The Bitcoin mining company IREN (IREN) has signed a multi-year GPU cloud service contract with Microsoft, highlighting the deepening integration between traditional mining infrastructure and the growing demand for AI computing power from large tech companies.
This five-year, $9.7 billion agreement will provide Microsoft with access to NVIDIA GB300 GPUs hosted in IREN's data centers.
In related initiatives, IREN also announced a $5.8 billion agreement with Dell Technologies to procure GPUs and related equipment. The company plans to fund its capital expenditures through a combination of cash reserves, customer prepayments, operating cash flow, and additional financing.
IREN stated that this agreement solidifies its position as a major provider of AI cloud services, having pivoted to this field in early 2024. Besides its AI business, the company remains one of the largest Bitcoin mining companies by realized hash rate.
After the market opened on Monday, IREN's stock price surged significantly, reflecting investor enthusiasm following Microsoft's announcement.
IREN is one of the growing number of Bitcoin mining companies actively transitioning to AI GPUs and data infrastructure, seeking to diversify revenue sources in an increasingly competitive and capital-intensive mining environment.
HIVE Digital was one of the first companies to shift its strategy, beginning its transformation in mid-2023 and currently generating substantial revenue from AI and high-performance computing services.
MARA Holdings launched an immersion cooling system in 2024 designed to support intensive computing workloads such as AI. Earlier this year, Riot Platforms also began laying the groundwork for potential expansion into AI and high-performance computing.
In one of the largest deals in the industry to date, TeraWulf announced in August a $3.7 billion hosting agreement with the AI cloud platform Fluidstack, which is backed by Google's parent company Alphabet. The agreement includes a 10-year hosting lease that can be extended in five-year increments.
Related: Standard Chartered CEO predicts the end of cash: "All currencies will be digitized"
Original article: “Bitcoin (BTC) miner IREN signs $9.7 billion AI cloud service agreement with Microsoft”
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