As explained in the release, under the five-year agreement, IREN (Nasdaq: IREN) will supply Microsoft with access to Nvidia GB300 GPUs, with the deal valued at roughly $9.7 billion and including a 20% prepayment.

The GPUs and supporting hardware — valued at $5.8 billion — will be sourced through Dell Technologies and deployed at IREN’s 750-megawatt campus in Childress, Texas. The rollout, scheduled in phases through 2026, will coincide with the delivery of new liquid-cooled data centers capable of supporting 200 megawatts of critical IT load across what IREN calls Horizon 1–4.

The announcement disclosed that the company expects to fund the capital expenditures using existing cash, customer prepayments, and other financing initiatives. IREN Co-Founder and Co-CEO Daniel Roberts said the agreement “highlights the strength and scalability of our vertically integrated AI Cloud platform” and expands access to global hyperscalers.

He described the deal as a validation of IREN’s position as a trusted AI infrastructure provider across its 3-gigawatt secured power portfolio in North America. Jonathan Tinter, Microsoft’s president of business development and ventures, said the collaboration will “deliver cutting-edge AI infrastructure” and noted IREN’s expertise in end-to-end cloud operations and power management as key advantages.

The contract reinforces Microsoft’s continued investment in large-scale AI computing partnerships, following its multibillion-dollar commitments to OpenAI and other infrastructure providers. For IREN, the agreement strengthens its position among hyperscale cloud operators amid a global GPU supply race.

IREN operates data centers across renewable-rich regions of the U.S. and Canada, offering GPU clusters for AI training and inference. The company plans continued expansion of its power-secured footprint as demand for AI computing accelerates.

FAQ

• What is the value of the IREN-Microsoft contract?
  The GPU cloud services agreement is worth approximately $9.7 billion over five years.
• Where will the GPUs be deployed?
  Deployment will occur at IREN’s 750MW Childress, Texas campus through 2026.
• Which companies are supplying the hardware?
  IREN will purchase Nvidia GB300 GPUs and related equipment from Dell Technologies.
• What does IREN specialize in?
  IREN operates large-scale GPU data centers for AI training and inference across renewable-powered sites in the U.S. and Canada.

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