IREN Limited announced that it has signed a landmark, multi-year GPU cloud services contract with Microsoft, valued at approximately $9.7 billion. The agreement represents one of the most significant AI infrastructure partnerships of the year, underscoring the growing demand for large-scale, high-performance GPU cloud capacity.
As part of the five-year agreement, IREN will provide Microsoft with access to NVIDIA GB300 GPUs, with 20% of the contract value prepaid by Microsoft. To support this deployment, IREN has entered into a separate agreement with Dell Technologies to procure the GPUs and related infrastructure for roughly $5.8 billion.
The GPU systems will be rolled out in phases through 2026 at IREN’s 750MW Childress, Texas campus. The site will integrate new liquid-cooled data centers designed to collectively support up to 200MW of critical IT load across four development horizons (Horizon 1–4).
IREN plans to fund the associated capital expenditures using a mix of existing cash reserves, customer prepayments, operational cash flows, and additional financing sources. The deal marks a significant step in IREN’s strategy to scale its vertically integrated AI cloud platform and expand its customer base among global hyperscalers.
The company emphasized that the Microsoft partnership strengthens its position as one of the leading AI cloud service providers, backed by a 3GW secured power portfolio across North America. The agreement also highlights the growing alignment between cloud operators and infrastructure developers seeking to address the rapid expansion of AI workloads.
KEY QUOTES:
“We’re proud to announce this milestone partnership with Microsoft, highlighting the strength and scalability of our vertically integrated AI Cloud platform. This agreement not only validates IREN’s position as a trusted provider of AI Cloud services, but also opens access to a new customer segment among global hyperscalers. It marks another major step forward for IREN as we continue to expand large-scale GPU deployments across our 3GW secured power portfolio in North America, reinforcing our position as a leading AI Cloud Service Provider.”
Daniel Roberts, Co-Founder & Co-CEO, IREN
“Together with IREN, Microsoft is delivering cutting-edge AI infrastructure for our customers. IREN’s expertise in building and operating a fully integrated AI cloud — from data centers to GPU stack — combined with their secured power capacity makes them a strategic partner. This collaboration unlocks new growth opportunities for both companies and the customers we serve.”
Jonathan Tinter, President, Business Development and Ventures, Microsoft
