IREN acquired Mirantis for $625M, adding Kubernetes and OpenStack software expertise to its AI data center operations. The deal signals a vertical integration push as AI infrastructure operators seek to own more of the software stack.
Key facts
- Acquisition price: $625M.
- Expected close: Q3 2026.
- Mirantis specializes in Kubernetes and OpenStack.
- IREN operates AI data centers in Texas and Nevada.
- Mirantis raised over $400M from Intel Capital and others.
AI data center operator IREN announced the acquisition of Mirantis, a cloud software company specializing in Kubernetes and OpenStack, for $625M. The deal, expected to close in Q3 2026, gives IREN the ability to offer managed AI infrastructure services that span from bare metal to container orchestration, reducing reliance on public cloud providers like Google Cloud and Amazon Web Services [According to the source].
Why this matters
Most AI data center operators focus on leasing space and power, leaving software orchestration to tenants or cloud partners. IREN's acquisition is a bet that controlling the full stack — from power procurement to Kubernetes scheduling — will yield higher margins and stickier customer relationships. Mirantis brings existing enterprise customers running OpenStack and Kubernetes at scale, a base IREN can upsell to AI workloads.
The $625M price tag represents a multiple on Mirantis' reported annual recurring revenue, though IREN did not disclose the figure. The acquisition is one of the largest software purchases by a data center operator this year, reflecting a trend toward vertical integration as AI infrastructure becomes more software-defined.
Competitive context
IREN joins a small but growing set of AI data center operators that own software orchestration layers. CoreWeave, a competitor, has built its own Kubernetes-based platform internally. Equinix has partnered with Mirantis in the past but does not own the software. IREN's approach puts it in direct competition with cloud providers, which offer similar managed Kubernetes services but at higher margins.
For Mirantis, the acquisition provides a path to scale its software across IREN's growing fleet of data centers, which includes facilities in Texas and Nevada. The company had previously raised over $400M in venture funding from Intel Capital, Sapphire Ventures, and others.
What to watch
Watch for IREN's Q3 2026 earnings call, where it will disclose Mirantis' ARR and reveal how quickly it can migrate existing Mirantis customers to AI workloads. Also watch for competing data center operators to announce similar software acquisitions.
