BlockBeats News, May 5th, Bitcoin mining firm IREN Limited has agreed to acquire cloud infrastructure software company Mirantis in a deal worth approximately $625 million, all in stock, to enhance its AI cloud business.

This acquisition will bring key software and orchestration capabilities to IREN, helping it better monetize its expanding GPU and data center resources. Mirantis specializes in Kubernetes-based cloud infrastructure tools that enable the automated deployment, scaling, and management of containerized applications.

Analysts note that the transaction values Mirantis at around 4 to 5 times its revenue, aiming to help IREN catch up with AI cloud competitors like CoreWeave and build a comprehensive "full-stack cloud" capability.

This acquisition is also a significant step for IREN's transformation from a Bitcoin mining firm to an AI infrastructure platform. The company had previously raised about $3.6 billion through equity and convertible bond financing to expand GPU and data center capacity, with total construction investment exceeding $9 billion. Following the completion of the deal, Mirantis is expected to operate as a standalone subsidiary.