GPUs, moving the company further up the AI infrastructure stack into software orchestration, cloud management and enterprise support services.

Mirantis, which has more than 1,500 enterprise customers globally, is known for its Kubernetes and open-source cloud infrastructure offerings. The company is also a founding Independent Software Vendor partner in NVIDIA’s AI Cloud Ready Initiative. Its k0rdent AI platform is designed to manage AI infrastructure across bare-metal servers, virtual machines and Kubernetes environments.

IREN said the acquisition would strengthen four main areas of its AI cloud business: deployment capabilities, operational monitoring, customer support and enterprise market access. Mirantis will continue operating as a standalone subsidiary after the transaction closes.

The move highlights how bitcoin miners and emerging AI infrastructure operators are increasingly trying to differentiate themselves not only through access to power and GPUs, but also through software, orchestration and enterprise-grade operational support.

Many bitcoin mining firms that pivoted into AI infrastructure initially focused on converting power capacity and data center assets into GPU hosting businesses. But as the market matures, operators are increasingly facing pressure to provide more sophisticated cloud services and customer tooling comparable to traditional hyperscale and enterprise cloud providers.

IREN has been rapidly expanding its AI infrastructure footprint. Last week, the company announced the successful energization of its 1.4 gigawatt Sweetwater 1 data center site in Texas, part of a broader 2 GW Sweetwater campus development aimed at supporting AI and high-performance computing workloads.

The company has increasingly positioned itself as a vertically integrated AI infrastructure operator, spanning power procurement, data center development and GPU deployment. The Mirantis acquisition adds software infrastructure and enterprise operations capabilities to that strategy.

“IREN’s core advantage is execution — from securing power to building data centers, deploying GPUs and bringing compute online at scale,” IREN Co-Founder and Co-CEO Daniel Roberts said in the announcement. “Mirantis builds on our existing capabilities and strengthens how that compute is deployed, managed and operated for customers.”

Mirantis CEO Alex Freedland said AI customers increasingly require “open, flexible and built-for-scale” infrastructure platforms as enterprise adoption accelerates.

The transaction will be paid entirely in IREN ordinary shares and remains subject to regulatory approvals and other customary closing conditions.