IREN (Neocloud) acquires Mirantis, the OpenStack leader, to integrate cloud orchestration into its AI infrastructure stack.

Neocloud IREN has acquired Mirantis to integrate its open source cloud infrastructure stack and make its services easier to use and operate. Mirantis developed OpenStack distributions, hyperconverged appliances, and Kubernetes tools, and in 2025 introduced the k0rdent AI platform, designed to automate deployment of AI infrastructure. According to IREN's announcement, "The acquisition of Mirantis builds on IREN's existing software, engineering and customer support capabilities, enhancing how compute is deployed, managed and operated for customers. As deployments grow, ensuring reliable provisioning, monitoring and support becomes increasingly important. Mirantis strengthens these capabilities with deep experience in cloud infrastructure and enterprise operations."

IREN, formed in 2018 as Iris Energy, began as a bitcoin miner seeking sources of cheap energy, building or acquiring datacenters near power sources in British Columbia, Texas, and Oklahoma. In 2023, the company pivoted into generative AI and began purchasing Nvidia GPUs, subsequently rebranding itself after its NASDAQ ticker. The company now operates six datacenters offering 810 megawatts of compute capacity, with 2,100 MW under construction, 1,600 MW in development, and secure agreements to access more than 4.5 GW of power capacity. Microsoft has signed up for $9.7 billion worth of GPU access over five years, demonstrating confidence in IREN's expansion plans.

Mirantis leadership framed the acquisition as advancing the company's mission to create an open AI stack. CEO Alex Freedland wrote, "AI is reshaping what enterprise and provider infrastructure needs to do — and the market needs an open standard for AI infrastructure that can manage that complexity at scale, across hardware, across providers, and across enterprise environments." CTO Shaun O'Meara provided assurances about continuity, stating "Greater investment behind us means more engineering capacity, faster iteration, and deeper community engagement – not a pivot away from the model that has defined Mirantis from the start," and emphasized that Mirantis will continue offering its products as FOSS while participating in open processes.

However, industry skepticism surrounds such acquisitions. Observer Keith Townsend noted that Rackspace and Equinix attempted similar combinations but "retreated to what the market actually trusted them for – facilities, power, and cooling." He argued that "The only thing Neoclouds have is capacity arbitrage on a timing gap. And that window closes when hyperscaler GPU supply catches up. The endgame writes itself: Neoclouds become GPU-dense colo capacity underneath someone else's platform. Their long-term value is power contracts and cooling infrastructure. Not software. Not platform. Not relationships." IREN's existing Microsoft deal already positions the company at Townsend's predicted endgame.