Technology and services
Building one of the first vertically integrated AI cloud services platforms
Macquarie Capital acted as exclusive financial adviser to IREN on its acquisition of Mirantis, a US-based cloud infrastructure software business
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| Sector | Technology and services |
| Sub-sector | Software, Digital |
| Location | Global |
Opportunity
IREN Limited (IREN) is a Nasdaq-listed AI Cloud services provider headquartered in Sydney. It builds, owns and operates large-scale data centres and compute for AI training and inference, underpinned by a portfolio of grid-connected land and power assets across North America, Europe and Australia.
As the business scaled, IREN looked to move up the AI value chain and enhance its software, orchestration and enterprise-support layer that would further differentiate the platform, deepen customer relationships and unlock additional revenue opportunities. As a long-standing adviser to IREN since its 2021 Nasdaq IPO, Macquarie Capital was engaged to support IREN’s next phase of growth.
Approach
As exclusive financial adviser, Macquarie Capital helped IREN assess various options, before the acquisition of Mirantis.
Mirantis is a leading provider of cloud infrastructure software, AI workload orchestration and enterprise support services. It complemented IREN's growth strategy through its deep software engineering expertise, track record serving more than 1,500 enterprise customers globally and role as an inaugural NVIDIA AI Cloud Ready Initiative partner supporting current and next-generation architectures.
Macquarie Capital leveraged its deep sector expertise across both digital infrastructure and cloud infrastructure software to advise IREN on the transaction. Our team provided bespoke advice on process control, vertical integration and market positioning. They also ran a bilateral process, coordinated due diligence and commercial negotiations, and delivered rigorous valuation and commercial analysis, including consideration structure and accretion dilution analysis.
Outcome
IREN’s acquisition of Mirantis for ~$US544 million at closing was transformational for the business and the sector, strengthening IREN’s vertically integrated AI Cloud platform.
Consideration comprised ~12.6 million ordinary IREN shares (fixed at signing) plus cash, restricted stock units and other consideration. The acquisition enhances IREN's capabilities across AI workload orchestration, monitoring and customer support. It also expands its ability to deliver managed services and software-led solutions alongside its owned and operated data centres and compute infrastructure. As a result, it expands IREN’s addressable market opportunity supporting a broader customer base and service mix.
More broadly, the transaction highlights Macquarie Capital’s leadership position at the intersection of AI, software and digital infrastructure.
~$US544m
value of IREN’s acquisition of Mirantis at signing |
1,500+
enterprise customers added globally |
~580
personnel - including software engineers and support specialists joining IREN |
Vertically integrated
AI Cloud platform spanning data centres, compute and software |
We’ve partnered with IREN since its IPO in 2021, and this deal shows where the company is heading. Bringing infrastructure and software together under one roof is a model we expect other neoclouds to follow.”
Michael Milne
Head of Technology, Media, Entertainment and Telecommunications (TMET), APAC
Head of Government Advisory, ANZ
Macquarie Capital
As at September 2026
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