IREN Limited agreed to acquire Mirantis on Tuesday in an all-stock deal valued at roughly $625 million. The deal adds a software and services layer to its AI cloud business as the company pivots away from being a pure-play bitcoin miner.
Mirantis specializes in cloud infrastructure software and Kubernetes-based tools that help companies "automate the deployment, scaling, and management of containerized applications."
VanEck's head of digital asset research, Matthew Sigel, estimated that the deal values Mirantis at roughly four to five times revenue and is a "bid to catch up to Nebius and CoreWeave for a full-stack neocloud offering."
Speaking on the deal, Mirantis CEO Alex Freedland said that AI infrastructure is at an "inflection point," arguing the next phase will run on "open, standards-based" platforms rather than closed systems.
This all comes months after IREN raised roughly $3.6 billion through equity and convertible debt to go towards a multibillion-dollar expansion of its GPU and data center capacity. Analysts at the time said the full buildout could require more than $9 billion in spending.
The IREN release on Tuesday said that Mirantis is expected to operate as a standalone subsidiary after the deal closes.
(IREN) shares were trading above $51, up by more than 3% on the day, according to The Block's crypto equities price data.