Mon, Nov 3, 2025
IREN secures $9.7 billion AI cloud contract with Microsoft
Key points
- Multi-year GPU cloud services contract with Microsoft: NVIDIA GB300 GPUs over a five-year term, total contract value ~$9.7 billion including a 20% prepayment
- IREN agrees to purchase the GPUs and ancillary equipment from Dell Technologies for ~$5.8 billion
- GPUs to be deployed in phases through 2026 at the 750MW Childress, Texas campus, supporting 200MW of critical IT load (Horizon 1-4)
Deal
MicrosoftNov 2025
SiteChildress
Contracted capacity200 MW
Contract value$9.7B
Duration5 years
Expected launch2026 (phased)