Seeking Alpha reports that IREN Limited is transitioning from a mining company to an AI infrastructure provider. Per Seeking Alpha, AI revenue rose 839% year-over-year to $33.6M in Q3’26, representing 23% of total revenue, and the company secured a five-year, $3.4B cloud services deal with NVIDIA. The article also reports secured power increasing to 5GW, contracted ARR reaching $3.1B, and upgraded GPU targets for 2026. Seeking Alpha’s author maintains a BUY rating while flagging dilution and liquidity risks. The piece frames these developments as evidence that IREN’s pivot is gaining commercial traction even though the market price may not reflect the change.