IREN Secures $9,7bn AI Cloud Contract with Microsoft
NEW YORK, Nov. 03, 2025 (GLOBE NEWSWIRE) — IREN Limited (NASDAQ: IREN) (“IREN”) today announced it has signed a multi-year GPU cloud services contract with Microsoft.
Under the agreement, IREN will provide Microsoft with access to NVIDIA GB300 GPUs over a five-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.1
The GPUs are expected to be deployed in phases through 2026 at IREN’s 750MW Childress, Texas campus, in conjunction with the delivery of new liquid-cooled data centers that will collectively 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:
We’re proud to announce this milestone partnership with Microsoft, highlighting the strength and scalability of our vertically integrated AI Cloud platform.
This agreement not only validates IREN’s position as a trusted provider of AI Cloud services, but also opens access to a new customer segment among global hyperscalers.
It 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.”
Jonathan Tinter, President, Business Development and Ventures at Microsoft, commented:
Together with IREN, Microsoft is delivering cutting-edge AI infrastructure for our customers.
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.
This collaboration unlocks new growth opportunities for both companies and the customers we serve.
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IREN Secures $9,7bn AI Cloud Contract with Microsoft, source
