IREN signs $1.6B Dell deal for Blackwell GPUs; ARR target raised to $4.4B

IREN Ltd

Entered $1.6B purchase agreement with Dell for air-cooled Blackwell systems to service $3.4B AI cloud contract.
GPUs to be deployed at Childress, Texas campus; commissioning targeted for early 2027.
Upon commissioning, expects ARR to increase from $3.7B to $4.4B.
Payment terms post-shipment; IREN advancing GPU financing for the deal.
Co-CEO cites time-to-compute as key; relationship with Dell ensures scale and speed.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

IREN Ltd entered into Dell Purchase Agreement with Dell Marketing L.P. valued at approximately $1.6 billion (effective 2026-05-19).

Action: entry
Agreement: supply
Counterparty: Dell Marketing L.P.
Value: approximately $1.6 billion
Effective: 2026-05-19

Exact text from the filing

On May 19, 2026, IE US Hardware 4 Inc. (“IE US Hardware”), a wholly owned subsidiary of IREN Limited (the “Company”), and Dell Marketing L.P. (“Dell”) entered into purchase documentation (the “Dell Purchase Agreement”) pursuant to which Dell will supply to IE US Hardware GPUs and ancillary products and services (“GPUs”) for an aggregate purchase price of approximately $1.6 billion

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Source: SEC EDGAR

accession 0001878848-26-000030

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