IREN acquires Mirantis for $625 million in an all-stock deal, accelerating its transformation into an AI cloud platform
According to The Block, Bitcoin mining company IREN Limited has agreed to acquire cloud infrastructure software company Mirantis for approximately $625 million in an all-stock transaction to enhance its AI cloud business layout.This acquisition will bring critical software and "orchestration" capabilities to IREN, helping it better monetize its expanding GPU and data center resources. Mirantis focuses on Kubernetes-based cloud infrastructure tools that enable automated deployment, scaling, and management of containerized applications.Analysts point out that the transaction values Mirantis at about 4 to 5 times its revenue, aimed at helping IREN catch up with AI cloud competitors like CoreWeave and build a complete "full-stack new cloud" capability.This merger is also an important step for IREN in its transformation from a Bitcoin mining company to an AI infrastructure platform. Previously, the company had raised approximately $3.6 billion through equity and convertible bond financing to expand its GPU and data center capacity, with total construction investments expected to exceed $9 billion. After the transaction is completed, Mirantis is expected to operate as an independent subsidiary.
