Recently, in the AI cloud industry, there have been quite a few large-scale acquisitions. News has emerged that IREN acquired cloud infrastructure company Mirantis for approximately $625 million.

The background of this acquisition is IREN's rapid shift toward an AI cloud platform. They are reducing their reliance on traditional Bitcoin mining operations and transitioning into the AI cloud sector, which is expected to yield higher profit margins.

Mirantis specializes in Kubernetes-based cloud infrastructure and containerized application management technology. In other words, it provides foundational technology for companies to deploy, scale, and efficiently operate applications. This capability is directly linked to deploying and managing AI models.

According to analysts, this acquisition is estimated to increase Mirantis's enterprise value to 4–5 times its revenue. With this, IREN is getting closer to becoming a "full-stack AI cloud" player alongside core companies like CoreWeave and Nebius Group. In fact, IREN recently completed a funding round of about $3.6 billion, with the funds planned to expand GPU and data center capacity. The total investment is expected to exceed $9 billion, demonstrating their serious commitment.

The intensifying competition in the AI cloud market can also be inferred from these large-scale acquisitions.