IREN signs $9.7B AI cloud contract with Microsoft; $5.8B GPU purchase from Dell

IREN Ltd

Total contract value ~$9.7 billion with Microsoft over five-year average term; 20% prepayment per tranche.
IREN to deploy NVIDIA GB300 GPUs across four Childress data centers (Horizon 1–4) totaling 200MW IT load, phased through 2026.
Dell Purchase Agreement for ~$5.8 billion for GPU supply; IREN guarantees subsidiary's obligations.
Contract validates IREN's AI cloud platform and opens access to hyperscaler customer segment.
IREN expects to fund ~$5.8B capex via cash, prepayments, operating cashflows, and additional financing.

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