IREN Limited (NASDAQ: IREN) announced it has signed a multi-year GPU cloud services contract with Microsoft. IREN will provide Microsoft with access to NVIDIA GB300 GPUs over a 5-year term, with a total contract value of approximately “$9.7 billion, including a 20% prepayment.” IREN has also entered into an agreement with Dell Technologies to “purchase the GPUs and ancillary equipment for approximately $5.8 billion.”
The GPUs are set to be deployed in phases through 2026 at IREN’s 750MW Childress, Texas campus, in conjunction with the “delivery of liquid-cooled data centers that will support 200MW of critical IT load (Horizon 1–4).”
IREN expects to fund the capital expenditures associated with the contract through a “combination of existing cash, customer prepayments, operating cashflows and additional financing initiatives.”
Daniel Roberts, Co-Founder & Co-CEO of IREN, commented that they are pleased to announce this milestone partnership with Microsoft.
This agreement validates IREN’s position as a provider of AI Cloud services, and creates access to a new customer segment among hyperscalers.
Robert also mentioned that it marks a step forward for IREN as they continue to expand large-scale GPU deployments across their 3GW secured power portfolio in North America, reinforcing their position as an AI Cloud Service Provider.
Jonathan Tinter, President, Business Development and Ventures at Microsoft, commented that together with IREN, Microsoft is delivering AI infrastructure for their customers.
IREN’s expertise in building an integrated AI cloud — from data centers to GPU stack — combined with their power capacity makes them a suitable partner.
Tinter added that this collab aims to tap various growth opportunities for both firs and the customers they serve.
As noted in the update, IREN is an AI Cloud Service Provider, providing large-scale GPU clusters for AI training and inference. IREN’s vertically integrated platform is supported by its portfolio of grid-connected land and data centers in renewable-rich regions that are currently based across the United States as well as Canada.