IREN Acquires Mirantis for $625M, Energizes 1.4GW Texas Site

IREN Ltd., an artificial intelligence data center operator formerly known as Iris Energy, announced a $625 million all-stock acquisition of Mirantis Inc., a provider of Kubernetes orchestration software, alongside the energization of its 1.4 gigawatt Sweetwater 1 facility in Texas. The news drove shares up more than 10 percent in a recent trading session, with volume surging above average levels.

The deal, structured as an all-stock transaction, positions Mirantis to operate as an independent subsidiary under IREN. Mirantis brings its k0rdent platform, which enables centralized management of Kubernetes clusters, AI-specific features like GPU partitioning and inference autoscaling, and an installed base of over 1,500 enterprise customers. IREN officials stated the acquisition will accelerate deployment of customer AI workloads on its infrastructure, enhance service delivery, and open upselling opportunities. The transaction preserves cash but introduces shareholder dilution, with closing subject to regulatory approvals.

Concurrently, IREN activated the first phase of its 2 gigawatt Sweetwater campus on the ERCOT grid in early May. The 1,800-acre site supports up to 700,000...