IREN Signs $9.7 Billion AI Cloud Deal with Microsoft
IREN, a Bitcoin miner turned AI company, saw its stock rise 30% to $78.02 in early trading. The jump followed the announcement of a five-year, $9.7 billion cloud services deal with Microsoft. Under the agreement, Microsoft will access IREN’s Nvidia GB300 GPUs and make a 20% prepayment.
IREN’s co-founder and co-CEO, Daniel Roberts, said the deal marks a major milestone. He described it as validation of IREN’s role as a trusted AI cloud provider. Roberts added that the partnership opens new opportunities with global hyperscalers.
Microsoft also emphasized the deal’s significance. Jonathan Tinter, President of Business Development and Ventures, stated that IREN’s expertise and secured power capacity make it a strategic AI infrastructure partner.
IREN Shares Surge After Cloud Contract
IREN shares jumped from $59.22 to $78.02 in pre-market trading, rising nearly 30%. The stock later settled at $73.52, still up 21%. This year, shares have gained more than 566%, according to Yahoo Finance.
Additional $5.8 Billion GPU Deal with Dell Technologies
IREN also signed a $5.8 billion deal with Dell Technologies to purchase GPUs and other data center equipment. The new hardware will be deployed in stages through 2026 at IREN’s 750MW Childress, Texas facility.
The site will feature liquid-cooled data centers capable of supporting up to 200 megawatts of computing power. IREN will fund these projects using its own cash, including customer prepayments and operational income.
