In Brief
- •IREN has secured a five-year, $9.7 billion agreement with Microsoft, expanding its large-scale GPU infrastructure for AI.
- •IREN also has a separate $5.8 billion agreement with Dell Technologies for GPUs and related equipment to enhance AI capabilities.
IREN's Multi-Billion-Dollar AI Hardware Agreements
Microsoft has entered a five-year deal with IREN worth $9.7 billion, securing access to Nvidia GB300-powered AI systems hosted at IREN’s data centers in Texas. The deal enables Microsoft to increase its artificial intelligence computing capacity without constructing new data centers or arranging extra power supply. It also reduces the financial risk of investing in high-cost AI chips that can quickly become outdated as newer, more efficient models are released.
In addition to the Microsoft deal, IREN has reached an agreement with Dell Technologies to acquire GPUs and related equipment valued at approximately $5.8 billion. The rollout of this hardware will occur in stages through 2026 at IREN’s 750MW Childress, Texas campus, supported by new liquid-cooled data centers designed to provide 200MW of critical IT capacity.
To cover the costs required for the deal, the company plans to draw on its available cash, advance payments from customers, income from ongoing operations, and other financing methods.
Partnership Highlights IREN’s AI Cloud Expertise
IREN’s co-founder and co-CEO, Daniel Roberts, explained that the Microsoft agreement demonstrates the company’s ability to scale its AI cloud platform and strengthens its reputation as a dependable provider of AI cloud solutions.
He added that the deal "marks another major step forward for IREN as we continue to expand large-scale GPU deployments across our 3GW secured power portfolio in North America, reinforcing our position as a leading AI Cloud Service Provider."
From Microsoft’s perspective, the partnership with IREN enables the delivery of advanced AI infrastructure for its clients. Jonathan Tinter, Microsoft’s President of Business Development and Ventures, emphasized that "IREN’s expertise in building and operating a fully integrated AI cloud — from data centers to GPU stack — combined with their secured power capacity makes them a strategic partner."
Market Response and Broader Trends
Following the announcements, IREN’s stock rose sharply, climbing more than 30% in premarket trading. The deals highlight a wider trend among Bitcoin miners shifting toward AI and data infrastructure to diversify revenue beyond traditional mining. Similar approaches have been adopted by HIVE Digital, MARA Holdings, and TeraWulf.
In January, Riot Platforms signaled its intention to move beyond cryptocurrency mining, taking a key step in June by appointing Jonathan Gibbs, an industry expert, as Chief Data Center Officer.