IREN acquires Mirantis for $625 million in all-stock to accelerate transformation of its AI cloud platform

Bitcoin mining company IRELimited has agreed to acquire cloud infrastructure software company Mirantis in an all-stock deal of approximately US$625 million to improve its AI cloud business layout. The acquisition will introduce critical software and "orchestration" capabilities to IREN to better monetize its expanding GPU and data center resources. Mirantis focuses on Kubernetes-based cloud infrastructure tools that enable automated deployment, expansion and management of containerized applications. Analysts pointed out that the deal values Mirantis about 4 to 5 times its revenue and is intended to help IREN catch up with AI cloud competitors such as CoreWeave and build a complete "full-stack new cloud" capability. This acquisition is also an important step in IREN's transformation from a Bitcoin mining company to an AI infrastructure platform. Previously, the company had raised approximately US$3.6 billion through equity and convertible bonds to expand GPU and data center production capacity, and the overall construction investment may exceed US$9 billion. After the transaction is completed, Mirantis is expected to operate as an independent subsidiary.