IREN shares jumps on $1.6 billion Dell deal to expand AI cloud business

The Dell agreement will support IREN’s expanding AI cloud business and boost projected annualized revenue to $4.4 billion by 2027. What to know : The company signed a $1.6bn purchase agreement with Dell for air-cooled Blackwell systems to support its long-term AI cloud services contract. The systems will be deployed at IREN’s Childress, Texas facilities, strengthening its ability to meet growing demand for AI compute capacity. Upon commissioning, the AI cloud contract is expected to increase IREN’s annualized run-rate revenue from $3.7bn to $4.4bn.