IREN Limited (NASDAQ: IREN) signed a five-year agreement with Microsoft for GPU cloud computing services valued at around $9.7 billion.
Microsoft will receive access to NVIDIA GB300 GPUs managed by IREN, with the contract including a 20 percent prepayment.
The agreement provides phased deployment of GPU capacity throughout 2026 at IREN’s Childress, Texas campus, which has 750 megawatts of total capacity.
Four new liquid-cooled data centers, named Horizon 1 through Horizon 4, will support 200 megawatts of critical IT load. IREN also reached an agreement with Dell Technologies covering the purchase of GPUs and additional infrastructure, including servers, cables, software, and licenses, worth about $5.8 billion.
The company intends to use its existing cash, Microsoft’s prepayments, operating cash flow, and new financing to fund these investments.
The deal marks IREN’s first major hyperscaler tenant, long sought by the former Bitcoin miner.
IREN is up 21% Monday morning, rising to $73.89 in pre-trading hours.
