IREN Limited announced a five‑year, $9.7 billion cloud services agreement with Microsoft, granting the hyperscaler access to NVIDIA GB300 GPUs and positioning IREN as a key partner for AI compute.
The contract includes a 20% prepayment of $1.94 billion, with the remaining balance to be paid over the term. Deployment will begin in 2026 and will be staged across IREN’s 750 MW Childress campus, which supports 200 MW of critical IT load.
In addition, IREN entered a $5.8 billion agreement with Dell Technologies for GPUs and ancillary equipment, enabling phased deployment through 2026 and supporting Horizon 1‑4 liquid‑cooled data centers.
The deal marks a significant milestone in IREN’s transition from Bitcoin mining to AI services. In Q2 FY25, Bitcoin mining revenue was $113.5 million, while AI cloud services revenue was $2.66 million; the new contract dwarfs the company’s prior AI revenue and represents a leap toward the $500 million annualized AI cloud revenue target set for Q1 FY26.
IREN’s renewable‑energy portfolio of 2.9 GW (or 3 GW) provides the power capacity needed for the new data centers, and the company plans to fund the capital expenditures through a mix of existing cash, the Microsoft prepayment, operating cash flow, and additional financing initiatives.
Management noted that the partnership leverages IREN’s high‑density, liquid‑cooled data‑center designs and its status as an NVIDIA preferred partner, giving Microsoft priority access to the latest GB300 Blackwell GPUs.
The agreement also positions IREN against competitors such as CoreWeave, Crusoe, and Nscale, and aligns with Microsoft’s strategy to secure AI compute power for Azure and OpenAI services.
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