IREN Lands $9.7 Billion AI Cloud Deal with Microsoft
IREN Limited has officially signed a significant multi-year contract with Microsoft, marking a major development in AI cloud services. The agreement is valued at approximately $9.7 billion and focuses on GPU cloud services.
Details of the IREN and Microsoft Partnership
This landmark deal enables Microsoft to access NVIDIA GB300 GPUs over a five-year term, which includes a 20% upfront payment. Additionally, IREN has initiated an agreement with Dell Technologies worth about $5.8 billion for the procurement of GPUs and associated equipment.
Deployment Plans and Infrastructure
The deployment of these GPUs will occur in phases throughout 2026 at IREN’s 750MW campus in Childress, Texas. This site will feature new liquid-cooled data centers designed to support a critical IT load of 200MW across various phases (Horizon 1–4).
Funding Strategy
- IREN plans to finance the capital expenditures related to this contract through various means:
- Existing cash reserves
- Customer prepayments
- Operational cash flows
- Additional financing initiatives
Executive Insights
Daniel Roberts, Co-Founder and Co-CEO of IREN, expressed pride in the partnership with Microsoft. He noted its significance in establishing IREN as a trusted AI cloud service provider and expanding its GPU deployments across North America.
Jonathan Tinter, President of Business Development and Ventures at Microsoft, emphasized the strategic nature of this collaboration. He mentioned that IREN’s capabilities in creating a fully integrated AI cloud and their secured power capacity are vital for both companies and their customers.
About IREN
IREN is recognized as a leading AI cloud service provider, offering extensive GPU clusters for AI training and inference. Their vertically organized platform is supported by a broad range of grid-connected land and data centers in regions rich in renewable resources throughout the U.S. and Canada.
This agreement with Microsoft marks a significant step forward for IREN, enhancing its position in the competitive AI cloud services landscape and paving the way for future growth opportunities.
